On 5 February 2022, N Wayne sold goods on credit to H Garden for $1199 ($1090 +
Question:
On 5 February 2022, N Wayne sold goods on credit to H Garden for $1199 ($1090 + $109 GST).
On 14 February, he received a cheque from H Garden for $1199.
However, on 17 February N Wayne’s bank advised that the cheque from H Garden had been dishonoured.
A charge of $55 (an input taxed supply, therefore no GST) had been made to N Wayne’s account by the bank for handling the dishonoured cheque and this was passed on to H Garden’s account.
Show all relevant journals and post to the general and subsidiary ledgers of N Wayne.
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General Ledger Entries for N Wayne Transactions Sale of goods on credit February 5 2022 Cheque recei...View the full answer
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Related Book For 
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
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