The balance in the accounts of W Beavan at the end of April 2022 were: bank $3215, motor vehicle $13 200, machinery

$2400, accounts receivable control $1101 (M Griggs $715 and G Bartlett $386), inventory $8850, GST receivable $150, accounts payable $560 (L Robinson $427 and C Hunter $133), GST payable $400 and capital $ ……

Using a perpetual system, assume that the cost of sales is to be calculated at 60% of the sales value (rounded to the nearest $).

The transactions for May were:

1 Electronically received funds from M Griggs for balance owing, less discount $22.

1 Remitted funds to L Robinson’s account less $33 discount.

1 Direct deposit for $342 received from G Bartlett in full settlement.

3 Received adjustment credit note from C Hunter $33 ($30 + $3 GST).

4 Banked cash sale $1936 ($1760 + $176 GST).

4 Tax invoiced M Seaford $1815 ($1650 + $165 GST).

5 Mailed adjustment credit note $44 ($40 + $4 GST) to G Bartlett for a quality problem.

6 Remitted to C Hunter amount owing in April after deducting adjustment credit note issued this month.

6 Purchased stock from C Lucre on credit $407 ($370 + $37 GST).

17 Remitted funds to Australian Taxation Office (ATO) the GST for the March quarter $250 (GST payable

$400 – GST receivable $150).

18 Sold goods to F Proctor $1595 ($1450 + $145 GST).

20 G Bartlett was tax invoiced for stock despatched $1749 ($1590 + $159 GST).

25 Mailed $1661 ($1510 + $151 GST) tax invoice to F Proctor.

25 Debit card used for purchase of inventory for $506 ($460 + $46 GST) from S Driscoll.

26 Purchased machinery from Alexander Machinery Sales costing $8899 ($8090 + $809 GST).

27 Received funds from $9000 loan from J M Hulewicz.

28 Remitted $253 ($230 + $23 GST) to Colo Caltex for petrol and oil for the month.

Transactions for June were:

1 Direct deposit received from M Seaford for $1760 in full settlement of account dated 4 May.

1 F Proctor remitted funds paying for the accounts on 18th and 25th less discount, which totalled $88.

1 Sold stock to T Legge for $1419 ($1290 + $129 GST) cash.

2 Transferred funds to C Lucre $396 in full settlement of tax invoice on 6 May.

5 Received direct deposit for the balance of account from G Bartlett, that is, 5th and 20th of last month.

5 Cash sale $1573 ($1430 + $143 GST).

10 Remitted funds to Alexander Machinery Sales the balance on its account from 26th.

20 L Robinson sold goods to W Beavan $385 ($350 + $35 GST).

20 M Seaford was sold goods $1287 ($1170 + $117 GST).

25 F Proctor purchased $2541 ($2310 + $231 GST) of goods.

26 Electronically transferred $1280 to Northern Rivers Council for rates.

28 Remitted $297 ($270 + $27 GST) to Colo Caltex for petrol and oil for the month.

You are required to:

a enter the appropriate journal abbreviation next to each of the above transactions and prepare all relevant journals (or prepare the general journal) for May and then for June b post to a structured general ledger and balance the accounts at the end of each month c prepare a trial balance at the end of each month.

The Workbook that accompanies this text will allow you to complete this question using a periodic inventory system.