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.

ProductsPrice 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 MarThe business owner invested $40,000 cash into the business.

 

13 MarThe business bought 700 x A-Ford from its supplier on credit, net 30.

Items were received on the day.

 

17 MarThe 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 MarA 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 MarThe business owner (Dinna) took two (2) x A-Ford for personal use.

 

31 MarReceived 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 NoAccount 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

How to Get Help with your Assignment in 3 mins

  1. Place Your Assignment Request in under 3 mins

    To access our online order form, click the "Order Now" button below.
  2. Complete the Payment

    Click on checkout link at the bottom of the order page to pay.
  3. Download Your Assignment

    Once we receive payment, one of our highly qualified essay writing experts will work on your assignment and complete it within your selected deadline.

What does the completed assignment have?

  • Thorough Research and High-Quality Essay Writing
  • Native UK, US, Canadian, Australian Writers
  • Up-to-date Sources Only (Less than 5 years)
  • 24/7 Online Support
  • Essay in 1,3, 6, 8, 12, 16, 20 hours +...!
  • 100% Plagiarism Free
  • 100% Privacy Guarantee
  • Times New Roman, 12pt
  • Any Referencing Styles (APA, MLA, Harvard, Chicago, Turabian...)
  • 275+ Words per page
  • Single/Double Spaced Papers
  • Plagiarism Report on Request

Why do college students choose our assignment help service?

  • list icon instant gradesExcellent Grades Guaranteed! (A+ or B Minimum)
  • list icon instant grades Privacy Guarantee - No one will ever know!
  • list icon instant gradesAlways delivered on time
  • list icon instant grades High-Quality Essays
  • list icon instant grades24/7 Instant Online Support
  • list icon instant gradesTitle Page --- FREE!
  • list icon instant gradesTable of Contents --- FREE!
  • list icon instant gradesReferences List ---FREE!
  • list icon instant gradesRevisions---FREE!
  • list icon instant gradesPlagiarism Report ---FREE!
  • list icon instant gradesEditing before submitting it to you ---FREE!