Happy Pictures had the following transactions during June. All amounts include GST where applicable. Date Details Amount Cost of Sale (incl GST) $1,100 $ 1,034 $ 1,672 $ 165 $ 935 $ 850 $630 $1,400 $100 June 2 Sale to Sherwin June 5 Sale to Bill June 12 Sales to Liam June 18 Return from Sherwin June 22 Cash Receipt - Bill Task 7 Create General Journal Entries and post to the General Ledger and Receivables ledgers

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

please help me 

Please refer to Chapter 7 Accounting Principles Book one to complete the following Task 7 -8
Happy Pictures had the following transactions during June. All amounts include GST where applicable.
Date
Details
Amount
Cost of Sale
(incl GST)
$ 1,100
$ 1,034
$ 1,672
$ 165
$ 935
$ 850
$630
June 2 Sale to Sherwin
June 5 Sale to Bill
June 12 Sales to Liam
June 18 Return from Sherwin
June 22 Cash Receipt Bill
$1,400
$100
Task 7
Create General Journal Entries and post to the General Ledger and Receivables ledgers
Answer:
General Journal – RMIT Bookstore
Date
Particulars
Debit
Credit
General Ledger – RMIT Bookstore
Bank
Date
Particulars
Debit
Credit
Balance
June 01
Balance
6,800 DR
Account Receivable
Date
Particulars
Debit
Credit
Balance
Inventory
Date
Particulars
Debit
Credit
Balance
June 01
Balance
12,500 DR
GST Collected
Date
Particulars
Debit
Credit
Balance
Capital
Date
Particulars
Debit
Credit
Balance
June
Balance
19,300 DR
01
Sales Revenue
Date
Particulars
Debit
Credit
Balance
COGS
Date
Particulars
Debit
Credit
Balance
Receivables Subsidiary Ledger- RMIT Bookstore
Bill
Date
Particulars
Debit
Credit
Balance
Liam
Date
Particulars
Debit
Credit
Balance
Sherwin
Date
Particulars
Debit
Credit
Balance
Receivables Reconciliation - RMIT Bookstore
Bill
Liam
Sherwin
Balance per Control Account
Transcribed Image Text:Please refer to Chapter 7 Accounting Principles Book one to complete the following Task 7 -8 Happy Pictures had the following transactions during June. All amounts include GST where applicable. Date Details Amount Cost of Sale (incl GST) $ 1,100 $ 1,034 $ 1,672 $ 165 $ 935 $ 850 $630 June 2 Sale to Sherwin June 5 Sale to Bill June 12 Sales to Liam June 18 Return from Sherwin June 22 Cash Receipt Bill $1,400 $100 Task 7 Create General Journal Entries and post to the General Ledger and Receivables ledgers Answer: General Journal – RMIT Bookstore Date Particulars Debit Credit General Ledger – RMIT Bookstore Bank Date Particulars Debit Credit Balance June 01 Balance 6,800 DR Account Receivable Date Particulars Debit Credit Balance Inventory Date Particulars Debit Credit Balance June 01 Balance 12,500 DR GST Collected Date Particulars Debit Credit Balance Capital Date Particulars Debit Credit Balance June Balance 19,300 DR 01 Sales Revenue Date Particulars Debit Credit Balance COGS Date Particulars Debit Credit Balance Receivables Subsidiary Ledger- RMIT Bookstore Bill Date Particulars Debit Credit Balance Liam Date Particulars Debit Credit Balance Sherwin Date Particulars Debit Credit Balance Receivables Reconciliation - RMIT Bookstore Bill Liam Sherwin Balance per Control Account
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education