Complete the Requirements Practical task The company House' (VAT payer) sells furniture. The company uses the perpetual

Complete the Requirements

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Practical task The company House' (VAT payer) sells furniture. The company uses the perpetual inventory system. During December the company completed the following transactions: No. Day Transactions 1. 4 2. 3. 4. 5. 6. 7. 8. 9. 6 9 10 10 12 15 15 18 10. 20 11. 26 12. 30 13. 30 14. 30 15. 31 Requirement: Purchased furniture for €1200 + VAT €252 on account from company 'Garden' Received €6800 in advance from company "Sun". Sold furniture for €8900 + VAT E1869 on account to company "Snow". Cost of goods sold is €4500. Paid on account to company 'Garden' Prepaid one year car insurance, €240. Paid €4000 in advance for the goods to company "Blue Light'. Purchased furniture for €4940+ VAT €1037.40 and paid cash Paid Personal Income Tax of €540. Paid €60 interest of loan to bank. Sold furniture for €4500+VAT €945 and received cash. Cost of goods sold is €1960 Paid advertising expense of €200 + VAT €42 Paid €12 for bank service Received an electricity bill of €260+VAT €54.60 Received a telephone bill of €50+VAT €10.50 Accrued wages and salaries €3000. Deducted Personal Income Tax, Social Insurance contribution. Accrued Social Insurance expense 1. Enter transactions into the journal. 2. Closed VAT accounts. 3. Closed income accounts. 4. Closed expenses accounts. Practical task The company House' (VAT payer) sells furniture. The company uses the perpetual inventory system. During December the company completed the following transactions: No. Day Transactions 1. 4 2. 3. 4. 5. 6. 7. 8. 9. 6 9 10 10 12 15 15 18 10. 20 11. 26 12. 30 13. 30 14. 30 15. 31 Requirement: Purchased furniture for €1200 + VAT €252 on account from company 'Garden' Received €6800 in advance from company "Sun". Sold furniture for €8900 + VAT E1869 on account to company "Snow". Cost of goods sold is €4500. Paid on account to company 'Garden' Prepaid one year car insurance, €240. Paid €4000 in advance for the goods to company "Blue Light'. Purchased furniture for €4940+ VAT €1037.40 and paid cash Paid Personal Income Tax of €540. Paid €60 interest of loan to bank. Sold furniture for €4500+VAT €945 and received cash. Cost of goods sold is €1960 Paid advertising expense of €200 + VAT €42 Paid €12 for bank service Received an electricity bill of €260+VAT €54.60 Received a telephone bill of €50+VAT €10.50 Accrued wages and salaries €3000. Deducted Personal Income Tax, Social Insurance contribution. Accrued Social Insurance expense 1. Enter transactions into the journal. 2. Closed VAT accounts. 3. Closed income accounts. 4. Closed expenses accounts.

Answer rating: 100% (QA)

1 Enter transactions into the journal Accounting Date DebitCredit 1 2 Dec 1200 Furniture252 VAT 2 4 ... View the full answer