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Mills and Block is a small business in the city of Geelom sells a range of guitar foot pedals. One of the most popular items
Mills and Block is a small business in the city of Geelom sells a range of guitar foot pedals. One of the most popular items is the 'Boss Finger 2, The selling price for the 'Boss Flanger 2' is $165 (including GST) with a cost price from the Boss suppliers of $110 (Including GST). The following transactions all occurred on April 27, 2024 and the owner has asked you to record them into the General Journal. i. The owners contribute $10,000 to the business bank account to help with business costs. II. Purchased on credit from the Boss Supplier, 20 units of the 'Boss Flanger 2'. iii. Made credit sales to Geelong Music School who purchased 4 units of the 'Boss Flanger 2. iv. Purchased a new security system from 'Spy Ware', another small business in Geelong. Terms of payment are as follows. The full cost is $5500 (Including GST) with 10 equal monthly payments. One payment was made immediately on April 27, and the remaining 9 will commence from May 31, 2024
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