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Record the transactions for the month of September

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Reference no: EM132562475

Question - Fox Ltd had the following transactions during the month of September. The business is registered for GST and all transactions provided below are INCLUSIVE of GST.

September 1 Sold inventory on account to J Jurb, for $3,850, terms 2/10, n/30.

September 1 Borrowed $9,000 cash from the bank at 10% p.a. Interest accrues monthly on the loan.

September 8 Made cash sales for the week totaling $2,178

September 10 Sold inventory on account to T Wyse, for $638, terms 1/7, n/30.

September 11 Received payment from J. Jurb.

September 17 Sold inventory on account to J Raffe, for $4,400, terms 2.5/14, n/30.

September 18 Jamie Fox (the owner) invested additional cash of $6,500 into the business.

September 19 Issued a credit note to J.Raffe for returned goods sold on credit for $440.

September 23 Sold inventory to P Donald for $1,100 cash

September 30 Received payment from J. Raffe.

September 30 Purchased store furniture on credit terms from Cortina Ltd for $6,050, terms n/60.

Required -

1. Record the transactions for the month of September in the journals provided below Total the special journals. Ignore narrations. Round amounts to the nearest whole $.

2. Post the necessary entries to the GST Collected account in the General Ledger. Balance and total the account.

3. Since all necessary detail is recorded in subsidiary ledgers for customers, Accounts Receivable Control account in the general ledger could be dispensed with. Discuss.

Reference no: EM132562475

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