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Jim and Jo formed a partnership retailing home appliances and providing air conditioner installation services. They run the business under the name of Homie, hereinafter
Jim and Jo formed a partnership retailing home appliances and providing air conditioner installation services. They run the business under the name of Homie", hereinafter referred to as the business. Their price list and unit costs (if applicable) are shown below. Products Price List ($). Unit Cost ($). Monitor @ $143 (GST Inclusive) @ $308 (GST Inclusive) @ $495 (GST Inclusive) Laptop @ $264 (GST Inclusive) @ $572 (GST Inclusive) Air conditioner @ $847 (GST Inclusive) Air conditioner installation @ $880 (GST Inclusive) July 26 The business sold two (2) x monitor on credit to Deakin College, net 7. Items were delivered on the day. Payment would be received at the end the week - Friday 30 July 2021. 26 The business paid previous week's salaries. Gross salaries $4,354; PAYG $1,122. 27 A client returned one (1) x laptop back to the business simply because the client changed their mind. The business provided cash refund to the client immediately. The business bought 20 monitors and 10 air conditioners on credit, net 7. 27 28 Jo (one of the partners) decided to take one (1) x laptop for personal use. 29 The business paid for the 20 monitors and 10 air conditioners purchased on 27 July 2021. 30 The business received payment from Deakin College for the two (2) x monitor that Deakin College had bought on 26 July 2021. 30 Recorded an adjusting entry for annual (yearly) prepaid insurance which was paid on 1 July 2021; prepaid insurance paid on 1 July 2021 was $1,320 (GST Inclusive). Required: Record the transactions provided above in the general journal provided. B . 1 III Please type in your answers below: Date Accounts DR ($) CR ($)
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