Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please make a general journal and ledger Business Name: Elizabeth Sanchez trading as 'Horse Health' MS Sanchez began operations as a retailer on 1 May
Please make a general journal and ledger
Business Name: Elizabeth Sanchez trading as 'Horse Health' MS Sanchez began operations as a retailer on 1 May 2019 under the business name Horse Health. She has the exclusive licence to import a equine antibiotic which she sells to veterinarians around Australia. She operates from a leased warehouse in the outer suburbs of Melbourne. Her business is registered for GST which she pays annually. Note that the business buys all inventory from one supplier "Equine Medical Products Pty. Ltd." Relevant information: Opening balances as at 01/01/2023 Cash Accounts Receivable Invento Motor Vehicle Accum. De reciation - Motor Vehicle Accounts Pa able Office Su Iles GST paid GST collected Ca ital Transactions for the month ended 31/01/2023 alue $263,672 $13,744 $105,470 $53,734 $48,361 $48,921 $2,456 $45,354 $78,010 $309,138 Date 2/01/2023 3/01/2023 5/01/2023 8/01/2023 9/01/2023 11/01/2023 14/01/2023 18/01/2023 19/01/2023 20/01/2023 22/01/2023 25/01/2023 26/01/2023 27/01/2023 31/01/2023 3. Additional information escriptio Descri tion Received $9,163 as payment from customers owing accounts receivable. Purchased 14 units of inventory from supplier and paid the full amount in cash. Invoiced client for advice. Total invoice came to $462 (GST inclusive). The client has not yet settled their account. Purchased $220 (GST inclusive) of inventory, with 50% paid as a down payment and the remainder on credit. Purchased new computer equipment for $7,150 (GST inclusive). Paid a 10% cash deposit and the rest was financed through a bank loan with the Bank of Deakin. Assume that the loan amount is paid diretly to the supplier. Paid $550 to supplier for purchases previously made. MS Sanchez took $176 from the business to buy a bottle of wine for her friend as a birthday present. The $176 amount included GST. Customer purchased 11 units of antibiotics. Customer paid the full amount in cash. Purchased $2,970 worth of inventory (GST inclusive). The business paid $1,000 as a down payment and the remainder was on credit. Business paid Utilities bill of $2,662 (GST inclusive). Sold 30 units of inventory and received $1,089 as cash payment. The rest was yet to be paid. Invoiced a customer $7,084 (GST inclusive) for services provided. The customer paid half of it immediately and the remainder will be paid within 30 days. Purchased another delivery van that costs $10,395 (GST inclusive). Paid the full amount in cash. 'Horse Health' decided to pay off all debts outstanding to 'Equine Medical Products Pty. Ltd.' including any payables at the beginning of the month. Paid employee salaries for the month Gross Amount $16,801; PAYG Tax Deducted $4,202; staff were paid the net amount in cash. Selling price per unit (GST inclusive) Cost per unit (GST inclusive) Service Revenue per hour (GST inclusive) $99.00 $55.00 $154.00
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