Reference no: EM132786705

Daniel runs an optical store "D Only Opt", where he sells sunglasses and eyeglass frames. Their financial year runs from 1 July to 30 June. The following transactions occurred during the month of January 2021:

NOTE: D Only Opt is registered for GST. GST needs to be accounted for whenever applicable.

1. 2 The business borrowed $70,000 from the Westpac at 5% annual interest rate. Interest is paid quarterly.
2. 15 Daniel paid salaries to his sales staff for the fortnight (Gross salary of $2,320; PAYG of $540).
3. 16 Received an advance payment of $440 for 2 (two) sunglasses that would be delivered at the end of the month. The cost price of the goods sold was $120.
4. 17 The business returned unwanted goods purchased last month from Officeworks. Cash refund of $1,650 received immediately. Officeworks is registered for GST.
5. 18 A debtor returned unwanted goods totaling $770. The goods returned cost D Only Opt $308.
6. 25 Credit sales were made totaling $8,800. The cost price of the goods sold was $3,450.
7. 30 Daniel purchased computer equipment for $594 on credit, net 30. The computer supplier is registered for GST.
8. 31 Recorded delivery of two (2) sunglasses paid on the 16th of January.

Required:

Problem 1: Post relevant transaction(s) to the 'Sales Revenue' ledger and calculate the balance at 31 January 2021.

Problem 2: Balance for the 'Sales Revenue' at 31/12/2020 was $55,600 (CR)