Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(a) ke owing n Analysis Chart. (The first transaction has been completed for you.) Date Transaction Account Name Account Type $ Increase + or DR
(a) ke owing n Analysis Chart. (The first transaction has been completed for you.) Date Transaction Account Name Account Type $ Increase + or DR or CR $ Decrease - 01/6 Initial capital paid into Bank A +$35,000 DR business bank account $35,000 Capital OE +$35,000 CR 02/6 Received money for a long term loan $100,000 03/6 Paid business insurance premium $700 + $70 GST + $40 stamp duty (no GST). 04/6 Paid cash for stationery $165 including GST 05/6 Interest received on bank account $25 (GST does not apply) 06/6 Service revenues earned in cash amounted to $2,000 + $200 GST 07/6 Commission revenue received $ 1200 + $120 GST 08/6 Paid cash for a vehicle $16,000 + $1,600 GST 09/6 Drawings $1,000 10/6 Paid $20,000 off the loan Also required: Using the templates provided: (b) Prepare General Journal entries for the transactions. (c) Post the General Journal entries to the ledgers and include 'DR' or 'CR' to each running Balance for each ledger account. (d) Prepare a Trial Balance as at 10 June
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started