Aries Enterprise uses an accounting system that includes a sales journal, a purchases

journal, a cash receipts journal, a cash payments journal and a general journal as well as

subsidiary ledgers and the general ledger.

The business is registered for GST and uses periodic inventory system on accrual basis.

Its business transactions for June 2021 are as follows:

Date

Transactions/ Events

1 June

Sold inventory for $1,900 plus GST to B Gemini on credit terms 2/10, n/30

5 June

Purchased inventory of $3,700 plus GST from H Pisces with terms 3/15, n/30

10 June

The owner paid $1,155 inclusive GST using the business bank account for

repairs to his familys house

15 June

Paid H Pisces in full for inventory purchased made on 5 June

18 June

Sold inventory for $1,760 inclusive GST to M Taurus on credit terms 1/30, n/45

25 June

Received payment in full from B Gemini for sales on 1 June

29 June

Sold inventory for $1,100 plus GST for cash

REQUIRED:

Show all workings and explanations to secure maximum marks.

a.

Record these transactions in the special journals. Round answers to the nearest dollar.

b.

Post the transactions from special journals to the selected T-ledger accounts in June

2021. You do NOT need to show the closing balances of each account.