Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Para... C This... moodle.deakincollege.edu.au http... Axis... in My... in My... t Tick... In a.... QUESTION FILE - MAKE-UP TEST Andrew runs a business selling

image text in transcribed

Para... C This... moodle.deakincollege.edu.au http... Axis... in My... in My... t Tick... In a.... QUESTION FILE - MAKE-UP TEST Andrew runs a business selling car toys for kids under the name of "DA One". Their selling prices and unit costs are shown below. Products Range Hover Mercedez Price List ($) @ $154.00 (GST Inclusive) @ $242.00 (GST Inclusive) Unit Cost ($) $77.00 (GST Inclusive) $96.80 (GST Inclusive) DA One is registered for GST. The following transactions occurred during the last working week of June 20x1 (26 June - 30 June 20x1). The business records balance-day adjustments at the end of every month. Please leave two decimal places where necessary. 26 June The business returned 10 x Range Hover model to its supplier. 26 June 27 June 30 June 30 June The supplier credited the business' account immediately. No cash refund was received as the business' account is still outstanding. Purchased office supplies with cash from Officeworks; totalling $715.00 (GST Inclusive). A client returned 5 x Range Hover back to the business. Cash refund was made immediately upon receiving the returned goods from the client. Record interest expense incurred. Additional information: $100,000 bank loan was obtained on 15 April 20x1. Interest rate: 6% per annum. Repayment: Interest only for 5 years. Monthly repayment is required on the 15th of every month. Loan term: 5 years. Delivered the 50 x Range Hover to Carz Store. MacBook Pro www.ge ras tan

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

Accounting concepts and applications

Authors: Albrecht Stice, Stice Swain

11th Edition

978-0538750196, 538745487, 538750197, 978-0538745482

More Books

Students also viewed these Accounting questions

Question

How does a DSL modem differ from a DSLAM?

Answered: 1 week ago

Question

Explain how ADSL works.

Answered: 1 week ago

Question

What is a POP?

Answered: 1 week ago