You work for Bobs Furniture Pty Ltd a small business that buys and sells goods on credit. Debtors are encouraged to settle their accounts quickly by the discounts offered by the proprietor. On 1 August 2015, the following debtors accounts were already in existence. J. Espandiar $1450; R Benigno $600; D. Tran & Co. $2200. Balances owing to creditors at that date were: Classic Importers $5100 and Fancy Furniture $3200.

Purchases

Aug 1

2 Invoice No, 213 Issued to R. Benigno for $180 plus $18 GST

3 Purchased goods from Fancy Furniture for $2800 plus $280 GST Invoice 432

6 Sold goods to J. Espandiar for $550 including $50 GST - invoice 214

D. Tran $ Co. Paid $1650 and was granted a discount of $30 (Rec 332) 9 Issued invoice no 215 to R Beningo for $240 plus $24 GST

11 J. Espandiar paid $1430 and was allowed $20 discount (Rec 33)

12 Invoiced 216 issued to Shepparton Secondary College for $2800 plus $280 GST

15 Bought stock from Classic Importers for $2100 (Invoice TY445); GST Charged $210 18 Sold goods on credit to S. Bramante for $800, plus $80 GST (Inv 217)

21 Paid Fancy Furniture $3160 and received a discount of $40 (Chq. No. 98343)

22 Issued invoice no. 218 to Shepparton Secondary College for $520, plus $52 GST

23 R. Benigno sent a cheque for $600 for overdue payment (Rec. 334)

24 Sold goods on Credit to J. Espandiar $540 plus $54 GST (Inv 219)

26 Purchased stock on credit from Oz Furniture for $2600 plus $260 GST (Inv DE121)

28 S. Bramante paid $855 on account and was allowed a discount of $25 (Rec 335)

29 Invoiced D. Tran & Co. For credit sale of $4200 Plus GST of $420 (Inv 220)

30 Purchased inventory from Fancy Furniture for $4300 plus $430 GST (Inv 454)

31 Sold goods on credit to Cusack and Sons for $2360 (Inv 221): GST Charged $236

Assessment Summary

Prepare and submit the following journals for the month of August 2015, with all relevant transactions

Credit sales journal

Cash receipts journal

Prepare and submit the individual debtors accounts with all relevant entries in correct

sequence

Prepare and submit a debtor schedule as at 31 August 2015