The following transactions occurred during June $2023$ and are INCLUSIVE of GST where appropriate. Record the journal entries

$2023$ June $1$ Scallion Ltd shareholders invested $$60,000$ cash in the business.

Purchased land and an existing retail store for $$110,000$ of which $$77,000$ is considered land cost. Paid $$33,000$ by cheque no$.98$ for the retail store and signed a mortgage payable for the balance. The retails store is depreciated over its useful life of $10$ years.

$2$ Paid Lynwood Ltd $$14,700$ less a discount of $$594$ with cheque no$.99.$

Received cheque from M$.$ Biller for $$10,000$ as part payment of his account

Purchased store furniture on credit terms from Corma Ltd for $$7,480,$ terms n$/60.$

$5$ Purchased inventory on credit terms from Tumult Ltd $$4,400$; invoice date $6$ June, terms $2/10,$ n$/60.$

$6$ Purchased a $3-$year fire insurance policy for $$792,$ cheque no$.100.$

$7$ Sent cheque no$.101$ to Tumult Ltd in full settlement of May invoice

$8$ Purchased inventory for $$5,500,$ cheque no$.102.$

Paid Lynwood Ltd $$15,000$ cheque no$.103$ for balance owing on May account.

$9$ Returned unsatisfactory goods to Tumult Ltd and received a credit note for $$880.$

$13$ Sold inventory to M$.$ Biller on account, $$9,020$; invoice no$.210,$ terms $1/10,$ n$/30.$

$15$ O$.$ Mowen paid his account in full.

Paid Tumult Ltd amount due for June $6$ invoice, cheque no$\mathrm{.}104.$

Cash sales for period to $15$ June were recorded today, $$3,740.$

$16$ Sold inventory to O$.$ Mowen on account $$5,170$; invoice no$.211,$ terms $1/10,$ n$/30.$

Paid salaries for period to $15$ June totaling $$2,650,$ cheque no$.105.$

$17$ M$.$ Biller paid the balance of his May invoice.

$20$ Purchased inventory on credit terms, from Lynwood Ltd$,$ $$5,390$; invoice date $20$ June, terms $1/10,$ n$/30.$

Sent cheque, no$.106$ to Dyson Ltd in full settlement of the account.

$22$ Received account for $$143$ from M$.$ Parson for items chargeable to office expenses, terms n$/30.$

$23$ Received inventory returned by O$.$Mowen and issued a credit note for $$2,200.$

Received a cheque from M$.$ Biller for invoice no$.210.$

$26$ Received a cheque from O$.$ Mowen for balance due on invoice no$.211$

Purchased inventory from Dyson Ltd for $$35,750,$ terms, $1/20,$ n$/30.$

$29$ Sold inventory worth $$15,400$ on credit to J$.$ Rowls; invoice no$.212,$ terms $1/10,$ n$/30.$

Paid $$220$ for electricity expenses, cheque no$.107.$

Paid Lynwood Ltd for the invoice dated $20$ June, cheque no$.108.$

$30$ Purchased inventory on account from Amcor Ltd $$26,400,$ terms $2/10,$ n$/30.$

Cash sales from $16$ June to $30$ June were $$2,145.$

Paid salaries for period $16-30$ June totaling $$2,850,$ cheque no$.109.$

Purchased office supplies for $$330,$ cheque no$.110.$

Received account from C$.$ Bond for $$110$ for delivery expenses for the month.

Sold inventory on credit to O$.$ Mowen for $$17,600,$ invoice no$.213,$ terms $1/10,$ n$/30.$

Purchased printer for use in the business office at a cost of $$825$ using a short$-$term loan.

Answer rating: 100% (QA)

To record these transactions as journal entries we will need to include the date the accounts affected and whether its a debit or credit for each Here are the journal entries June 2023 Transactions Ju... View the full answer