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The table below includes information relating to the business activities of Accounting and Tax Service Pty Ltd for the month of June 2018. Transaction date
The table below includes information relating to the business activities of Accounting and Tax Service Pty Ltd for the month of June 2018. Transaction date Transaction description Transaction amount ($) Provided tax services for two clients, and received 1-Jun cash for the services provided. 600 4-Jun Purchased a new photocopier for office use in cash. 5,230 Wages paid to employees for the previous two 15-Jun weeks. This expense was not recorded previously. 7,800 20-Jun Provided tax services for clients on account. 4,500 Paid the rental expense. This expense was not 30-Jun recorded previously. 2,300 Paid entertainment expense to celebrate the end of 30-Jun financial year. 1,500 Required: a) Prepare general journal entries to record the above transactions for the month ended 30 June 2018. Narrations ARE required. (15 marks) Answers: Date Account Debit Credit b) Complete the T account below for Cash at bank based on the journal entries you prepared in part a). Assume that the opening balance of Cash at bank is $50,000. You need to indicate the closing balance on the normal balance side. (7 marks) Cash at bank Date Explanation Amount Date Explanation Amount
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