Question
P96 Study-mate Premium A4 Exercise Book 96 Page buy price 0.88 sales price 1.10 P128 Study-mate Premium A4 Exercise Book 128 Page buy price 1.21
P96
Study-mate Premium A4 Exercise Book 96 Page
buy price 0.88
sales price 1.10
P128
Study-mate Premium A4 Exercise Book 128 Page
buy price 1.21
sales price 1.65
P192
Study-mate Premium A4 Exercise Book 192 Page
buy price 2.20
sales price 2.97
P240
Study-mate Premium A4 Exercise Book 240 Page
buy price 2.85
sales price 3.52
H96
Study-mate Premium A4 Hardcover Exercise Book 96 Page
buy price 2.20
sales price2.75
H128
Study-mate Premium A4 Hardcover Exercise Book 128 Page
buy price 2.64
sales price 3.30
H192
Study-mate Premium A4 Hardcover Exercise Book 192 Page
buy price 3.30
sales price 3.85
H240
Study-mate Premium A4 Hardcover Exercise Book 240 Page
buy price 3.85
sales price 4.40
6th May
You spent $25,500 incl. GST on a delivery van at Cars R Us and paid for it from your bank account. You estimate it will have a useful life of 5 years, and be worth $5,000 at the end of the 5 years. Record the purchase of the delivery van on this date.
6th May
You transferred surplus cash out of the bank account to an investment account. You realised that you don't need all your capital sitting in the low interest working bank account so have transferred $250,000 into a higher interest-bearing account. Record this movement in a journal entry.
This account will pay 3% interest per annum, credited monthly on the 6th of each month.
7th May
You sold 2,000 P192 and 3,000 P240 to AAA Bookstore on account, term 2/7, n/30.
8th May
You purchased 25,000 H96, 25,000 H128, 15,000 H192 and 15,000 H240 on credit from Mega Office Supplies.
9th May
You sold 500 H96 and 500 P96 to Melissa Crotty. Melissa paid you a deposit of 50% of the total sale into your bank account and agreed to pay the remaining 50% on 16th May.
10th May
You sold 15 P128 and 20 H128 to Sam La Rocca. Sam paid you the full amount into your bank account.
10th May
You received $3,730 credit (incl. GST) for damaged items including 1,000 P96 and 1,000 P240 returned to Stationery Wholesaler.
10th May
You sold 20 P240 and 24 H240 to Warwick Smith. Warwick paid you the full amount into your bank account.
10th May
You opened an account with Liberty Petrol to use the businesses debit card to pay for fuel for the delivery van.
13th May
You sold 30 P192, 30 H192 and 15 H240 to Jake Wishart. Jake paid you the full amount using a debit card linked to their bank account. .
14th May
You received the full payment less discount from AAA Bookstore for their purchase on 7th May.
15th May
You paid Facebook $3,000 incl. GST for online advertisements. These ads will run over the next 3 months, with an end date of 15th August 2019. Record this as a prepayment.
16th May
You sold 15 H128 and 15 H240 to Diane Evers. Diane paid you the full amount into your bank account.
17th May
You sold 200 P128 and 150 H128 to Lyndale Primary School. Lyndale Primary School paid you the full amount into your bank account.
17th May
You paid an invoice for a week's fuel bill of $330 incl. GST from Liberty Petrol.
17th May
Paid Mega Office Supplies in full for the purchase on 8th May.
20st May
You sold 10 H128 and 15 H192 to Freya Leonard. Freya paid you the full amount into your bank account.
21st May
You sold 1,000 H192 and 1,500 H240 to AAA Bookstore on account, term 2/10, n/30.
22nd May
You granted AAA Bookstore $880 (incl. GST) for 200 H240 returned.
23rd May
You sold 100 P192 and 200 P240 to Lyndale Secondary College. Lyndale Secondary College paid you the full amount into your bank account.
24th May
You sold 200 P128 and 200 H128 to The Co-op Bookshop Bundoora. The Co-op paid you a deposit of 50% of the total sale into your bank account and agreed to pay the remaining 50% on 16th June.
24th May
You paid an invoice for a week's fuel bill of $330 incl. GST from Liberty Petrol.
27th May
You sold 15 P192 and 20 H192 to Charlie Sanders. Charlie paid you the full amount into your bank account.
28th May
You sold 16 H240 and 8 P240 to Jon Snow. Jon paid you the full amount into your bank account.
29th May
You sold 20 H240 to Luis Suarez. Luis paid you the full amount into your bank account.
30th May
You sold 200 H96 and 100 H128 to One Stop Stationery. One Stop Stationery paid you a deposit of 60% of the total sale into your bank account and agreed to pay the remaining 40% on 8th June.
30th May
You received the full payment from AAA Bookstore for the purchase on 21st May, less discount.
Journal entries
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started