Kate commenced business as a sole trader under the name “Mug Lover” on 1 December, 2020. Mug Lover is based in Burwood, VIC, and has become one of the largest mug wholesalers in the area. The following transactions occurred during the month of July 2021. Date Accounts DR CR 2- July Cash at bank $ 70,000.00 Bank loan $ 70,000.00 9- July Inventory $ 3,320.00 GST Paid $ 332.00 Accounts payable $ 3,652.00 10- July Sales revenue $ 2,200.00 GST Collected $ 220.00 Accounts receivable $ 2,420.00 Inventory $ 1,120.00 COGS $ 1,120.00 16- July Office equipment $ 6,000.00 GST Paid $ 600.00 Cash at bank $ 6,600.00 23- July Accounts receivable $ 9,900.00 Sales revenue $ 9,000.00 GST Collected $ 900.00 COGS $ 3,500.00 Inventory $ 3,500.00 24- July Cash at bank $ 7,000.00 Accounts receivable $ 7,000.00 Required: Post relevant transaction(s) to the ‘Accounts Receivable’ ledger and calculate the closing balance at the end of July 2021/beginning balance of August 2021.
Kate commenced business as a sole trader under the name “Mug Lover” on 1 December, 2020. Mug Lover is based in Burwood, VIC, and has become one of the largest mug wholesalers in the area.
The following transactions occurred during the month of July 2021.
|
Date |
Accounts |
DR |
CR |
|
2- July |
Cash at bank |
$ 70,000.00 |
|
|
|
Bank loan |
|
$ 70,000.00 |
|
|
|
|
|
|
9- July |
Inventory |
$ 3,320.00 |
|
|
|
GST Paid |
$ 332.00 |
|
|
|
Accounts payable |
|
$ 3,652.00 |
|
|
|
|
|
|
10- July |
Sales revenue |
$ 2,200.00 |
|
|
|
GST Collected |
$ 220.00 |
|
|
|
Accounts receivable |
|
$ 2,420.00 |
|
|
|
|
|
|
|
Inventory |
$ 1,120.00 |
|
|
|
COGS |
|
$ 1,120.00 |
|
|
|
|
|
|
16- July |
Office equipment |
$ 6,000.00 |
|
|
|
GST Paid |
$ 600.00 |
|
|
|
Cash at bank |
|
$ 6,600.00 |
|
|
|
|
|
|
23- July |
Accounts receivable |
$ 9,900.00 |
|
|
|
Sales revenue |
|
$ 9,000.00 |
|
|
GST Collected |
|
$ 900.00 |
|
|
|
|
|
|
|
COGS |
$ 3,500.00 |
|
|
|
Inventory |
|
$ 3,500.00 |
|
|
|
|
|
|
24- July |
Cash at bank |
$ 7,000.00 |
|
|
|
Accounts receivable |
|
$ 7,000.00 |
Required:
Post relevant transaction(s) to the ‘Accounts Receivable’ ledger and calculate the closing balance at the end of July 2021/beginning balance of August 2021.
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