QUESTION 1- This question has 1 part (11 marks = 22 minutes)

Davidrunsanopticalstore"DOnlyOpt",wherehesellssunglassesandeyeglassframes,aswellasprovidinga comprehensiveeyehealthandvisionexam.ThebusinessisapartnershipbetweenDavidandhisbrother,Daniel.

Their price list and unit costs (if applicable) are shown below.

Product and Service

Price List ($)

Unit Cost ($)

Eye health and vision exam

$86.90 (GST Inclusive)

-

Eyeglass frame

$31.90 (GST Inclusive)

$15.40 (GST Inclusive)

Sunglasses

$184.80 (GST Inclusive)

$ 93.50 (GST Inclusive)

DOnlyOptisregisteredforGST,andthefollowingtransactionsoccurredduringthelastthree(3)daysofNovember 2019.

28Purchased35framesoncredit,2/10net30;thebusinesscanopttoeitherreceive2%discountforpayment tothesupplierwith10daysorwithoutanydiscountin30days.

28Providedatotalof$2,085.60(GSTInclusive)ofeyevisionexamination. Paymentreceivedincashimmediatelyaftertheexamination.

28Thebusinesssold7eyeglassframesand3sunglasses.Paymentreceivedincash.

29Davidaccidentallyusehisbusinessdebitcardtopurchaseabirthdaycakeforhisfriend. Thecakecost$33(GSTInclusive).

29Sold15sunglassestohisfriend,George,forhisweddingattheendoftheyear2019.Davidhadmadea creditsalearrangementwithGeorgetoallowGeorgetopaythefullamountonthe20^thofDecember2019.

29 The business returned 4 faulty eyeglass frames purchased on the 28^thof November 2019.

29ThebusinesspurchasedsomefreshfruitsforstaffconsumptionfromColestotalling$13.20. (Account: MiscellaneousExpense)

30ReceivedutilitiesbillforthemonthofNovember2019$2,915(GSTInclusive)andpaidimmediately.

30RecordedtheamountofofficesuppliesconsumedthroughoutthemonthofNovember. Thebusinesspurchased$770(GSTInclusive)ofofficesuppliesonthe4^thofNovember.

OpeningbalanceoftheOfficeSuppliesaccounton1November2019was$550(DR),butonly$120ofoffice suppliesremainedattheendofthemonth.

30 Recorded unpaid interest expense of $550.

30Paidstaffsalariesforthefortnighttotalling$10,068withcash. (Grosssalaries$13,454;PAYG$3,386)

Required:

Record the transactions provided above in the general journal provided.

(11 marks = 22 minutes)

Please use the account(s) listed on the Chart of Accounts on the following page.

Chart of accounts

Account

No

Account Name

101

Cash at bank

102

Accounts receivable

103

Inventory

104

Office supplies

105

Prepaid insurance

111

GST paid

151

Shop fittings

152

Accumulated depreciation-Shop fittings

155

Computer equipment

156

Accumulated depreciation-computer

158

Delivery van

159

Accumulated depreciation-Delivery van

200

Accounts payable

210

Sales commission payable

215

Interest payable

222

GST collected

223

PAYG Withheld

250

Bank loan

301

Capital

302

Drawings

401

Sales revenue

402

Service revenue

501

Cost of goods sold

600

Office supplies expense

601

Salaries expense

602

Advertising expense

603

Delivery expense

604

Sales commissions expense

605

Rent Expense

606

Interest expense

607

Insurance expense

608

Utilities expense

609

Depreciation expense - Shop fittings

610

Depreciation expense - Computer

611

Depreciation expense- Delivery van

612

Miscellaneous expense

Date

Account Titles (Details)

Debit

Credit

Date

Account Titles (Details)

Debit

Credit