60.1K

Verified Solution

Link Copied!

Question 1 1. You are required to enter the following transactions for the month of July 2020 (see Table 1: List of the transactions for the month of July 2020) in the specialised journals of Welcome Gate. A periodic inventory system has been established. You are required to record Welcome Gates' business transactions based on identification and checking of the transactions for the appropriate journals as below: a) Credit purchase journals b) Credit sales journals c) Cash payments journal d) Cash receipts journal Table 1: List of the transactions for the month of July 2020 Date Reference Details July 01 Ch 001 Paid rent for July $1980 including GST. 03 Inv 601 Sold goods on credit to The Cool Shop $1500 plus GST 05 Inv 602 Sold goods on credit to Tory Smith $1800 plus GST. 05 Ch 002 Purchased inventory for cash $198 including GST. 08 Inv 603 Sold goods on credit to Smart Creations $2500 plus GST. 09 C/N 43 Tory Smith returned goods $80 plus GST. 09 Rec 114 Received from The Cool Shop $550. 10 Inv R233 Purchased goods on credit from Extreme Cool $1760 incl GST. 13 Inv 1148 Purchased goods on credit from Sura Vie $990 incl GST. 14 Rec 115 Cash sales $1925 incl GST. 14 Ch 003 Paid wages $950 (NO GST). 20 CN 102 Returned goods to Extreme Cool $110 including GST. 22 Chq 004 Drew cash for own use $350. 25 Ch 005 Bought stationery for cash $165 including GST. 25 Inv 604 Credit sale to Neptune Ltd $420 plus GST. 28 Ch 006 Paid wages $940 (NO GST). 31 Ch 007 Paid Extreme Cool $850 Cash Receipts Journal Rec Date Particulars Folio Bank Accounts Receivable Sales GST Collected No. Total Posted to GL DR/CR Posting to GL DR CR CR CR Cash Payments Journal Accounts Folia Bank Purchases Payable Cha No Date Particulars Wages Sundry GST paid Totals Pasted to GL DR/CR Posting to GL CR DR DR DR DR DR Credit Sales Journal Date Inv no. Particulars Folio Accounts Sales Receivable GST Collected Total Posted to GL DR/CR Penting to GL DR CR CR Credit Purchases Journal Date Inv #/C note # Particulars Follo Accounts Payable GST Paid Purchases SO $0 $0 Totals Posted to GL DR/CR Posting to GL CR DR DR

Answer & Explanation Solved by verified expert

See Answer