Using the excel file provided for Completion Point 2 you must enter all the transactions below into the Specialised Journals and then update the Ledger accounts as required. (The transactions below include previous transactions that you have completed using only the General Journal and a number of new transactions). At the end of the month any appropriate adjustments should be made and all temporary accounts should be closed.

Transactions

July 1 Purchased 10 Hand Woven Rugs from Rugs in the Air. Each rug cost $330 (including GST).

July 2 Sold 25 Table Lamps to Arabian Night Lights for $58 each (net of GST).

July 5 Made a cash sale of 3 rugs to Iago Bird for $750 each (net of GST)

July 8 Paid the full amount owed to Jars from Afar less a 5% discount for early payment.

July 10 Sold 60 candles to Agros Bazzar for $40 each (net of GST).

July 12 Received $620 cash (net of GST) from Ms Jasmine Rajah for completing a home inspection and interior design options report.

July 13 Paid all employees their fortnightly wages. The total cash payment was $2,200 (GST Free)

July 15 Purchases 50 Scents of the Desert candles for $25 each from Tarnished Lamps. An additional delivery charge of $50 was incurred. (All amounts are net of GST)

July 17 Cash Sale to Mr G Knee of 5 Table Lamps for a total of $319 (including GST)

July 17 Received a cheque from Genieus Home Ideas being full settlement of their account.

July 21 Paid the $385 owing to the Camel Masters for vehicle maintenance completed in June.

July 21 Made a cash purchase of $180 stationery (net of GST) from Quills and Inks Emporium.

July 24 Sold 5 rugs to Just the Palace for a total of $3750. (net of GST)

July 26 Al Adin withdrew $1,200 cash for personal use.

July 27 Paid all employees their fortnightly wages. The total cash payment was $2,200 (GST Free)

July 29 Made a cash payment of $561 (including $27 GST) to Connecting U for the last two months telephone usage.

A stocktake on July 31 reveals $3,480 worth of inventory on hand and $170 of stationery on hand.

Both prepaid rent and insurance were paid for 12 months in advance on June 30, 2019.

Depreciation is only calculated at the end of the financial year and so no adjustments are required for these accounts.

Task 2

Once you have completed the data entry above, you need complete schedules for Accounts Receivable and Accounts Payable and create a Balance Sheet dated 31 July 2019.

Remember at this point accuracy of data entry is being checked, however the majority of the marks will be awarded based on the fact that all transactions have been entered.