Question

August 2020 transactions: Aug Record the reversing entry for wages that were accrued. 3 3 Superannuation payable of $54.62 was paid to Supernow by Cheque # 301 3 Cash sale (paid by EFTPOS: Hint: You will need to create a customer called "Cash" with C.O.D terms. 2 x JBK04 Junior Bike, 2 x HELO1 Kids Character Helmet and 2 x LGT03 Junior Bike Light Ensure tax inclusive box is ticked when recording the cash sale. Paid AB Bikes Pty Ltd with Cheque # 302 clearing the amount owing for Invoice #995. You need to take into account any discount if applicable. 5 Cash sale (paid by EFTPOS): 1 x SHS05 Shimano Shoes Size 40, 1 x TGT03 Active Tights - M and 1 x LCK04 Key Lock 8mm. 5 5 7 7 Ensure tax inclusive box is ticked when recording the cash sale. Received the ANZ business credit card that Lance applied for in July. Setup an account to use for credit card purchases. Hint: You will need to rename account 2-1100 ANZ business credit card and make sure it is a detail account with credit card as the account type. Received Invoice #901 from Mighty Markets for marketing costs of $486.50 (including GST). The invoice was paid on the same day with the ANZ business credit card. Hint: You will need to create expense account 6-1710. Received a cheque from Jean Claude Van Damme for Invoice #31783. The cheque was kept in the safe to bank over the next few days. Recorded Petty Cash Voucher #001 for milk $18.50 (GST free) and coffee $62.00 (GST free). Total amount for Petty Cash is $ 80.50. Hint pay from the Petty Cash account. Use 6-1910 for staff amenities Cash sale - 3 x SOK01 Race Cycling Socks, 1 x VCS01 Ventou Cycling Shorts, 1 x BBK04 BMX Bike 16 inch. The customer paid Cash. Hint: Use the same processing method as the tutorial work. Wrote cheque # 303 to pay Reece's fortnightly net wage. Reece had a gross pay of $1,150 with $106 tax deducted. Wages are paid for the fortnight just worked (up to and including the Friday) Hint: Follow the same process as the text regarding processing the payment of wages. Note: superannuation is not included when paying wages for simplicity 7 10 10 Credit sale to Trinity Resort - Invoice # 31788 (PO # 1011) 8 x CBK04 Contessa Mountain Bike 5x SCK05 Proline Scooter 3 x MBK04 Montari Bike - 27 inch 12 Hint: The customer will exceed their credit limit. Click Yes to proceed.

Decide if each transaction requires the journal entry or not. If needed, please show the journal entry in details

Answer 1

Date	Particulars	LF	Debit (Amount)	Credit (Amount)
3	Accrued Wages Dr.		xx
	To Wages A/c			xx
	(Being wages accrued now reversed)
3	Superannuation Payable Dr.		$ 54.62
	To bank (cheque 301)			$ 54.62
	(Being Superannuation liability paid)
3	Cash A/c Dr		xx
	To Sales			xx
	(Being sales booked with cash) For 2x JBK04 Junior Bike , 2x HEL01 Kids Character Helmet, 2 x LGT03 Junior Buke light
5	Bike A/c Dr		xx
	To Bank (Cheque 302)			xx
	(Being payment done for bike purchased)
5	Cash A/c Dr		xx
	To Sales			xx
	(Being sales booked with cash)
5	No entry (Credit Card dealing with bank)
7	Marketing Costs Dr		$ 486.50
	To Bank (Credit Card)			$ 486.50
	(Being expenses paid)
7	Cheque in hand Dr		xx
	To jean claude Van Damme			xx
	(Being amount recevied)
7	Milk A/c Dr		18.50
	Coffee A/c Dr		62
	To Petty Cash			80.50
	(Being amount paid for petty expenses)
10	Cash Dr		xx
	To Sales			xx
	(Being Cash sales booked)
10	Wages A/c Dr		$1150
	To Bank (Cheque)			1150
	(Being wages paid)
12	Training Resort Dr		xx
	To Sales			xx
	(Being credit sales booked)
12	No entry (Quote prepared)
13	Bank A/c Dr		$ 12,997.86
	To Cheque in hand			$ 12,997.86
	(Being cheque deposited in bank)
13	(Reece oredred itens for purchasing). Purchases A/c Dr To Bank		5000	5000
14	Invoice raised thus no journal entry
17	Website & Shop advertising Dr		$ 550
	To Bank (Credit Card)			$ 550
	(Being payment done for website)
18	Reece A/c Dr
	To Purchases Return
	(Being wrongly purchased items returned)
20	Sales Return Dr
	To Training Resort
	(Being sales returned due to faulty products)
21	Purchases A/c Dr		$ 486
	To Bank			$ 486
	(Being items purchased)
24	Drawings Dr		$ 3000
	To Bank			$ 3000
	(Being withdrawn from business)
25	Cash Dr		xx
	To Sales			xx
	(Being items sold)