Please prepare the following ledger accounts ( T Format ) for July 2016
1) Accounts receivable control
2) Accounts payable control
3) Cash at Bank
4) Purchases
Chee Yong Chaw began his business on 1 July 2016 . The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows: July 1 Chee Yong Chaw invested $30,240 cash and $17,640 office equipment into the business. July 2 Purchased inventory from L Cao on account for $7,560 plus GST; terms 2/15, n/30. Paid July rental of $3,020 plus GST: by interbank transfer to Prime Properties Ltd. July 3 Purchased inventory from Difabio Ltd on account for $6,130 plus GST; term /30. July 6 Sold inventory to JEllis on account for $1,680 plus GST; terms 2/15, /30. July 7 Received July rental of $760 plus GST for space sublet to Perth Services. July 8 Purchased stationery supplies for $1,680 plus GST; cheque no. 124. July Purchased inventory for cash $1,660 plus GST. 10 July Sold inventory to Giola Ltd on account for $3,780 plus GST : terms 2/10,n/30. 13 July Purchased inventory from O Hee on account for $5,040 plus GST: terms 2/10, n/30. 14 July Paid L Cao for 2 July purchase with an interbank transfer. 15 fuly Received $4,075 from Giola Ltd in payment of its account. 21 Sold inventory to Modra Ltd on account for $3,020 plus GST; terms 2/10, n/30. July Paid OHee for 14 July purchase; cheque no. 125. 22 July Purchased inventory from L Cao on account for \$4,620 plus GST; terms 2/15, n/30. July Sold inventory for cash, \$2,440 plus GST. 26 July Returned defective inventory that cost $1,010 to L Cao. 28 July Sold merchandise to I Nizic on account for $6,890 plus GST; terms 2/10,/30. 29 JulyPurchasedmerchandisefromARomeoonaccountfor$1,510plusGST;terms1/10,n/330Paidmonthssalaryofofficeassistant,$2,690byinterbanktransfec Chee Yong Chaw began his business on 1 July 2016 . The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows: July 1 Chee Yong Chaw invested $30,240 cash and $17,640 office equipment into the business. July 2 Purchased inventory from L Cao on account for $7,560 plus GST; terms 2/15, n/30. Paid July rental of $3,020 plus GST: by interbank transfer to Prime Properties Ltd. July 3 Purchased inventory from Difabio Ltd on account for $6,130 plus GST; term /30. July 6 Sold inventory to JEllis on account for $1,680 plus GST; terms 2/15, /30. July 7 Received July rental of $760 plus GST for space sublet to Perth Services. July 8 Purchased stationery supplies for $1,680 plus GST; cheque no. 124. July Purchased inventory for cash $1,660 plus GST. 10 July Sold inventory to Giola Ltd on account for $3,780 plus GST : terms 2/10,n/30. 13 July Purchased inventory from O Hee on account for $5,040 plus GST: terms 2/10, n/30. 14 July Paid L Cao for 2 July purchase with an interbank transfer. 15 fuly Received $4,075 from Giola Ltd in payment of its account. 21 Sold inventory to Modra Ltd on account for $3,020 plus GST; terms 2/10, n/30. July Paid OHee for 14 July purchase; cheque no. 125. 22 July Purchased inventory from L Cao on account for \$4,620 plus GST; terms 2/15, n/30. July Sold inventory for cash, \$2,440 plus GST. 26 July Returned defective inventory that cost $1,010 to L Cao. 28 July Sold merchandise to I Nizic on account for $6,890 plus GST; terms 2/10,/30. 29 JulyPurchasedmerchandisefromARomeoonaccountfor$1,510plusGST;terms1/10,n/330Paidmonthssalaryofofficeassistant,$2,690byinterbanktransfec
