Part 2 (10 marks)

 

The following general journal entries for the business Oceanview Beach House Hire have been prepared by you for transactions occurring in March 2019, however you have not yet posted them to the General Ledger.

 

Required

Post the journals provided to the General Ledgers provided.  

All ledgers below must be "footed" (i.e. the balance must be made clear either by the wording 'balance' next to the amount, a circle around the balance or the more formal 'c/d' 'b/d' notations).

 

Hints to assist in completing the ledgers:

·        Do not delete the opening balances provided.

·        The ledgers are formatted using tables therefore it is best to navigate through the ledgers using the 'tab' function.

·        When using tables, it is often easier to click on the "¶" function so you can see the formatting.

·        It is acceptable to shorten the account names in descriptions i.e. Cash at Bank = CAB

                                                                                                                

Date

Details

Debit ($)

Credit ($)

 

 

 

 

2 March

Outdoor Furniture

4 500

 

 

      Cash at Bank

 

3 200

 

      Accounts Payable

 

1 300

 

(Purchased a new Hammock for each of the beach houses)

 

 

 

 

4 March

Market stall Hire

250

 

 

       Cash at Bank

 

250

 

(Hired a stall at the March Beach Market to promote their business)

 

 

 

 

6 March

Drawings

1 500

 

 

       Cash at Bank

 

1 500

 

(Bella withdrew money from the business bank account for her own use)

 

 

 

 

11 March

Cash at Bank

870

 

 

      Hire Fees

 

870

 

(Mr and Mrs Trout paid Beach house hire fees for two nights in the "Coast View" Beach house)

 

 

 

 

16 March

Fridges

24 200

 

 

      Cash at Bank

 

12 100

 

      Loan

 

12 100

 

(Purchased a new fridge for each of the beach houses with cash and a loan from Aba Daba Doo Bank)

 

 

 

 

19 March

Microwave

755

 

 

        Capital

 

755

 

(Bella contributed a microwave from her home which she had not used to the business)

 

 

 

 

24 March

Insurance

14 950

 

 

      Cash at Bank

 

14 950

 

(Paid for their public liability insurance policy in cash)

 

 

 

 

30 March

Accounts Payable

950

 

 

      Cash at Bank

 

950

 

(Partially paid an amount owing to PalmCove Furniture Pty Ltd for Hammocks purchased on the 2 March)

 

                                                                        

                                                                                Cash at Bank (CAB)

 

 

 

 

 

 

March 1

Balance

167 154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                           Outdoor Furniture

 

 

 

 

 

 

March 1

Balance

138 112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                      Fridges

 

 

 

 

 

 

March 1

Balance

13 180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                          Microwave

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                     Accounts Payable

 

 

 

March 1

Balance

8 250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                  Loan

 

 

 

March 1

Balance

 

1 962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                           Drawings

March 1

Balance

40 260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                Capital

 

 

 

March 1

Balance

155 623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                              Hire Fees

 

 

 

March 1

Balance

386 915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                      Market Stall Hire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                             Insurance

March

Balance

9 960