to create a general journal entries for these transactions.

ACCT10002: Semester 1, 2018 PRACTICE SET PART 1 Michael Brown decided to leave his employment and start his own business in providing catering supplies to food outlets. He had worked in the industry for a number of years and had established a wide range of contacts both as suppliers of catering needs and customers who required catering supplies. He plans to start small and only trade in a few products at rst. THE BUSINESS IS NOT REGISTERED FOR GST, accordingly, there is no requirement to account for or include GST in any transaction. The following pages contain the source documents for Michael's rst month of business. Your task is to prepare: 1. General journal entries for the relevant transactions (N arrations are n_ot required) 2. Ledger entries for the transactions (Record inventory items in separate accounts) 3. Prepare a Trial Balance 4. A Statement of Financial Performance for the month of January 5. A Statement of Financial Position as at 31 January 2018 You have access to blank pages for the general journal and ledger accounts. You are to prepare the above ve parts to this assignment and submit items 4 and 5 as one document, with all other workings (items 1, 2 and 3) in another document. Make sure you have your name and student number written on ALL page(s) of your workings and you will submit both documents Via the LMS. You will receive a mark out of 8 for Part 1. If you have not received full marks then you should review your work by discussing with a fellow student or by comparing your answer with the suggested answer which will be made available on the LMS after the due date, and consulting a tutor during scheduled consultation hours. Due date for Part 1: 9.00pm Sunday 8th April