The following transactions occurred during the month of tune in the business Hobart Emporium, which is...
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The following transactions occurred during the month of tune in the business Hobart Emporium, which is owned by sole trader Chris Matthews. Purchased inventory for cash, $2,354. Chris took home an item of inventory which had cost the business $220. Paid the electricity bill of $660. Sold inventory for cash for $3,014 and on credit for $4,070. The inventory cost Chris $5,298. Paid the staff wages, $1,460. 5 7 9 14 17 21 24 27 30 Sold goods for cash of $2,024. The goods had cost the business $1,200. Paid the telephone bill, $330. Chris took cash from the business bank account to pay for some personal expenses, $440. Paid for some advertising in the local newspaper of $330. The monthly interest charge on the business' bank loan was $273 REQUIRED Prepare general journal entries to record the transactions. The business is registered for GST, so you must take GST into account where appropriate. Use the template provided. The following transactions occurred during the month of tune in the business Hobart Emporium, which is owned by sole trader Chris Matthews. Purchased inventory for cash, $2,354. Chris took home an item of inventory which had cost the business $220. Paid the electricity bill of $660. Sold inventory for cash for $3,014 and on credit for $4,070. The inventory cost Chris $5,298. Paid the staff wages, $1,460. 5 7 9 14 17 21 24 27 30 Sold goods for cash of $2,024. The goods had cost the business $1,200. Paid the telephone bill, $330. Chris took cash from the business bank account to pay for some personal expenses, $440. Paid for some advertising in the local newspaper of $330. The monthly interest charge on the business' bank loan was $273 REQUIRED Prepare general journal entries to record the transactions. The business is registered for GST, so you must take GST into account where appropriate. Use the template provided.
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general Date Accoume tule Inventory Cash 5 June Inventay Carital 7 June electate... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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