18:56 0 Vo)) LTE1 A 79% FND100 Module 2 Assignment 2103 CD Mia's Material Store is a retail entity, using the perpetual system to account for purchases and sales of inventory. The entity accounts for GST. This is a continuing business, so there are beginning balances in the some of the ledger accounts. Question 1 Journalise the following transactions in the general journal provided. The amounts INCLUDE GST. Narrations are not required. May 2 Invested $30 000 cash into the business (no gst) 3 Paid monthly office rent $2 200 7 Purchased $1 100 office supplies on credit from Officeworks oc 8 Purchased inventory on credit from Material Wholesale Ltd $3 300 12 Sold inventory on credit to Frida's Fabrics $2 200 Cost of sale $550 14 Cash sales $1 100 Cost of sale $275 22 Received bank interest $200 (no gst) 23 Paid electricity account $165 24 Paid account owing to Material Wholesale Ltd (8th May) 26 Received the amount owing from Frida's Fabrics 12th May III o ( Question 2 Post the above journal entries to their relevant 'column format ledger accounts, provide your own balance of each ledger account. Please note some ledger accounts have beginning balances as this is a continuing business. If you DO NOT balance with the given balances, you need to go back and double check your question 1 journal entries Question 3 Use the provided ledger account balances from question 2 to prepare the following Trial Balance Mia's Material Store Trial Balance For the month ended 31st May Dr $ CrS Cash Accounts receivable Office supplies Gst receivable Inventory Equipment Accumulated depreciation equipment Accounts payable Gst payable Bank Loan (5 years) Capital Sales revenue Cost of sales Interest revenue Electricity expense Rent expense YOUR TOTALS Totals $102 500 $102 500