Riviera Interior Design had the following transactions for the year ended 30 June 2020: Thisbusiness is registered for GST1 July 2019Created a provision for warranties for $7,600.None had previously existed.1 April2020Agreed to accept a 90-day (due date fixed) billof exchange from CBD Wholesalers in relationto an overdue account payable of $8,700,together with interest at 5% per year.30 May2020Riviera Interior Design pays the bill payable toZed Manufacturers.14 June2020A successful claim was made by a customer fora fault in an antique table they had previouslypurchased. The antique table was underwarranty. The cost to rectify the fault was$627 including GST which was paid in cash.The payroll and payroll deductions for June2020 were as follows:Gross wages$63,12030 June2020PAYG tax$18,936Superannuation contributionsMedical insurance$4,080Required:Prepare general journal entries to record the above transactions. Narrations are not required.$5,996

When an event occurs in the business and it can be measured and expressed in terms of money, it…

Riviera Interior Design had the following transactions for the year ended 30 June 2020: This business is registered for GST 1 July 2019 Created a provision for warranties for $7,600. None had previously existed. 1 April 2020 Agreed to accept a 90-day (due date fixed) bill of exchange from CBD Wholesalers in relation to an overdue account payable of $8,700, together with interest at 5% per year. 30 May Riviera Interior Design pays the bill payable to Zed Manufacturers. 2020

Riviera Interior Design had the following transactions for the year ended 30 June 2020: This business is registered for GST 1 July 2019 Created a provision for warranties for $7,600. None had previously existed. 1 April 2020 Agreed to accept a 90-day (due date fixed) bill of exchange from CBD Wholesalers in relation to an overdue account payable of $8,700, together with interest at 5% per year. 30 May Riviera Interior Design pays the bill payable to Zed Manufacturers. 2020

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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