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Mike has a variety of clients including lucrative contracts with large builders and rental property managers with whom he has built up strong relationships. He

Mike has a variety of clients including lucrative contracts with large builders and rental property managers with whom he has built up strong relationships. He offers them terms of 30 days. Mike submits his Business Activity Statement (BAS) monthly on an accruals basis and pays GST and PAYG Tax monthly. The next payment is due on May 31 st . The business is operated from a commercial shed which was purchased by Mike for $696,000 three years ago. To finance this purchase Mike took out a loan over a fifteen-year period at a variable interest rate. 2 Currently the business uses a manual accounting system. However, you have been investigating the advantages of moving from a manual accounting system to a cloud-based accounting system and you have convinced Mike that the business should move to using the Xero accounting system in June. Review the Chart of Accounts provided to become familiar with account names for the business . a. Enter the General Journal. to general ledger for account presented in the excel link below and unadjusted trial blance

https://docs.google.com/spreadsheets/d/1nVRjQ6ZAdBltilN-4DByDQi0OSFBrTEH/edit#gid=242930254

image text in transcribed

Mike's TV Solutions 3,85 General Journal $ 23,520 Cr $ Accounts Payable (to record purchase of office equipment on credit) 5/14/2021 Wages Expense PAYG Payable Cash at Bank (to record payment of wages and PAYG accrual) 5/14/2021 Cash at Bank GST 3,12 20,40 $ $ $ 13,200 58,080 $ 5,28 52,80 $ $ 36,876 TV Installation Services Revenue (to record cash services performed) 5/15/2021 Cash at Bank $ 37,800 $ 37,80 Accounts Receivable (to record receipt of money from Rey Whyte) 5/16/2021 M. Patel Drawings $ $ 7,700 150,000 Cash at Bank $ 150,00 $ 26,400 . $ 79,200 $ $ 24,00 2,40 for the month ended 31/05/2021 ate Particulars Post ref DI 1 May 2021 Prepaid Vehicle Insurance 130 $ 12,000 GST $ 1,200 Cash at Bank 110 (to record 12 month vehicle insurance paid in advance) 5/2/2021 Accounts Payable 210 $ $ 36,876 Cash at Bank 110 (to record payment of accounts payable) 5/4/2021 TV Installation Supplies 510 $ 7,000 GST $ 700 Accounts Payable 210 (to record purchase of TV installation supplies on credit) 5/6/2021 Cash at Bank $ 79,200 Accounts Receivable (to record receipt of cash from Met Smith Prop Mgmt) 5/8/2021 Accounts Receivable $ 114,180 GST TV Installation Services Revenue (to record invoice issued to Rey Whyte for services performed) 5/10/2021 TV Installation Equipment $ 192,000 GST $ 19,200 Cash at Bank Bank Loan (to record purchase of TV installation equipment with $19200 cash deposit and loan balance) 5/12/2021 Mobile phone & Internet Expense $ 500 GST $ 50 Cash at Bank (to record payment of mobile phone and intemet bill) 5/12/2021 Advertising Expense $ 300 GST $ 30 Cash at Bank (to record payment of advertising bill) 5/13/2021 Office Equipment $ 3,500 GST $ 350 $ 10,380 103,800 $ $ $ 2,000 200 $ (to record drawings taken by owner) 5/19/2021 Cash at Bank Unearned Revenue GST (to record money received in advance for work to be performed in June) 5/21/2021 Fuel Expense GST Cash at Bank (to record payment of fuel bill) 5/28/2021 Wages Expense PAYG Payable Cash at Bank (to record payment of wages and PAYG accrual) 5/28/2021 TV Installation Supplies GST $ 2,20 $ 19,200 23,520 $ $ $ 192,000 3,12 20,40 $ $ 1,920 $ $ 550 192 Cash at Bank $ 2,11 $ 105,732 $ $ 330 (to record purchase of TV installation supplies for cash) 5/28/2021 Accounts Receivable GST TV Installation Services Revenue (to record issue of invoice to Bell Property for work performed) 5/28/2021 Accounts Payable 9,61 96,12 $ $ $ $ 7,700

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