Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Date 01/6 02/6 03/6 05/6 06/6 $40 stamp duty (no GST). 04/6 Paid cash for stationery $165 including GST 07/6 08/6 For the following

Date 01/6 02/6 03/6 05/6 06/6 $40 stamp duty (no GST). 04/6 Paid cash for stationery $165 including GST 07/6

Date 01/6 02/6 03/6 05/6 06/6 $40 stamp duty (no GST). 04/6 Paid cash for stationery $165 including GST 07/6 08/6 For the following transactions, complete the Transaction Analysis (The first transaction has been completed for you.) Account Name Account Type 09/6 10/6 Transaction Initial capital paid into business bank account $35,000 Received money for a long term loan $100,000 Paid business insurance Bank premium $700+ $70 GST + Insurance Interest received on bank account $25 (GST does not apply) Service revenues earned in cash amounted to $2,000 +$200 GST Bank Capital Commission revenue received $1200+ $120 GST Paid cash for a vehicle $16,000+ $1,600 GST Drawings $1,000 Paid $20,000 off the loan Bank Long-term loan GST Paid Bank Stationary GST Paid Bank Interest Received Bank S. Revenues GST Collected Bank Commission.R GST Collected Bank Vehicle GST Paid Bank Drawings Loan repayment Bank A OE ledger account. (d) Prepare a Trial Balance as at 10 June. ALAEAA WAAR E AR. L A R L A A A A OE E A $ Increase + or $ Decrease- +$35,000 +$35,000 +$100,000 +$100,000 -$810 +$740 +$ 70 -$165 +$150 -$15 +$25 +$25 +$ 2,200 +$2,000 +$ 200 +$ 1,320 +$ 1,200 +$ 120 - $ 17,600 +$ 16,000 +$1,600 -$1,000 +$ 1,000 -$20,000 +$ 20,000 DR or CR DR CR DR CR CR DR DR CR DR DR DR CR DR CR CR DR CR CR CR DR DR CR DR CR DR 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

b General Journal entries for the transactions Date Transaction Account Name Account Type Increase or Decrease DR or CR 016 Initial capital paid into business bank account Bank Asset 35000 DR 016 Init... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Basic Statistics

Authors: Charles Henry Brase, Corrinne Pellillo Brase

6th Edition

978-1133525097, 1133525091, 1111827028, 978-1133110316, 1133110312, 978-1111827021

More Books

Students also viewed these Accounting questions