Rhys Fries Part 2

May 31, 20X1

The convention was a huge success! Ronalds booth was extremely popular and drew attention from local media and food bloggers. This unexpected boost provided a near non stop flow of customers to his booth. It was hard work but it paid off.

At the end of the convention, Ronald added up all of his sales tickets and was pleased with the results. He had total cash receipts of $9,450 (this included GST on the sales of $450) but he didnt read all of the fine print in the convention contract he signed. He found out at the end of the event that there was a cleanup and oil disposal fee charged for every barrel of oil used. The fee was $80 (plus GST) per barrel and Ronald used 5 barrels of oil over the course of the weekend. He used the cash he generated from sales to pay the cleanup fee at the end of the convention. He also had 4 bags of potatoes left that he is going to keep in storage.

2.) Complete any journal entries required for these events?

Hint: It may be a good idea to keep updating the T-accounts for the accounts used.