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Relevant information: Opening balances as at 1 / 7 / 2 0 2 3 Account name Value Cash at Bank $ 5 0 , 9
Relevant information:
Opening balances as at
Account name Value
Cash at Bank $
Accounts receivable $
Allowance for doubtful debt $
Motor vehicle $
Accumulated depreciation motor vehicle $
Accounts payable $
Bank Loan $
Office furniture $
Accumulated depreciation office furniture $
Office supplies $
Share capital $
Retained earnings $
Transactions for the month all dollar amounts include GST where applicable
Date Description
Purchased units of inventory with cash at the cost price of $including GST
Sales on credit of units.
Purchased office supplies worth $including GST and paid in cash.
Purchased units of inventory on credit at the cost price of $including GST
Paid $ of wages in cash ignore PAYG tax
Sales on credit of units.
Received payment from accounts receivable of $
Received payment from accounts receivable of $
Purchased units of inventory on credit at the cost price of $including GST
Sales on credit of units.
Paid accounts payable $
Purchased a computer worth $including GST on credit.
Purchased units of inventory on credit at the cost price of $including GST
Paid $ of wages in cash ignore PAYG tax
Received payment from accounts receivable of $
Purchased units of inventory on credit at the cost price of $including GST
Sales on credit of units.
Paid accounts payable $
Paid motor vehicle expenses $ in cash including GST
Received payment from accounts receivable of $
Paid rent for the current month $ in cash including GST
Paid insurance fee for the month of November $ in cash including GST
Additional information
Selling Price per unit is $including GST
Insurance paid for months in total. Insurance commences from the first day of the month in which it is paid.
All asset purchases including inventory cost per unit and expenses except wages include GST
Depreciation rate motor vehicle
The residual value of motor vehicle is assumed to be $
Depreciation rate office furniture
The residual value of office furniture is assumed to be $
Regardless of purchase date, company policy is to depreciate new assets for days in the month of purchase.
Depreciation rate computer equipment
No residual value is expected for computer equipment.
The company counted inventory at the end of the month. They discovered that units were missing and these must be removed from inventory.
Office supplies on hand at end of the month were $
At the end of the month the company records potential bad debts expense using the percentage of sales method.
The business uses of sales to determine estimated bad debts.
The employees were paid up June
There is $ of interest owing on the bank loan at the end of the month that has yet to be recorded.
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