You will need to create a journal entry.
Unit of Measure
Quantity on Hand
Item ID
(GST exclusive) 60.00 85.00 56 45.00 50.00 25.00
Total Cost
AS330 KEL675 KEL685 MA121 MA122 PH022
Carton Carton Carton Carton Carton Carton
300 200 150 500 400 578
18,000 17,000 14,250 22,500 240.00 14,450 106,206 Note Total cost ($106,200) is the balance of the inventory in the trial balance Historical invoices: Balance Customer Invoice Date of issue (GST inclusive) Black Bean Espresso 10000ANI 19/06/2023 $11,840 Tony's Bar and Grill INV00002 21/06/2023 $8,300 Vesuvios Italian Ristorante INV00003 23/06/2023 $7,910 Derwent River Cafe INV00004 28/06/2023 $11,319 $39,369
Balance
Supplier
Invoice
Date of issue
Quantity
inclusive) $9,640 $6,400 $6,810 $11,950 $34,808
CC Importers 6501 Cups R Us 6505 Hotel Catering Supplies 6520 Mid Vest Consumables 6535
17/06/2023 22/06/2023 24/06/2023 25/06/2023
02/08/2023 07/08/2023 09/08/2023 10/08/2023
The following transactions need to be completed for the month of July 2023: Invoiced R1002 Black Bean Espresso for a sale on credit of 10 x AS330 Coffee cup lids and 10 x KEL685 12Oz biodegradable coffee cups. The invoice (number 3540) contained the GST inclusive amounts of $1,100.00 for AS330 and $1,375.00 for KEL685. Paid 201001 CC Importers the amount owing for invoice 6501 by EFT. Account on the premises to Murdoch City Council (for the takeaway container, 10 MA122 750ml rectangular takeaway containers and 20 x PH022 rectangular takeaway container lids. The invoice contained the GST inclusive amounts of $825.00 for MA121, $990.00 for MA122 and $880.00 for PH022. Received an EFT payment of $11,840.00 from R1002 Black Bean Espresso in full payment for invoice 00001. Receipt number 6002. Paid the annual insurance premium (1/7/2023 to 30/6/2024) on the premises by EFT. Policy number BABX4982. The amount of the payment was $605.00 GST inclusive Paid 201002 Cups R Us the amount owing for invoice 6505 by EFT. Received a cheque of $8,300.00 from R1010 Tony's Bar and Grill in full payment
Paid 201003 Hotel Catering Supplies the amount owing for invoice 6520 and 201004 Mid Vest Consumables the amount owing for invoice 6535. Both payments 3q ape3m
Received a delivery of inventory from 201002 Cups R Us of 50 KEL685 12Oz biodegradable coffee cups. Invoice number 6540. Invoiced R1020 Vesuvios Italian Ristorante for a sale on credit of 15 x MA122 750ml rectangular container lids. The invoice number 342 contained the GST inclusive amounts of $1485.00 for MA122 and $660.00 for PH022. Paid at the local Australia Post with a debit card attached to the business bank account (reference number: 123456) a Telstra Account from the previous month of $660.09 (GST inclusive) and for stationary of $220.00 (GST inclusive). 15 Paid for some advertising in The Mercury for the next three months by EFT. The amount of the payment was $1650.00 (GST inclusive)
Made a cash sale (invoice 3543) of 20 x AS330 Coffee cup lids and 20 X KEL675 8 oz biodegradable coffee cups. The invoice contained the GST inclusive amounts of
9n001 Received a cheque of $1,500.00 from R1002 Black Bean Espresso in part payment for invoice 3540. Receipt number 6006 Invoiced R1010 Tony's Bar and Grill for a sale on credit of 10 MA121 600ml
for MA121 and $440.00 for PH022. Received the Telstra account for this month of $660.00 (GST inclusive).
31
Complete the following adjustments for the month: Run the depreciation on the fixed assets (the three fixed assets can be depreciated on a straight-line basis at 10% per annum of cost). A stocktake of stationary reveals that there is $600.00 worth of stationary on hand. Accrue the interest on the loan (the interest rate on the loan is 5% per annum).
Record the adjustment for the rates expense. Record the adjustment for the insurance expense. Record the adjustment for the advertising expense.
