In September 2016, Niem Duong opened a car hire business. The following transactions occurred during the first month of the business (ignore GST).

Sep.

1 3 4 5 15 18 19 24 27 29 30

Niem opened a bank account to begin the business and deposited $500000 of her own money. Paid $1200 rent for the premises for September. Purchased ten motor vehicles costing $40000 each and equipment costing $36000 with $300000 cash and a commercial loan for the balance. Purchased supplies costing $12 500 on credit. Recorded revenue for the first half of the month of $14 600 in cash and $28 500 on credit. Paid for supplies purchased on 5 September. Paid insurance expense for September of $5000. Received payment from customers on account of $12 400 and banked the receipts. Purchased supplies costing $6200 on credit. Recorded revenue for the second half of the month of $12 500 in cash and $32 800 on credit. Paid fuel expense of $16 200 in cash.

Use the following account titles and numbers:

Cash at Bank, 1–101

Accounts Receivable, 1–102

Supplies, 1–110

Equipment, 1–120

Motor Vehicles, 1-130

Accounts Payable, 2–101

Loan Payable, 2–110

N. Duong, Capital, 3–101

Revenue, 4–101

Rent Expense, 5–110

Insurance Expense, 5–120

Fuel Expense, 5–130

Required:

A. Journalise the above transactions.

B. Post the entries from the general ledger to running balance general ledger accounts and enter the posting references in the general journal.

C. Prepare a trial balance as at 30 September 2016.

D. Repeat requirements A to C adding a GST of 10% where necessary. Add two extra accounts: GST Receivable, 1-105, and GST Payable 2-150 

Also assume the following:

1. The cash paid 4 September was for $343 600.

2. The receipt on 24 September was for $13 640.