Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Horngrens Financial And Managerial Accounting The Managerial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

6th Edition

0134486854, 978-0134486857

More Books

Students also viewed these Accounting questions

Question

3. What values would you say are your core values?

Answered: 1 week ago