Unadjusted Trial Balance as at 30 September 2019 Dr (S) Cr (S) Account Trade payables 79,400 Bank loan 80,000 24,200 Returns 18,900 Salaries expense 128,300 Commission income 15,700 Administrative expenses 20,200 Insurance expense 16,800 Utilities expense 38,500 22,700 Discounts 14,400 Advertising expense 26,300 Rent income 72,600 1,954,100 Sales Capital: Michelle Wee Drawings: Michelle Wee 300,000 27,500 Purchases 824,200 Inventory as at 1 October 2018 56,300 Freight inwards 30,800 Freight outwards 21,300 Cash at bank 68,200 Trade receivables 100,900 Land 820,600 Building, at cost 352,400 Motor vehicles, at cost 121,700 Accumulated depreciation as at 1 October 2018 - Building 82,900 - Motor vehicles 66,300 2,692,600 2,692,600 The following additional information was made available before the year-end closing Inventory as at 30 September 2019 amounted to $76,400 after a physical stock count 1. 2 A credit customer paid $32,300 in settlement of his outstanding debt to Fashion Vista after a 5% cash discount was granted for prompt payment Rent income consists of rent received from a tenant for February 2019 to July 2019 Monthly rent charged to the tenant remained constant throughout the financial year. 3. 4. During the year, Michelle took $2,300 worth of goods for personal use. The goods had been excluded in the physical count on 30 September 2019 5. Transport costs of goods purchased from suppliers amounting to $5,600 was recorded as delivery costs of goods sold to customers. 6. Insurance expense includes payment of $5,200 for September 2019 to December 2019 7. Goods costing $6,400 were returned to the supplier but not recorded in Fashion Vista's accounts. These goods had not been paid for and were excluded in the physical count on 30 September 2019 Commission income included $7,800 received for goods to be delivered in October 2019 8 Credit sales of $9,300 was recorded in the correct accounts but on the opposite sides 9. 10 The amount of annual depreciation on fixed assets were as follows: $21,500 $13,400 Building Motor vehicles 11 The bank loan was taken up on 1 June 2019 and is repayable in May 2024. Interest on the loan, chargeable at 6% per annum, has yet to be accounted for as at 30 September 2019. Required: Prepare the necessary general journal entries to record transactions (2) to (11). Narrations (a) are not required. (Hint: For some transactions, you will need to create new accounts which are not shown on the trial balance.) (40 marks) Unadjusted Trial Balance as at 30 September 2019 Dr (S) Cr (S) Account Trade payables 79,400 Bank loan 80,000 24,200 Returns 18,900 Salaries expense 128,300 Commission income 15,700 Administrative expenses 20,200 Insurance expense 16,800 Utilities expense 38,500 22,700 Discounts 14,400 Advertising expense 26,300 Rent income 72,600 1,954,100 Sales Capital: Michelle Wee Drawings: Michelle Wee 300,000 27,500 Purchases 824,200 Inventory as at 1 October 2018 56,300 Freight inwards 30,800 Freight outwards 21,300 Cash at bank 68,200 Trade receivables 100,900 Land 820,600 Building, at cost 352,400 Motor vehicles, at cost 121,700 Accumulated depreciation as at 1 October 2018 - Building 82,900 - Motor vehicles 66,300 2,692,600 2,692,600 The following additional information was made available before the year-end closing Inventory as at 30 September 2019 amounted to $76,400 after a physical stock count 1. 2 A credit customer paid $32,300 in settlement of his outstanding debt to Fashion Vista after a 5% cash discount was granted for prompt payment Rent income consists of rent received from a tenant for February 2019 to July 2019 Monthly rent charged to the tenant remained constant throughout the financial year. 3. 4. During the year, Michelle took $2,300 worth of goods for personal use. The goods had been excluded in the physical count on 30 September 2019 5. Transport costs of goods purchased from suppliers amounting to $5,600 was recorded as delivery costs of goods sold to customers. 6. Insurance expense includes payment of $5,200 for September 2019 to December 2019 7. Goods costing $6,400 were returned to the supplier but not recorded in Fashion Vista's accounts. These goods had not been paid for and were excluded in the physical count on 30 September 2019 Commission income included $7,800 received for goods to be delivered in October 2019 8 Credit sales of $9,300 was recorded in the correct accounts but on the opposite sides 9. 10 The amount of annual depreciation on fixed assets were as follows: $21,500 $13,400 Building Motor vehicles 11 The bank loan was taken up on 1 June 2019 and is repayable in May 2024. Interest on the loan, chargeable at 6% per annum, has yet to be accounted for as at 30 September 2019. Required: Prepare the necessary general journal entries to record transactions (2) to (11). Narrations (a) are not required. (Hint: For some transactions, you will need to create new accounts which are not shown on the trial balance.) (40 marks)