Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 8 (7 points) On 1 July 2022, Royce Ltd signed an agreement with Rolls Ltd to supply and install 180 solar panels in a

image text in transcribed
Question 8 (7 points) On 1 July 2022, Royce Ltd signed an agreement with Rolls Ltd to supply and install 180 solar panels in a newly built block for a contract price of $35,640 (GST inclusive). This amount also includes one free service for all 180 solar panels four months from installation. Below is the standalone price for every activity: Half of the 180 solar panels were installed on 11 August 2022, and the remaining half was installed one week later. Rolls Ltd paid the 70% of the total amount on 20 July 2022 and the remaining one week later. Required: By using the information calculated in Question 7, record the sales of solar panels, cash receipts and provision of installation and services in the General Journal below. Round double entries to a full dollar. GST needs to be accounted for. but narrations Question 8 (7 points) On 1 July 2022, Royce Ltd signed an agreement with Rolls Ltd to supply and install 180 solar panels in a newly built block for a contract price of $35,640 (GST inclusive). This amount also includes one free service for all 180 solar panels four months from installation. Below is the standalone price for every activity: Half of the 180 solar panels were installed on 11 August 2022, and the remaining half was installed one week later. Rolls Ltd paid the 70% of the total amount on 20 July 2022 and the remaining one week later. Required: By using the information calculated in Question 7, record the sales of solar panels, cash receipts and provision of installation and services in the General Journal below. Round double entries to a full dollar. GST needs to be accounted for. but narrations

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

After The Quality Audit Closing The Loop On The Audit Process

Authors: J. P. Russell, Terry Regel

2nd Edition

0873894863, 978-0873894869

More Books

Students also viewed these Accounting questions