Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows: July 1 Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business. July 2 Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd. July 3 Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30. July 6 Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30. July 7 Received July rental of $ 760 plus GST for space sublet to Perth Services. July 8 Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124. July 10 Purchased inventory for cash $ 1,660 plus GST. July 13 Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30. July 14 Purchased inventory from O Hee on account for $ 5,040 plus GST; terms 2/10, n/30. July 15 Paid L Cao for 2 July purchase with an interbank transfer. July 19 Received $ 1,811 from J Ellis in payment of her account. Sold inventory to O Kaddish on account for $ 3,860 plus GST; terms 2/10, n/30. July 21 Received $ 4,075 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $ 3,020 plus GST; terms 2/10, n/30. July 22 Paid O Hee for 14 July purchase; cheque no. 125. July 23 Purchased inventory from L Cao on account for $ 4,620 plus GST; terms 2/15, n/30. July 26 Sold inventory for cash, $ 2,440 plus GST. July 28 Returned defective inventory that cost $ 1,010 to L Cao. July 29 Sold merchandise to I Nizic on account for $ 6,890 plus GST; terms 2/10, n/30. July 30 Purchased merchandise from A Romeo on account for $ 1,510 plus GST; terms 1/10, n/30. Paid month's salary of office assistant, $ 2,690 by interbank transfer. Prepare the following ledger accounts (T format) for July 2016: Accounts receivable control 2016 2016 Accounts payable control 2016 2016 Cash at bank 2016 2016 Purchases 2016 2016

Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows: July 1 Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business. July 2 Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd. July 3 Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30. July 6 Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30. July 7 Received July rental of $ 760 plus GST for space sublet to Perth Services. July 8 Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124. July 10 Purchased inventory for cash $ 1,660 plus GST. July 13 Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30. July 14 Purchased inventory from O Hee on account for $ 5,040 plus GST; terms 2/10, n/30. July 15 Paid L Cao for 2 July purchase with an interbank transfer. July 19 Received $ 1,811 from J Ellis in payment of her account. Sold inventory to O Kaddish on account for $ 3,860 plus GST; terms 2/10, n/30. July 21 Received $ 4,075 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $ 3,020 plus GST; terms 2/10, n/30. July 22 Paid O Hee for 14 July purchase; cheque no. 125. July 23 Purchased inventory from L Cao on account for $ 4,620 plus GST; terms 2/15, n/30. July 26 Sold inventory for cash, $ 2,440 plus GST. July 28 Returned defective inventory that cost $ 1,010 to L Cao. July 29 Sold merchandise to I Nizic on account for $ 6,890 plus GST; terms 2/10, n/30. July 30 Purchased merchandise from A Romeo on account for $ 1,510 plus GST; terms 1/10, n/30. Paid month's salary of office assistant, $ 2,690 by interbank transfer. Prepare the following ledger accounts (T format) for July 2016: Accounts receivable control 2016 2016 Accounts payable control 2016 2016 Cash at bank 2016 2016 Purchases 2016 2016

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows:

July 1		Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business.
July 2		Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd.
July 3		Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30.
July 6		Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30.
July 7		Received July rental of $ 760 plus GST for space sublet to Perth Services.
July 8		Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124.
July 10		Purchased inventory for cash $ 1,660 plus GST.
July 13		Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30.
July 14		Purchased inventory from O Hee on account for $ 5,040 plus GST; terms 2/10, n/30.
July 15		Paid L Cao for 2 July purchase with an interbank transfer.
July 19		Received $ 1,811 from J Ellis in payment of her account. Sold inventory to O Kaddish on account for $ 3,860 plus GST; terms 2/10, n/30.
July 21		Received $ 4,075 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $ 3,020 plus GST; terms 2/10, n/30.
July 22		Paid O Hee for 14 July purchase; cheque no. 125.
July 23		Purchased inventory from L Cao on account for $ 4,620 plus GST; terms 2/15, n/30.
July 26		Sold inventory for cash, $ 2,440 plus GST.
July 28		Returned defective inventory that cost $ 1,010 to L Cao.
July 29		Sold merchandise to I Nizic on account for $ 6,890 plus GST; terms 2/10, n/30.
July 30		Purchased merchandise from A Romeo on account for $ 1,510 plus GST; terms 1/10, n/30. Paid month's salary of office assistant, $ 2,690 by interbank transfer.