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Could I please have help with these journals entries and questions, I have attached the template of the answer that I got wrong when I
Could I please have help with these journals entries and questions, I have attached the template of the answer that I got wrong when I tried it myself
thank you
Prepare the General Journal entries, with narrations, for the following unrelated transactions of Terra Tory Pty Ltd which is registered for GST for all its products and services provided. 1. The owner contributes his personal motor vehicle valued at $37,500, a computer valued at $6,000 and cash of $20,000 to the business 2. The amount owing by Paper Supplies Pty Ltd $2,398 inclusive of GST is to be written off as a bad debt 3. A computer of the business was sold for cash at its recorded value of $825 inclusive of GST 4. Drawings of goods by the owner totaled $495 inclusive of GST. The company uses a perpetual inventory system. 5. Interest of $67 was charged on an overdue account Perfect Pets for not paying its account within 30 days 6. $528 was received from Gotcha Supplies. These funds had previously been written off as a bad debt. General Journal Date Particulars Debit Credit 1 Motor Vehicle 37,500 6,000 computer cash 20,000 63,500 capital (to record the capital contribution by the owner) 2 Bad debt expense Paper supplies Pty Ltd ( To record the written off of bad debt) 2,398 2,398 3 Cash 825 825 Computer (to record the cash sale of cumputer) 495 4 Drawings Inventory (To record the withdrawal of goods by the owner for personal use) 495 67 67 5 Interest expense perfect pets ( To record the interest payable for late payment) 6 Gotcha supplies bad debt expense ( to record the recovery of bad debt) 528 528
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