During March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive...During...

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Accounting

During March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive where applicable:
Journalise each transaction. Key journal entries bytransaction letter, using the format below:
General Journal
Transactions
Accounts
Debit ($)
Credit ($)

1 March: Borrowed $45,000 from the bank and signed a billpayable in the name of the business.
2 March: Paid cash of $40,000 to acquire a motor vehicle.
4 March: Performed service for a customer and received cash of$5,000.
10 March: Purchased supplies on credit, $300.
14 March: Performed customer service and earned revenue oncredit, $2,600.

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Solution Transaction Date Accounts Debit Credit Borrowed 45000 from the bank and signed a bill payable in the name of the business 01Mar Cash dr 45000 To Notes payable cr 45000 GST Not applicable See Answer

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Transcribed Image Text

In: AccountingDuring March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive...During March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive where applicable:Journalise each transaction. Key journal entries bytransaction letter, using the format below:General JournalTransactionsAccountsDebit ($)Credit ($) 1 March: Borrowed $45,000 from the bank and signed a billpayable in the name of the business.2 March: Paid cash of $40,000 to acquire a motor vehicle.4 March: Performed service for a customer and received cash of$5,000.10 March: Purchased supplies on credit, $300.14 March: Performed customer service and earned revenue oncredit, $2,600.

Transactions	Accounts	Debit ($)	Credit ($)