Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During March, the business engaged in the following transactions, All figures are GST (GST is 15%) inclusive where applicable: Journalise each transaction. Key journal entries

During March, the business engaged in the following transactions, All figures are GST (GST is 15%)inclusive where applicable:

Journalise each transaction. Key journal entries by transaction letter, using the format below:

General Journal

Transactions

Accounts

Debit ($)

Credit ($)

1 March: Borrowed $45,000 from the bank and signed a bill payable in the name of the business.

2 March: Paid cash of $40,000 to acquire a motor vehicle.

4 March: Performed service for a customer and received cash of $5,000.

10 March: Purchased supplies on credit, $300.

14 March: Performed customer service and earned revenue on credit, $2,600.

15 March: Paid $1,200 on account.

16 March: Paid the following cash expense: advertising, $3,000; rent, $1,500; and computer repair, $400.

22 March: Received $3,100 on account.

26 March: Received a $200 electricity and gas bill that will be paid next month.

28 March: Harper withdrew $1,800 for personal use.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Students also viewed these Accounting questions