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Problem 7 . 2 1 Accounting for transactions with several journals Non - GST version Elliott started business on 1 July 2 0 2 5
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Accounting for transactions with several journals
NonGST version
Elliott started business on July The accounting system includes a sales journal, a purchases journal, a cash receipts journal, a cash payments journal and a general journal. The chart of accounts shows the following titles.
tableCash at Bank,Sales Returns and AllowancesAccounts Receivable Control,Discount ReceivedPrepaid Insurance,PurchasesOffice Equipment,Purchases ReturnsAccounts Payable Control,Discount AllowedLoan Payable,Rent ExpenseA Elliott, Capital,Insurance ExpenseSales,Sundry Expenses
During June, the transactions were as follows ignore GST
tableJuneA Elliott deposited $ capital in the business bank account.Paid rent for June, $ by interbank transfer.Borrowed $ from the Regional Australia Bank.tablePurchased inventory on credit from Hendry Ltd $ invoice terms
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