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What is the Journal Entries for this transaction? ( GST 10%). Inventory: July 31st 2019 The following is a list of inventories on hand and
What is the Journal Entries for this transaction? ( GST 10%).
Inventory: July 31st 2019 The following is a list of inventories on hand and the suppliers at the above date. Description Quantity on hand Item Code LR SC PC Last Cost Price $350 $550 $790 Lighting Rig Smart Console Pro Console 5 4 Last Supplier Sale Price $630 Stage Lights $825 DJ Rigs $1150 Capital Console Each of the above items of inventory are quoted net of GST. On each item, an additional 10% GST is charged on the sales price, and 10% GST paid on the cost price. Installations: July 31st 2019 Installation requires specialised knowledge, and Peat uses his casual employee (Ray Gibbsey) to complete all the installations. Peat charges customers $110 per hour for installations. This figure includes GST. mployee Ray Gibseys to complete con the installations Peat charges Aug.4 Credit sales to Lakeview Lodge 3 x LR, 1 x PC. Lakeview Lodge also agrees to pay for installations for its sales. The agreed time is 4 hours of installations and will be completed within two days (Since the installation work will be done within two days, the installation transaction can also be accounted as income directly). Aug. 11 Sold 1 x SC for cash to a customer for a special price of $850 (Inc GST). The customer also paid cash for 2 hours of installations. Aug. 14 Credit Sales to a new customer Junction Functions ABN 55 789 345 232, 101 City Rd, Melbourne. 1 x LR, 3 x SC, 3 x PC. Junction Functions also agrees to pay for 6 hours installations for its sales. The installation work will be completed by 15th August (Since the installation work will be done on 15th Aug, the installation transaction can also be accounted as income directly). Cash customer paid for 5 hours of installations. Junction Functions paid cash for 6 hours of installations, Aug.14 Aug. 15 Aug.24 Cash customers pay DJ Peat for 20 hours of Installations. All work is expected to be completed before the end of the month. Inventory: July 31st 2019 The following is a list of inventories on hand and the suppliers at the above date. Description Quantity on hand Item Code LR SC PC Last Cost Price $350 $550 $790 Lighting Rig Smart Console Pro Console 5 4 Last Supplier Sale Price $630 Stage Lights $825 DJ Rigs $1150 Capital Console Each of the above items of inventory are quoted net of GST. On each item, an additional 10% GST is charged on the sales price, and 10% GST paid on the cost price. Installations: July 31st 2019 Installation requires specialised knowledge, and Peat uses his casual employee (Ray Gibbsey) to complete all the installations. Peat charges customers $110 per hour for installations. This figure includes GST. mployee Ray Gibseys to complete con the installations Peat charges Aug.4 Credit sales to Lakeview Lodge 3 x LR, 1 x PC. Lakeview Lodge also agrees to pay for installations for its sales. The agreed time is 4 hours of installations and will be completed within two days (Since the installation work will be done within two days, the installation transaction can also be accounted as income directly). Aug. 11 Sold 1 x SC for cash to a customer for a special price of $850 (Inc GST). The customer also paid cash for 2 hours of installations. Aug. 14 Credit Sales to a new customer Junction Functions ABN 55 789 345 232, 101 City Rd, Melbourne. 1 x LR, 3 x SC, 3 x PC. Junction Functions also agrees to pay for 6 hours installations for its sales. The installation work will be completed by 15th August (Since the installation work will be done on 15th Aug, the installation transaction can also be accounted as income directly). Cash customer paid for 5 hours of installations. Junction Functions paid cash for 6 hours of installations, Aug.14 Aug. 15 Aug.24 Cash customers pay DJ Peat for 20 hours of Installations. All work is expected to be completed before the end of the monthStep by Step Solution
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