Task 1 Background You are working with Complete Business Services and Welcome Gate has approached your company to provide accounting and bookkeeping services for them. Andrew John owns and operates Welcome Gate and the company is located at 33 Nicholson Street Brunswick, which is a rented property. The business structure is sole proprietorship, owned and managed by Andrew John. The business is engaged in buying and selling beauty products and is using a manual accounting system. Complete Business Services have strongly advised Welcome Gate to start using a dedicated Accounting system given the growing nature of the business. Complete Question 1a-d and Question 2 Question 1 1. You are required to enter the following transactions for the month of July 2020 (see Table 1: List of the transactions for the month of July 2020) in the specialised journals of Welcome Gate. A perpetual inventory system has been established. You are required to record Welcome Gates' business transactions based on identification and checking of the transactions for the appropriate journals as below: a) Credit purchase journals b) Credit sales journals c) Cash payments journal d) Cash receipts journal To complete la to 1d, use the approved Excel templates provided as a separate file for finishing Task 1. You can locate the Excel template file on Canvas under Assignments (filename AT1-Taski). Following is the extract of Policies and Procedures for Welcome Gate for posting the transactions to the specialised journals and ledgers: Total all columns and date these at balance date (31 July 2020). The journal totals form a journal entry of equal debits and credits. Accounts Payable Control amounts are posted individually to the subsidiary ledger accounts as at transaction date. If there are amounts in a 'Sundry column, these are posted to the appropriate ledger accounts at transaction date. Question 2 2. After completing the business transactions for July 2020 into the above- mentioned journals, you are required to write an email to your manager (teacher) to confirm authorisation to submit the finished work on Canvas for record keeping purposes. Submit the copy of the authorisation email with the assessment. Table 1: List of the transactions for the month of July 2020 Date Reference Details July 01 Ch 001 Paid rent for July $1980 including GST. 03 Inv 601 Sold goods on credit to The Cool Shop $1500 plus GST OS Iny 602 Sold goods on credit to Tory Smith $1800 plus GST. 05 Chg 002 08 Inv 603 Purchased inventory for cash $198 including GST. Sold goods on credit to Smart Creations $2500 plus GST. Tory Smith returned goods $80 plus GST. 09 C/N 43 09 Rec 114 Received from The Cool Shop $550. 10 Inv R233 Purchased goods on credit from Extreme Cool $1760 ind GST. Purchased goods on credit from Sura Vie $990 ind GST. 13 Inv 1148 14 Rec 115 Cash sales $1925 incl GST. 14 Chg 003 Paid wages $950 (NO GST). 20 CN 102 Returned goods to Extreme Cool $110 including GST. 22 Cha 004 Drew cash for own use $350. 25 Chg oos Bought stationery for cash $165 including GST. 25 Inv 604 Credit sale to Neptune Ltd $420 plus GST. 28 Chg 006 Paid wages $940 (NO GST). 31 Ch 007 Paid Extreme Cool $850