Question
Riviera Interior Design had the following transactions for the year ended 30 June 2020: This business is registered for GST 1 July 2019 Created a
Riviera Interior Design had the following transactions for the year ended 30 June 2020: This business is registered for GST
1 July 2019 | Created a provision for warranties for $7,600. None had previously existed. |
1 April 2020 | Agreed to accept a 90-day (due date fixed) bill of exchange from CBD Wholesalers in relation to an overdue account payable of $8,700, together with interest at 5% per year. |
30 May 2020 | Riviera Interior Design pays the bill payable to Zed Manufacturers. |
14 June 2020 | A successful claim was made by a customer for a fault in an antique table they had previously purchased. The antique table was under warranty. The cost to rectify the fault was $627 including GST which was paid in cash.
|
30 June 2020 | The payroll and payroll deductions for June 2020 were as follows: Gross wages $63,120 PAYG tax $18,936 Superannuation contributions $5,996 Medical insurance $4,080 |
Required:
Prepare general journal entries to record the above transactions. Narrations are not required.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started