Task 3

35 Marks

The following transactions were recorded in the General Journal of Hudson Supplies:

General Journal of Hudson Supplies

Date Details Debit Credit

1/11 Cash at bank 31,000

Inventory 10,000

Machinery 9,500

Motor vehicle 8,000

Capital 58,500

Commencement of business

4/11 Office equipment 12,600

GST Receivable 1,260

Accounts Payable Control 13,860

Purchased office equipment on credit from

Real Services

8/11 Inventory 6,660

GST Receivable 666

Accounts Payable Control 7,326

Purchased inventory on credit from

Simpson Pty Ltd

10/11 Cash at bank 7,150

Sales 6,500

GST Payable 650

Sold goods for cash

Cost of goods sold 2,900

Inventory 2,900

Cost of sales

11/11 Wages 3,495

Cash at bank 3,495

Paid wages

Accounts Payable Control 7,326

Cash at bank 7,326

Paid A/c Payable - Simpson Pty Ltd

21/11 Accounts Receivable Control 4,125

Sales 3,750

GST Payable 375

Sold goods on credit to Simic Ltd

Cost of goods sold 800

Inventory 800

Cost of sales

25/11 Inventory 1,200

GST Receivable 120

Cash at bank 1,320

Purchased inventory for cash

29/11 Cash at bank 4,125

Accounts Receivable Control 4,125

Amount received from Simic Ltd

Required

For the above General Journal entries:

1. Post the transactions to the general ledger.

2. Balance each general ledger T - account.

3. Prepare Trial Balance.