general journal entries
Period two: 6 September to 12 September 2020 Date 6 September 6 September Details You spent $5,500 incl. GST on a computer at Digi-Com and paid for it from your bank account. You estimate it will have a useful life of 3 years and be worth $713.61 at the end of the 3 years. Computer is depreciated using the diminishing balance method and the rate of depreciation is 41%. Record the purchase of the computer on this date. You transferred surplus cash out of the Bank Account to an Investment Account. You realised that you don't need all your capital sitting in the low interest working bank account so have transferred $70,000 into a higher interest-bearing account. Record this movement in a journal entry. This account will pay you 2.5% interest per annum, credited monthly on the 6th of each month into your account. You sold 40 SKU112822 and 60 SKU112823 Road Eagles on account, term 2/8, 1/30 You purchased 25 SKU112824, 15 SKU112825, and 15 SKU112827 on credit from Blissful Pedals. 7 September 8 September 9 September 10 September You sold 36 SKU112824 and 28 SKU112820 to Urban Tour. Urban Tour paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 16th October You sold 30 SKU112821 and 40 SKU112825 to Just Cycles. Just Cycles paid you a deposit of 75% of the total sale into your bank account and agreed to pay the remaining 25% on 10 October. You received $8,192 credit (incl. GST) for damaged items including 4 SKU112820 and 4 SKU112823 returned to Focus Bikes. 10 September 10 September You sold 40 SKU112823 and 48 SKU112827 to Champion Wheels. Champion Wheels paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 27th September. You opened an account with Apache Petrol to pay for fuel for the delivery van. 10 September 11 September You sold 20 SKU112820 to Bicycle Workshop on account. Bicycle Workshop agreed to pay the amounts due on 12 September 2020 Details of transactions for Period 2: 6 to 12 September 2020 Period two: 6 September to 12 September 2020 Date 6 September 6 September Details You spent $5,500 incl. GST on a computer at Digi-Com and paid for it from your bank account. You estimate it will have a useful life of 3 years and be worth $713.61 at the end of the 3 years. Computer is depreciated using the diminishing balance method and the rate of depreciation is 41%. Record the purchase of the computer on this date. You transferred surplus cash out of the Bank Account to an Investment Account. You realised that you don't need all your capital sitting in the low interest working bank account so have transferred $70,000 into a higher interest-bearing account. Record this movement in a journal entry. This account will pay you 2.5% interest per annum, credited monthly on the 6th of each month into your account. You sold 40 SKU112822 and 60 SKU112823 Road Eagles on account, term 2/8, 1/30 You purchased 25 SKU112824, 15 SKU112825, and 15 SKU112827 on credit from Blissful Pedals. 7 September 8 September 9 September 10 September You sold 36 SKU112824 and 28 SKU112820 to Urban Tour. Urban Tour paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 16th October You sold 30 SKU112821 and 40 SKU112825 to Just Cycles. Just Cycles paid you a deposit of 75% of the total sale into your bank account and agreed to pay the remaining 25% on 10 October. You received $8,192 credit (incl. GST) for damaged items including 4 SKU112820 and 4 SKU112823 returned to Focus Bikes. 10 September 10 September You sold 40 SKU112823 and 48 SKU112827 to Champion Wheels. Champion Wheels paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 27th September. You opened an account with Apache Petrol to pay for fuel for the delivery van. 10 September 11 September You sold 20 SKU112820 to Bicycle Workshop on account. Bicycle Workshop agreed to pay the amounts due on 12 September 2020 Details of transactions for Period 2: 6 to 12 September 2020
