QUESTION 1 This question has 1 part Dinna and Andrew run a…
QUESTION 1
This question has 1 part
Dinna and Andrew run a partnership wholesaling car toys for kids under the name of “Bruhm Bruhm”.
Their selling prices and unit costs (if applicable) are shown below.
| Products | Price List ($) | Unit Cost ($) |
| Kooper | @ $155.00 (GST Inclusive) | $77.00 (GST Inclusive) |
| A-Ford | @ $223.00 (GST Inclusive) | $96.80 (GST Inclusive) |
The business is registered for GST, and the following transactions occurred during the month of March 20×1.
| 1 Mar | The business owner invested $40,000 cash into the business.
|
| 13 Mar | The business bought 700 x A-Ford from its supplier on credit, net 30. Items were received on the day.
|
| 17 Mar | The business sold 500 x A-Ford to its biggest client. Invoice was sent immediately upon delivery. Payment would be received by the end of the month.
|
| 21 Mar | A client returned 10 (ten) x defective Kooper back to the business. The client’s account was credited immediately at full amount (no cash refund was made).
|
| 31 Mar | The business owner (Dinna) took two (2) x A-Ford for personal use.
|
| 31 Mar | Received full payment from their client for a purchase made on 17 March. Refer to the transaction on 17 March. |
Required:
Record the transactions (totaling 6 transactions) provided in the general journal.
| Chart of accounts | |
| Account No | Account Name |
101 Cash at bank
102 Accounts receivable
103 Inventory
104 Office supplies
105 Prepaid insurance
110 Interest receivable
111 GST paid
151 Furniture
152 Accumulated depreciation – Furniture
155 Computer equipment
156 Accumulated depreciation – Computer
158 Vehicle
159 Accumulated depreciation – Vehicle
200 Accounts payable
205 Utilities payable
210 Deferred/Unearned revenue 215 Interest payable
218 Salaries payable
220 Wages payable
222 GST collected
223 PAYG Withheld
250 Bank loan
301 Capital
302 Drawings
401 Sales revenue
403 Interest revenue 501 Cost of goods sold 602 Salaries expense
604 Wages expense
605 Advertising expense
606 Rent Expense
607 Interest expense
608 Insurance expense
609 Utilities expense
610 Office supplies expense
611 Depreciation expense – Furniture
612 Depreciation expense – Computer
613 Depreciation expense – Vehicle
614 Miscellaneous expense
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