Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

general journal entries for the transations Using the templates provided, prepare General Journal entries for the transactions. (Refer to Chapter 5 Accounting Principles Book One)

general journal entries for the transations
image text in transcribed
image text in transcribed
Using the templates provided, prepare General Journal entries for the transactions. (Refer to Chapter 5 Accounting Principles Book One) \begin{tabular}{|c|l|} \hline Date & \multicolumn{1}{|c|}{ Transaction } \\ \hline 01/6 & Initialcapitalpaidintobusinessbankaccount$35,000 \\ \hline 02/6 & Receivedmoneyforalong-termloan$100,000 \\ \hline 03/6 & Paidbusinessinsurancepremium$700+$70GST+$40stampduty(noGST). \\ \hline 04/6 & Paid cash for stationery \$165 including GST \\ \hline 05/6 & Interestreceivedonbankaccount$25GSTdoesnotapply) \\ \hline 06/6 & Servicerevenuesearnedincashamountedto$2,000+$200GST \\ \hline 07/6 & Commissionrevenuereceived$1200+$120GST \\ \hline 08/6 & \begin{tabular}{l} Paid cash for a vehicle \$16,000 + \$1,600 GST \\ \hline \end{tabular} \\ \hline \end{tabular}

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

Recommended Textbook for

Auditing and Assurance Services Understanding the Integrated Audit

Authors: Karen L. Hooks

1st edition

471726346, 978-0471726340

More Books

Students also viewed these Accounting questions

Question

How does selection differ from recruitment ?

Answered: 1 week ago