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DA One is registered for GST. The following transactions occurred during the last working week of June 20x1 (26 June - 30 June 20x1).
DA One is registered for GST. The following transactions occurred during the last working week of June 20x1 (26 June - 30 June 20x1). The business records balance-day adjustments at the end of every month. Please leave two decimal places where necessary. 26 June 26 June 27 June 30 June 30 June 30 June The business returned 10 x Range Hover model to its supplier. The supplier credited the business' account immediately. No cash refund was received as the business' account is still outstanding. Purchased office supplies with cash from Officeworks; totalling $715.00 (GST Inclusive). A client returned 5 x Range Hover back to the business. Cash refund was made immediately upon receiving the returned goods from the client. Record interest expense incurred. Additional information: $100,000 bank loan was obtained on 15 April 20x1. Interest rate: 6% per annum. Repayment: Interest only for 5 years. Monthly repayment is required on the 15th of every month. Loan term: 5 years. Delivered the 50 x Range Hover to Carz Store. Additional information: The business received an advance payment from a client, Carz Store, for 50 x Range Hover on 2 June 20x1. Recorded office supplies consumed throughout the month of June. Additional Information: $450 of office supplies was recorded at the beginning of the month. $230 of office supplies remaining at the end of month. Question 1 continues to the following page... Question 1 continued... 30 June Corrected the following error. The bookkeeper had mistakenly recorded the proceeds from selling the delivery van on 15 June 20x1 as the business owner's capital contribution. On 15 June 20x1, the bookkeeper debited "Cash at bank" account and credited "Capital" account as much as $20,130. Additional Information: The business bought a delivery van (Account: Vehicle) on 1 February20x1 for $21,120 (GST Inclusive) with cash. The vehicle depreciates at 12.5% per annum. Straight-line depreciation method sed for all of the business' depreciating assets. The vehicle is estimated to have a seful life of 8 years with Snil salvage value. . The business sold the vehicle for $20,130 (GST Inclusive) on 15 June 20x1 and received the payment in cash immediately. The accumulated depreciation - vehicle at the date of sale showed balance of $800. Required: Record the transactions provided above in the general journal.
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