Using the data in problem 3.11, complete requirements A to F assuming the addition of GST of
Question:
Using the data in problem 3.11, complete requirements A to F assuming the addition of GST of 10% where appropriate. Round your answers to the nearest dollar.
A. Prepare general journal entries to record the December transactions. Assume that, for the transaction of 2 December, the loan agreement remains at $40 000. Add two new accounts: GST Receivable 1-105 and GST Payable 2-150
B. Post the entries from the general journal to running balance general ledger accounts and enter the posting references in the journal.
C. Prepare a trial balance as at 31 December 2016.
D. Prepare journal entries to record the January transactions.
E. Post the entries to the ledger.
F. Prepare a trial balance as at 31 January 2017.
Step by Step Answer:
A General Journal December GST included 2016 Dec 1 Cash at Bank 1100 90000 MMills Capital 3100 90000 Cash invested by owner 2 Equipment 1120 80000 GST Receivable 1105 8000 Cash at Bank 1100 48000 Loan ...View the full answer
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
