Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help to make a general ledger MAA103 Assignment 1: Double-Entry Accounting Student ID 220217782 Student Username yozefovicha @deakin.edu.au Business Name: Mr. Ernest Cline trading

need help to make a general ledger

MAA103 Assignment 1: Double-Entry Accounting Student ID 220217782 Student Username yozefovicha @deakin.edu.au Business Name: Mr. Ernest Cline trading as 'Player1 VR Headsets' Account name Value $471,112 $637,371 $188,445 $37,689 $51,822 $25,911 $1,225 $38,776 $50,409 Date 3/07/2020 4/07/2020 6/07/2020 7/07/2020 8/07/2020 12/07/2020 15/07/2020 18/07/2020 19/07/2020 20/07/2020 22/07/2020 26/07/2020 27/07/2020 28/07/2020 31/07/2020 3. Additional information Description Value Selling price per unit (GST inclusive) $792.00 Cost per unit (GST inclusive) $308.00 Service Revenue per hour (GST inclusive) $132.00 Ernest began operations on 1 March 2019 under the business name 'Player1 VR Headsets'. The business retails the top of the line Virtual Reality headsets and obtains these headsets from their only supplier 'IOI Suplies Corporation'. The business also charges additional services fees for customers who need help with installation and troubleshooting. The business is registered for GST which Ernest pays annually. Transactions for the month ended 31/07/2020 Relevant information: The business purchased computer equipment for $12,400 (GST inclusive). Paid a 20% cash deposit and borrowed the remainder from ABC bank. Assume that the loan amount is paid directly to the supplier. Cash Capital Inventory Accounts payable Office Furniture Accum. Depreciation - Office Furniture Office Supplies GST Collected GST Paid Description Opening balances as at 01/07/2020 Paid Insurance Corporation Pty Ltd. $1,584 (

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 And Assurance Services

Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau

9th International Edition

1266285997, 978-1266285998

More Books

Students also viewed these Accounting questions

Question

Does Uber Eats struggle with meeting customer expectations?

Answered: 1 week ago

Question

3. How can we confi rm both ourselves and others?

Answered: 1 week ago

Question

2. In what ways can confl ict enrich relationships?

Answered: 1 week ago