Chee Yong Chaw began his business on 1 July 2019. The business balances its books at monthend
Question:
Chee Yong Chaw began his business on 1 July 2019. The business balances its books at month‐end and uses special journals and the periodic inventory system. Transactions for July 2019 were as follows (ignore GST).
Required
(a) Prepare journal entries for July 2019, using appropriate journals.
(b) Prepare the following ledger accounts (T format) for July 2019:
i. Accounts Receivable Control
ii. Accounts Payable Control
iii. Cash at Bank iv. Purchases.
Transcribed Image Text:
July 1 Chee Yong Chaw invested $36 000 cash and $21000 office equipment into the business. 2 Purchased inventory from L. Cao on account for $9000; terms 2/15, n/30. 3 6 7 Paid July rental of $3600; by interbank transfer to Prime Properties Ltd. Purchased inventory from Difabio Ltd on account for $7300; terms n/30. Sold inventory to J. Ellis on account for $2000; terms 2/15, n/30. Received July rental of $900 for space sublet to Perth Services. 8 Purchased stationery supplies for $2000; cheque no. 124. Purchased inventory for cash $1980. 10 13 14 15 19 21 22 23 26 28 29 30 Sold inventory to Giola Ltd on account for $4500; terms 2/10, n/30. Purchased inventory from O. Hee on account for $6000; terms 2/10, n/30. Paid L. Cao for 2 July purchase with an interbank transfer. Received $2156 from J. Ellis in payment of her account. Sold inventory to O. Kaddish on account for $4600; terms 2/10, n/30. Received $4851 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $3600; terms 2/10, n/30. Paid O. Hee for 14 July purchase; cheque no. 125. Purchased inventory from L. Cao on account for $5500; terms 2/15, n/30. Sold inventory for cash, $2900. Returned defective inventory that cost $1200 to L. Cao. Sold merchandise to I. Nizic on account for $8200; terms 2/10, n/30. Purchased merchandise from A. Romeo on account for $1800; terms 1/10, n/30. Paid month's salary of office assistant, $3200 by interbank transfer.
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Financial Accounting
ISBN: 9780730363217
10th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield
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