Question 9 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 $26,640 cash and $15,540 office equipment into the business July 2 Purchased inventory from L Cao on account for $6,660 plus GST terms 2 15, n 30 Paid July rental of $2,660 plus GST by interbank transfer to Prime Properties Ltd July 3 Purchased inventory from Difabio Ltd on account for $5,400 plus GST terms n 30 July 6 Sold inventory to J Ellis on account for $1,480 plus GST terms 2 15, n 30 July 7 Received July rental of $670 plus GST for space sublet to Perth Services July 8 Purchased stationery supplies for $1,480 plus GST cheque no 124 July 10 Purchased inventory for cash $1,470 plus GST July 13 Sold inventory to Giola Ltd on account for $3,330 plus GST terms 2 10, n 30 July 14 Purchased inventory from O Hee on account for $4,440 plus GST terms 2 10, n 30 July 15 Paid L Cao for 2 July purchase with an interbank transfer July 19 Received $1,595 from J Ellis in payment of her account Sold inventory to O Kaddish on account for $3,400 plus GST terms 2 10, n 30 July 21 Received $3,590 from Giola Ltd in payment of its account Sold inventory to Modra Ltd on account for $2,660 plus GST terms 2 10, n 30 July 22 Paid O Hee for 14 July purchase cheque no 125 July 23 Purchased inventory from L Cao on account for $4,070 plus GST terms 2 15, n 30 July 26 Sold inventory for cash, $2,150 plus GST July 28 Returned defective inventory that cost $890 to L Cao July 29 Sold merchandise to I Nizic on account for $6,070 plus GST terms 2 10, n 30 July 30 Purchased merchandise from A Romeo on account for $1,330 plus GST terms 1 10, n 30 Paid month's salary of office assistant, $2,370 by interbank transfer Prepare journal entries for July 2016, using appropriate journals (Credit account titles are automatically indented when the amount is entered Do not indent manually Round answers to 0 decimal places, e g 5,275 )

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Question 9 Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the

Question 9

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 $26,640 cash and $15,540 office equipment into the business.
July 2		Purchased inventory from L Cao on account for $6,660 plus GST; terms 2/15, n/30. Paid July rental of $2,660 plus GST; by interbank transfer to Prime Properties Ltd.
July 3		Purchased inventory from Difabio Ltd on account for $5,400 plus GST; terms n/30.
July 6		Sold inventory to J Ellis on account for $1,480 plus GST; terms 2/15, n/30.
July 7		Received July rental of $670 plus GST for space sublet to Perth Services.
July 8		Purchased stationery supplies for $1,480 plus GST; cheque no. 124.
July 10		Purchased inventory for cash $1,470 plus GST.
July 13		Sold inventory to Giola Ltd on account for $3,330 plus GST; terms 2/10, n/30.
July 14		Purchased inventory from O Hee on account for $4,440 plus GST; terms 2/10, n/30.
July 15		Paid L Cao for 2 July purchase with an interbank transfer.
July 19		Received $1,595 from J Ellis in payment of her account. Sold inventory to O Kaddish on account for $3,400 plus GST; terms 2/10, n/30.
July 21		Received $3,590 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $2,660 plus GST; terms 2/10, n/30.
July 22		Paid O Hee for 14 July purchase; cheque no. 125.
July 23		Purchased inventory from L Cao on account for $4,070 plus GST; terms 2/15, n/30.
July 26		Sold inventory for cash, $2,150 plus GST.
July 28		Returned defective inventory that cost $890 to L Cao.
July 29		Sold merchandise to I Nizic on account for $6,070 plus GST; terms 2/10, n/30.
July 30		Purchased merchandise from A Romeo on account for $1,330 plus GST; terms 1/10, n/30. Paid month's salary of office assistant, $2,370 by interbank transfer.

Prepare journal entries for July 2016, using appropriate journals. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)