Tracy and her sisters opened Accounting and Consulting Pty Ltd on 1 July 2023. During the first month of operations, the following transactions occurred. The business is not registered for GST.

July 01 The owners invested $400,000 cash to commence the business. July 02 Paid $26,400 (including GST) for an insurance policy covering 12 months. July 02 Hired an assistant accountant with a salary of $48,000 annually. July 03 Purchased equipment for $100,000, paying $30,000 in cash and the balance on the account. July 04 Received $25,000 from the customer for the services to be completed in September 2023. July 10 Received an invoice of $500 from a Local newsagent for advertising the business opening. July 15 Received cash of $85,000 for services performed. July 17 Purchased supplies on an account worth $3,000 to be consumed in the same month. July 18 Performed services worth $40,000, and customers agreed to pay in 45 days. July 19 Received $25,000 from customers for services performed in August and September 2023. July 24 Performed services worth $40,000, and customers paid immediately. July 28 Received $7,500 from customers invoiced on 18 July 2023. July 30 Tracy Purchased a smartphone for her personal use and paid $3000 from a business bank account. July 31 Paid for Salaries $4,000 and utilities $1,000 Required

Question: Journalise the July transactions ignoring GST

Answer rating: 100% (QA)

To journalize the July transactions ignoring GST we will record each transaction with its respective ... View the full answer