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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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