Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

June 1 Cash sale #3357 for hire of equipment, total value $315.90, including GST. The customer paid by EFTPOS which went directly into our bank

June 1 Cash sale #3357 for hire of equipment, total value $315.90, including GST. The customer paid by EFTPOS which went directly into our bank account. June 4 Received the telephone bill (invoice #289467) from Telstra for $376.42, including GST. This was paid immediately with cheque #1194. June 5 Paid Mitchell Jordan $960.00 with cheque #1195, the amount owing to him for invoice #1753. June 6 Receive 30 new helmets (hire equipment) costing $2,620.00 including GST, from Spida Headgear together with their invoice #23116 for $2,730.00 which included a freight charge of $110.00. Terms on this invoice are 5/10, N30 and prices include GST. June 7 Invoiced (invoice #3358) Snow Ski Holidays for the hire of equipment ($1,138.00) and lessons ($1,980.00). Total invoice value $3,118.00 including GST and terms are N30. June 10 Received and banked a cheque for $1,320.00 from Snow Ski Holidays. June 12 Purchased postage stamps ($60.00 including GST) from Australia Post. These were paid for with cash from petty cash. June 12 Sent cheque #1196 for $2,400.00 to Skicentral NZ Wholesalers in payment of their invoice #13467. June 12 The owner, Kurt Rendell, cashed cheque #1197 for $3,008.00 for his own use. June 14 Paid Spida Headgear $2,593.50 with cheque #1198. This was in payment of their invoice #23116 less prompt payment discount. June 15 Purchased coffee and biscuits (staff amenities) for $26.85 from the Falls Creek Deli. This amount includes only $0.72 GST as some of the items are GST free. These were paid for with cash from petty cash. June 17 Sold ex hire equipment to Jack Small for $657.00 including GST. His cheque for this amount was banked today. This equipment originally cost $819.00, but was written down to $315.00 at the date of sale. Calculate and journalise the profit on the sale. June 17 Received a bill (invoice #2234) from Mitchell Jordan for $1,370.00 including GST for ski instruction provided. His terms are N7. June 18 Cash sale (invoice #3359) for hire of equipment $281.60 and lessons $1,320.00. The customer paid the $1,601.60 including GST by EFTPOS. June 19 Invoiced (invoice #3360) Snowlink for hire of equipment $2,217.60 and lessons $1,188.00. Total value of invoice $3,405.60 including GST with terms of 10/10, N30. June 20 Purchase fuel for the motor vehicle costing $88.00 including GST. This was paid for with cheque #1199. June 24 Received and banked a cheque for $2,160.00 from Mountain Lake Resort. June 24 Cashed cheque #1200 for $86.85 to reimburse petty cash. June 24 Paid Davids Repair Shop with cheque #1201 for repairs to ski equipment costing $352.00 including GST. June 25 Sent cheque #1202 for $432.00 to Australian Super. This was in payment of the amount of superannuation owing for May. June 26 Credit sale to Alpine Sports (invoice #3361) for hire of equipment $792.00 and lessons $1,320.00. Prices include GST and terms are N30. June 26 Received new hire equipment ($1,650.00) from The South Face together with their invoice #9457 for $1,705.00 including GST, which included a freight charge of $55.00. Terms N30. June 27 Received adjustment note #9462 from The South Face for $165.00 including GST. This was for the return of one of the items of new hire equipment on their invoice #9457. June 28 Paid Valley Cleaners for cleaning services provided in June $110.00 including GST, by cheque #1203. June 28 Cashed cheque #1204 for $4,060.00 for wages for the month. Gross wages are $4,600.00 and PAYG Withholding deducted was $540.00. June 28 Received and banked a cheque for $3,065.04 from Snowlink.

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

Authors: Thomas D. Hubbard, J. R. Johnson, Steve Johnson, Joel D. Hubbard

6th Edition

0873932609, 9780873932608

More Books

Students also viewed these Accounting questions