I just need the General Journal GST: divide by 11 Business Name: Mr. Ernest Clin
ID: 2334973 • Letter: I
Question
I just need the General Journal
GST: divide by 11
Business Name: Mr. Ernest Cline Trading As 'Player1 VR Headsets' Ernest began operations on 1 July 2017 under the business name 'Player1 VR Headsets'. The business retails the top of the line Virtual Reality headsets that retails for $550 (including GST) and costs $275 (including GST) to purchase from a supplier 'IOI Supplies Corporation'. Ernest also does installation and maintenance worlk to which he charges $165 (including GST) per hour for his time. The business is currently operating in Melbourne's South-East next to Deakin University. The business is registered for GST which Ernest pays annually Relevant information: 1. Player1 VR Headsets has the following opening balances at the 1 January in the current year: Account name Value as Accounts receivable Invento Accounts Payable - IOI Supplies Cor Office Furniture Accum. Depreciation Office Furniture Office Supplies GST Paid GST Collected Owner's Capital $171,286 $34,257 $22,000 42,822 $210,720 $42,144 3,476 $8,656 $24,469 340.960 2. Transactions for the month of January in the current year (all dollar amounts include GST where applicable) Date Description Business purchased a delivery van for $79200 (including GST) with 20% paid in cash and the remainder financed through a special promotion at ABC bank that charged no interest. The motor vehicle is expected to last 6 years 1/2/18 Business paid $48840 (including GST) for a 4 months lease on the warehouse. 1/5/18Ernest withdrew $230 from the business to pay for a friend's wedding cake. 1/7/18 Business purchased 33 units of inventory on credit from its usual supplier 'IOl Supplies Corporation'. 1/9/18 Business paid $6055 of wages to employees 1/10/18 Online customer paid $2200 (including GST) for VR headsets which she picked up on the same day 1/12/18 Ernest decided to contribute another $28990 into the business 1/13/18 Customer purchased $15950 (including GST) worth of VR headsets and paid the whole amount in cashExplanation / Answer
In USD Date Name of GL DR CR 1 01-01-2018 Motor vehicle a/c Dr 79,200.00 01-01-2018 To cash 15,840.00 01-01-2018 To bank loan 63,360.00 2 02-01-2018 Rent Expenses a/c dr 12,210.00 02-01-2018 Prepaid Rent 36,630.00 02-01-2018 To cash 48,840.00 3 05-01-2018 Drawing a/c Dr 230.00 05-01-2018 To cash 230.00 4 07-01-2018 Inventory a/c dr 9,075.00 07-01-2018 To Account payable-ioi supllies corp 9,075.00 5 09-01-2018 WAGES EXPENSES A/C DR 6,055.00 09-01-2018 To cash 6,055.00 6 10-01-2018 Cash a/c dr 2,200.00 10-01-2018 To SALES REVENUE 2,200.00 7 12-01-2018 Cash a/c dr 28,990.00 12-01-2018 To capital 28,990.00 8 13-01-2018 Cash a/c dr 15,950.00 13-01-2018 To SALES REVENUE 15,950.00 9 15-01-2018 Account payable-ioi supllies corp a/c dr 292.00 15-01-2018 To cash 292.00 10 17-01-2018 Inventory a/c dr 22,275.00 17-01-2018 To Account payable-ioi supllies corp 22,275.00 17-01-2018 Account payable-ioi supllies corp a/c dr 4,455.00 17-01-2018 To cash 4,455.00 11 18-01-2018 Account Recievable 1,100.00 18-01-2018 To Sales Revenue 1,100.00 18-01-2018 Cash a/c dr 550.00 18-01-2018 To Account Recievable 550.00 12 20-01-2018 Drawing a/c dr 5,500.00 20-01-2018 To Sales Revenue 5,500.00 13 21-01-2018 Account Recievable 660.00 21-01-2018 To Service revenue 660.00 14 22-01-2018 Account Recievable 37,400.00 22-01-2018 To SALES REVENUE 37,400.00 22-01-2018 Cash a/c Dr 18,700.00 22-01-2018 To Account Recievable 18,700.00 15 24-01-2018 Cash a/c Dr 1,485.00 24-01-2018 To Service revenue 1,485.00 16 26-01-2018 Cash a/c Dr 18,700.00 26-01-2018 To Account Recievable 18,700.00 17 29-01-2018 Account payable-ioi supllies corp a/c dr 69,425.00 29-01-2018 To cash 69,425.00 18 30-01-2018 Utilities Expenses 297.00 30-01-2018 ToUtilities payable 297.00 19 31-01-2018 Interest Recievable a/c Dr 4,117.00 31-01-2018 TO interest Revenue 4,117.00