Refer back to the general journals prepared in answering question 4.6 for P Barrack where perpetual inventory applies. You are required to post these general journals to the general ledger in T and/or columnar ledger format. The general ledger is required to be in elementary chart of account order. This solution is used in question 4.10.

Question 4.6

From the following transactions in September 2022 prepare the general journal for P Barrack; the perpetual inventory system applies.
1 September: Commenced business with bank $2000, and other assets with values as shown: inventory $1000, motor vehicles $8000 and premises $35 000.
3 September: Inventory was purchased by P Barrack for $1012 ($920 + $92 GST) and paid cash.
4 September: P Barrack’s bank granted a mortgage of $15 000 over the premises.
6 September: Machinery $8250 ($7500 + $750 GST) was purchased on credit by P Barrack from A Vince, an account payable.
7 September: P Barrack purchased inventory on credit from V Alan (an account payable) $1320 ($1200 + $120 GST).
10 September: Machinery was purchased by P Barrack for $2530 ($2300 + $230 GST) cash.
13 September: Payment was made by P Barrack to account payable, A Vince $8250.

Question 4.10

You are required to prepare a trial balance as at 13 September 2022, using the general ledger for P Barrack prepared in answering question 4.8, where perpetual inventory was used.