July 2

Partnership is established. Each partner contributes $20,000 cash. Paid Palmer Real Estate for quarterly rent $2,860

August 5

Bought stock from Finn Traders $26,220 (on credit)

note: Finn Traders is not registered for GST

October 2

Paid Palmer Real Estate for quarterly rent $2,860

December 10

Bought Office Furniture from Harvey Norman, on credit.

21

Paid Finn Traders account $26,220

Paid Harvey Norman $3,057 to clear debt (no discount was applicable)

January 2

Paid Palmer Real Estate for quarterly rent $2,860

February 2

A Blake withdrew cash $2,000

8

Sold stock on credit $9,108 (Cost Price $3,570)

March 9

Paid wages $2,850 (net of $400 PAYGW) Received payment from debtor $9,108

30

Paid Advertising $1,650

Sold stock on credit $5,500 (Cost Price $2,300)

April 2

Paid Palmer Real Estate for quarterly rent $2,860 Received payment from debtor $4,950

9

Paid wages $2,850 (net of $400 PAYGW)

Sold stock on credit $13,200 (Cost Price $4,950)

May 9

Paid wages $2,850 (net of $400 PAYGW) Received payment from debtor $13,200

June 9

Paid wages $2,850 (net of $400 PAYGW)

Sold stock on credit $25,080 (Cost Price $7,750)

29

Received $1,750 commission revenue (nil GST) Paid wages $2,030 (net of $170 PAYGW)