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how can i do jeneral journal for this with 10% GST

how can i do jeneral journal for this with 10% GST

FINANCIAL ACCOUNTING
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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how can i do jeneral journal for this with 10% GST

Andrew runs a business wholesaling toys for kids under the name of "DA One". The selling prices and unit costs (if applicable) are shown below. Price List ($) @ $132.00 (GST Inclusive) @ $242.00 (GST Inclusive) Ranger Technic 26 Nov DA One is registered for GST, and the following transactions occurred during five (5) working days in November 20x0 (Monday, 26 November - Friday, 30 November 20x0). 27 Nov 28 Nov 29 Nov 29 Nov 30 Nov 30 Nov Products 30 Nov Unit Cost ($) $60.50 (GST Inclusive) $110.00 (GST Inclusive) The business wholesaled 300 x Ranger model to one of its biggest clients, Toys R Uz. Invoice was sent immediately upon delivery. Payment from Toys R Uz should be received on the 25th of January 20x1. The business bought 450 x Ranger from its supplier on credit, net 7. Items were received on the day. The business paid their supplier, in full, for the inventory bought the day before. Please refer to the transaction on 27 November. Andrew took two (2) x Technic model for his kids. Toys R Uz (the business' client) returned five (5) x faulty Ranger that were purchased earlier in the week. Please refer to the transaction on 26 November. The business paid a week's wages. Gross wages $4,354; PAYG $1,122. The business recorded insurance expense incurred. On 1 November 20x0, the business paid their annual insurance premium totalling $2,640 (GST Inclusive). Recorded $350 of interest expense that accrued and was unpaid at the end of the month. Account No 1001 1020 1030 1040 1050 1070 1100 1151 1152 1155 1156 1158 1159 2020 2030 2040 2050 2080 2200 2230 2400 3010 3020 4010 4015 5001 6020 6040 6050 6100 6120 6180 6190 6210 6212 6213 Chart of accounts Account Name Cash at bank Accounts receivable Inventory Office supplies Prepaid insurance Interest receivable GST paid Furniture Accumulated depreciation - Furniture Computer equipment Accumulated depreciation - Computer Vehicle Accumulated depreciation - Vehicle Accounts payable Utilities payable Deferred/Unearned revenue Interest payable Salaries payable GST collected PAYG Withheld Bank loan Capital Drawings Sales revenue Interest revenue Cost of goods sold Wages expense Advertising expense Rent Expense Interest expense Insurance expense Utilities expense Office supplies expense Depreciation expense - Furniture Depreciation expense - Computer Depreciation expense - Vehicle
Transcribed Image Text:Andrew runs a business wholesaling toys for kids under the name of "DA One". The selling prices and unit costs (if applicable) are shown below. Price List ($) @ $132.00 (GST Inclusive) @ $242.00 (GST Inclusive) Ranger Technic 26 Nov DA One is registered for GST, and the following transactions occurred during five (5) working days in November 20x0 (Monday, 26 November - Friday, 30 November 20x0). 27 Nov 28 Nov 29 Nov 29 Nov 30 Nov 30 Nov Products 30 Nov Unit Cost ($) $60.50 (GST Inclusive) $110.00 (GST Inclusive) The business wholesaled 300 x Ranger model to one of its biggest clients, Toys R Uz. Invoice was sent immediately upon delivery. Payment from Toys R Uz should be received on the 25th of January 20x1. The business bought 450 x Ranger from its supplier on credit, net 7. Items were received on the day. The business paid their supplier, in full, for the inventory bought the day before. Please refer to the transaction on 27 November. Andrew took two (2) x Technic model for his kids. Toys R Uz (the business' client) returned five (5) x faulty Ranger that were purchased earlier in the week. Please refer to the transaction on 26 November. The business paid a week's wages. Gross wages $4,354; PAYG $1,122. The business recorded insurance expense incurred. On 1 November 20x0, the business paid their annual insurance premium totalling $2,640 (GST Inclusive). Recorded $350 of interest expense that accrued and was unpaid at the end of the month. Account No 1001 1020 1030 1040 1050 1070 1100 1151 1152 1155 1156 1158 1159 2020 2030 2040 2050 2080 2200 2230 2400 3010 3020 4010 4015 5001 6020 6040 6050 6100 6120 6180 6190 6210 6212 6213 Chart of accounts Account Name Cash at bank Accounts receivable Inventory Office supplies Prepaid insurance Interest receivable GST paid Furniture Accumulated depreciation - Furniture Computer equipment Accumulated depreciation - Computer Vehicle Accumulated depreciation - Vehicle Accounts payable Utilities payable Deferred/Unearned revenue Interest payable Salaries payable GST collected PAYG Withheld Bank loan Capital Drawings Sales revenue Interest revenue Cost of goods sold Wages expense Advertising expense Rent Expense Interest expense Insurance expense Utilities expense Office supplies expense Depreciation expense - Furniture Depreciation expense - Computer Depreciation expense - Vehicle
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