Peru Ltd had the following transactions during the month of September. The business is registered for...
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Peru Ltd had the following transactions during the month of September. The business is registered for GST and all transactions provided below are INCLUSIVE of GST. September 1 1 8 10 11 17 18 19 23 30 30 Sold inventory on account to J Jurb, for $3,850, terms 2/10, n/30. SJ Borrowed $9,000 cash from the bank at 10% p.a. Interest accrues monthly on the loan. GJ Made cash sales for the week totaling $2,178 CRJ Sold inventory on account to T Wyse, for $638, terms 1/7, n/30. SJ Received payment from J. Jurb. GJ Sold inventory on account to J Raffe, for $4,400, terms 2.5/14, n/30. SJ Jamie Fox (the owner) invested additional cash of $6,500 into the business. GJ Issued a credit note to J.Raffe for returned goods sold on credit for $440. GJ Sold inventory to P Donald for $1,100 cash. CRJ Received payment from J. Raffe. GJ Purchased store furniture on credit terms from Cortina Ltd for $6,050, terms n/60. GJ Required: 1. Record the transactions for the month of September in the journals provided below Total the special journals. Ignore narrations. Round amounts to the nearest whole $. [16 marks] 2. Post the necessary entries to the GST Collected account in the General Ledger. Balance and total the account. [4 marks] 3. Since all necessary detail is recorded in subsidiary ledgers for customers, Accounts Receivable Control account in the general ledger could be dispensed with. Discuss. [4 marks] Peru Ltd had the following transactions during the month of September. The business is registered for GST and all transactions provided below are INCLUSIVE of GST. September 1 1 8 10 11 17 18 19 23 30 30 Sold inventory on account to J Jurb, for $3,850, terms 2/10, n/30. SJ Borrowed $9,000 cash from the bank at 10% p.a. Interest accrues monthly on the loan. GJ Made cash sales for the week totaling $2,178 CRJ Sold inventory on account to T Wyse, for $638, terms 1/7, n/30. SJ Received payment from J. Jurb. GJ Sold inventory on account to J Raffe, for $4,400, terms 2.5/14, n/30. SJ Jamie Fox (the owner) invested additional cash of $6,500 into the business. GJ Issued a credit note to J.Raffe for returned goods sold on credit for $440. GJ Sold inventory to P Donald for $1,100 cash. CRJ Received payment from J. Raffe. GJ Purchased store furniture on credit terms from Cortina Ltd for $6,050, terms n/60. GJ Required: 1. Record the transactions for the month of September in the journals provided below Total the special journals. Ignore narrations. Round amounts to the nearest whole $. [16 marks] 2. Post the necessary entries to the GST Collected account in the General Ledger. Balance and total the account. [4 marks] 3. Since all necessary detail is recorded in subsidiary ledgers for customers, Accounts Receivable Control account in the general ledger could be dispensed with. Discuss. [4 marks]
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1 Recording the transactions for the month of September in the journals a Sales Journal SJ Date Account Debit Credit Sep 1 Accounts Receivable J Jurb ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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