During August 2015 the following transactions occurred: Aug 2 Cash sales $3200, plus GST of $320 (cost of sales $1500) 3 Purchased goods on credit from Oz Electricals $5400, plus GST 4 Paid for petrol $165, including GST 5 Paid advertising account with local newspaper $140, plus GST of $14 8 Received from cash clients $2860, including GST of $260 (cost of sales $1400) The proprietor withdrew $300 cash from the business 10 Invoiced J. Walker $385 for credit sales, including GST of $35 (cost prices $170) 11 Insurance premium paid on vehicle $480, plus GST of $48 (for one year's insurance) 12 J. Beam paid $300 on account Paid for petrol $110, including GST of $10 13 Purchased stationery for cash $70, plus GST 16 Paid Oz Electricals $1500 17 Arranged with the bank an overdraft limit of $10000 18 Received from cash customers $2800, plus GST of $280 (cost price $1500) 19 Wrote a cheque for petrol $121, including $11 GST 20 Stock bought for cash $1800, plus $180 GST 23 Cash clients paid a total of $1980, including GST of $180 (cost of sales $950) 24 Loan repayment made to Nissan Finance $250 25 Paid for petrol $99, including GST 26 J. Walker paid $100 29 M. Harvey withdrew cash for personal use $400 30 Submitted a quote to supply two fridges to Altona South Primary School (selling price $1200 + $120 GST each, cost price $700 each) b Enter the opening balances into the appropriate general ledger accounts. Enter the above transactions into the general ledger Formally balance the ledger accounts and extract a trial balance as at 31 Augus 2015 Prepare an income statement for the month ended 31 August 2015 Prepare a classified balance sheet as at 31 August 2015 [ Exercise 4.10 ) Harvey's Electricals had the following account balances in its general ledger on 1 August 2015: $ $ 1200 300 Cash at bank Debtor-J. Beam Stock control Vehicle Creditor-Oz Electricals Loan-Nissan Finance GST clearing Capital-Harvey 2750 15000 3000 62550 43 800 38 000 During August 2015 the following transactions occurred: Aug 2 Cash sales $3200, plus GST of $320 (cost of sales $1500) 3 Purchased goods on credit from Oz Electricals $5400, plus GST 4 Paid for petrol $165, including GST 5 Paid advertising account with local newspaper $140, plus GST of $14 8 Received from cash clients $2860, including GST of $260 (cost of sales $1400) The proprietor withdrew $300 cash from the business 10 Invoiced J. Walker $385 for credit sales, including GST of $35 (cost prices $170) 11 Insurance premium paid on vehicle $480, plus GST of $48 (for one year's insurance) 12 J. Beam paid $300 on account Paid for petrol $110, including GST of $10 13 Purchased stationery for cash $70, plus GST 16 Paid Oz Electricals $1500 17 Arranged with the bank an overdraft limit of $10000 18 Received from cash customers $2800, plus GST of $280 (cost price $1500) 19 Wrote a cheque for petrol $121, including $11 GST 20 Stock bought for cash $1800, plus $180 GST 23 Cash clients paid a total of $1980, including GST of $180 (cost of sales $950) 24 Loan repayment made to Nissan Finance $250 25 Paid for petrol $99, including GST 26 J. Walker paid $100 29 M. Harvey withdrew cash for personal use $400 30 Submitted a quote to supply two fridges to Altona South Primary School (selling price $1200 + $120 GST each, cost price $700 each) b Enter the opening balances into the appropriate general ledger accounts. Enter the above transactions into the general ledger Formally balance the ledger accounts and extract a trial balance as at 31 Augus 2015 Prepare an income statement for the month ended 31 August 2015 Prepare a classified balance sheet as at 31 August 2015 [ Exercise 4.10 ) Harvey's Electricals had the following account balances in its general ledger on 1 August 2015: $ $ 1200 300 Cash at bank Debtor-J. Beam Stock control Vehicle Creditor-Oz Electricals Loan-Nissan Finance GST clearing Capital-Harvey 2750 15000 3000 62550 43 800 38 000