QUESTION 2 On 1 July 2017 Martin Walston opened a beauty parlour. The business has been registered for GST The following transactions occurred during the first month of operations: Walston invested $120 000 in the business by depositing cash into a business cheque account with the Melbourne Bank Paid $1800 plus GST for the first month's rent. Purchased equipment worth of $77000(including GST) by transfer for $32 000 and signing a commercial loan agreement for $45 000 Purchased July 2 2 3 an online bank ies for $9240(including GST) 4 Paid advertising expense of $979(including GST) 6 Recorded beauty services revenue plus GST in cash and $620 plus GST on credit. Paid insurance expense for July of $480 Plus GST using an online bank transfer Received a $140 payment from customers who paid half of the month Walston withdrew $560 cash for personal living expenses. Recorded revenue 16 for the first half of the month of $3250 20 on credit in the first 23 28 for the second half of the month of $4048(including 31 GST) in cash and $638(including GST) on credit. Paid telephone account of $330 plus GST by electronic transfer. 31 REQUIRED Prepare the journal entries to record each transaction in July 2017. QUESTION 2 On 1 July 2017 Martin Walston opened a beauty parlour. The business has been registered for GST The following transactions occurred during the first month of operations: Walston invested $120 000 in the business by depositing cash into a business cheque account with the Melbourne Bank Paid $1800 plus GST for the first month's rent. Purchased equipment worth of $77000(including GST) by transfer for $32 000 and signing a commercial loan agreement for $45 000 Purchased July 2 2 3 an online bank ies for $9240(including GST) 4 Paid advertising expense of $979(including GST) 6 Recorded beauty services revenue plus GST in cash and $620 plus GST on credit. Paid insurance expense for July of $480 Plus GST using an online bank transfer Received a $140 payment from customers who paid half of the month Walston withdrew $560 cash for personal living expenses. Recorded revenue 16 for the first half of the month of $3250 20 on credit in the first 23 28 for the second half of the month of $4048(including 31 GST) in cash and $638(including GST) on credit. Paid telephone account of $330 plus GST by electronic transfer. 31 REQUIRED Prepare the journal entries to record each transaction in July 2017