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Record the transactions and the balance day adjustment

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Question - Jen, the owner of the consultancy firm One-Day Accounting, reported the following transactions during the month of March 2019:

1st Jen purchased new computer equipment for $2,640 (GST inclusive) on credit.

2nd Jen invoiced her client Tony for $2,200 (including GST).

7th Jen contracted Sunshine to design her business logo. Jen paid $550 (Including GST) for the service in cash on the day.

26th Jen invoiced Tony $4,400 (including GST), $2,000 of which was paid by the client in cash at the time of the transaction. The remainder is due in 30 days.

Jen produces monthly financial statements. On 31 March, Jen must make the following balance day adjustment:

i) Depreciation of new computer equipment purchased on 1 March 2019. At the time of the asset purchase, Jen expected the asset would have a life of 5 years with no residual value. Jen uses straight line method of depreciation.

Required - Record the transactions and the balance day adjustment in the general journal provided. Note: GST needs to be accounted for and narrations are not required.

Reference no: EM132561234

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