Peter Dench is the owner of Dench Electronics. The business distributes spare parts for electronics and home appliances to both retailers and electricians. Dench's business is registered for GST on an invoice basis. The transactions for March were as follows. All figures are GST-inclusive where applicable.
REQUIRED:
a.) Record the above transactions using Purchases Journal, Sales Journal, Cash Receipts Journal, Cash Payments Journal, and the General Journal. (Please ignore Post Ref columns)
Assuming Dench Electronics operates under the GST "invoice basis".
GST Percentage is 15%.
General Journal of Electronics:
Date Accounts Post Ref Debit Credit
Purchases Journal:
Date Supplier Invoice Number Post Ref Invoice Amount Purchases Amount GST Paid
Sales Journal:
Date Customer Invoice Number Post Ref Invoice Amount Sales Amount GST Received
Cash Receipts:
Date Received From Post Ref Total Received Total Banked Accounts Receivable Sales Other Accounts GST Received
Cash Payments:
Date Description Cheque Number Post Ref Bank Accounts Payable Office Supplies Rent Wages Purchases GST Paid
1 2 3
Owner invested $5,000 to commence his business
Purchased merchandise on credit from Reliable Distributor, $13,708. Invoice No. 912
Sold merchandise to First Home Appliance, $5,704. Invoice No. 428
Purchase office supplies for cash, $2,070. Cheque No. 101
Goods returned by First Home Appliances, $184. Credit Note No. 101
Paid rent for the month, $920. Cheque No. 102
Returned merchandise to Reliable Distributor, $368. Credit Note No. 534
Paid Reliable Distributor for merchandise purchased on 2 March. Cheque No. 103
Sold merchandise for cash, $20,240
First Home Appliance paid its accounts
Cash purchase of goods, $13,800. Cheque No. 104
Purchase an office computer, $2,300 from Computer World on credit. Invoice No. 1167
Sold merchandise to Harris Store, $3,864. Invoice No. 429
Sold merchandise to Smith Retailers, $6,440. Invoice No. 430
Paid wages to staff, $7,800. Cheque No. 105
Purchased merchandise on credit from Electronic Wholesalers, $9,384. Invoice No. 695
Sold goods for cash, $10,120
6 8 10 12
16 19 21 24 27 28 30