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I have completed this question, I just want to check that it is all correct before handing it in Prepare the General Journal entries, with

I have completed this question, I just want to check that it is all correct before handing it in

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Prepare the General Journal entries, with narrations, for the following unrelated transactions of Terra Tory Pty Ltd which is registered for GST for all its products and services provided. 1. The owner contributes his personal motor vehicle valued at $37,500, a computer valuedat $6,000 and cash of $20,000 to the business 2. The amount owing by Paper Supplies Pty Ltd $2,398 inclusive of GST is to be written off as a bad debt 3. A computer of the business was sold for cash at its recorded value of $825 inclusive of GST 4. Drawings of goods by the owner totaled $495 inclusive of GST. The company uses a perpetual inventory system. 5. Interest of $67 was charged on an overdue account Perfect Pets for not paying its account within 30 days 6. $528 was received from Gotcha Supplies. These funds had previously been written off as a bad debt. Task 3: Journal entries for special transactions General Journal Date Particulars Debit Credit 1/1/20 Bank 20,000 Motor vehicle 37,500 Computer 6,000 Capitol 63,500 Beginning of business from owner 2/1/20 Bad debits 2,180 GST Payable 218 Accounts recievable control 2,398 Paper Supplied Pty Ltd 2398 Write off Paper Supplies Pty Ltd as a bad debt 3/1/20 Bank 825 Computer 750 GST Recievable 75 Sold business computer for cash 4/1/20 Capitol 495 Inventory 450 GST Payable 45 Drawings of inventory 5/1/20 Interest 67 Accounts payable control 67 Perfect Pets 67 Interest payable on 30 day overdue account payable 6/1/20 Accounts Recievable control 528 Gotcha Supplies. 523 Bad debt recoeverd 480 GST payable 48 Bad debts recovered from Gotcha Supplies FNSACC311 Process Financial Transactions and Extract Interim Reports Ed 2

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