Prepare the general journal entries with narration

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Question 1: Prepare the general journal entries, with narration, for the following unrelated transactions of terra tony pty Ltd which is registered for GST for all it products and services provided

1) the owner contributes his personal motor vehicle valued $37,500 a computer valued at $6,000 and cash of $20,000 to the business

2) the amount owning by paper supplies pty Ltd $2,398 inclusive of GST is to be written off as a bad debit

3) a computer of the business was sold for cash at it recorded value of $825 inclusive of GST

4) drawings of goods by the owner totalled $495 inclusive of GST the company uses a perpetual inventory system

5) Interest of $67 was charged on an overdue account perfect pets for not paying it account within 30 days

6) $528 was revived from gotta supplies these funds had previously been written off as a bad debt

Reference no: EM132588750

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