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Record the following transactions in the appropriate special journals or general journal for the month of...


Record the following transactions in the appropriate special journals or general journal for the month of June. Record and post all transactions in accordance with accounting procedures. Once you have recorded all of the transactions, total the columns in each journal and cross check that they balance before submitting for assessment.

June 1

Cash sale #3357 for hire of diving equipment, total value $318.30, including GST. The customer paid by EFTPOS which went directly into our bank account.

June 4

Received the telephone bill (invoice #289467) from Telstra for $376.42, including GST. This was paid immediately with cheque #1194.

June 5

Paid Louis Reevsby $960.00 with cheque #1195, the amount owing to him for invoice #1753.

June 6

Receive 3 scuba sets (hire equipment) costing $2,690.00 including GST, from Coral Divers Imports together with their invoice #23116 for $2,801.00 which included a freight charge of $111.00. Terms on this invoice are 5/10, N30 and prices include GST.

June 7

Invoiced (invoice #3358) Beach and Reef Holidays for the hire of equipment ($1,161.00) and lessons ($1,980.00). Total invoice value $3,141.00 including GST and terms are N30.

June 10

Received and banked a cheque for $1,320.00 from Beach and Reef Holidays.

June 12

Purchased postage stamps ($60.00 including GST) from Australia Post. These were paid for with cash from petty cash.

June 12

Sent cheque #1196 for $2,400.00 to One Stop Diving Shop in payment of their invoice #13467.

June 12

The owner, Sam Mackee, cashed cheque #1197 for $3,027.00 for his own use.

June 14

Paid Coral Divers Imports $2,660.95 with cheque #1198. This was in payment of their invoice #23116 less prompt payment discount.

June 15

Purchased coffee and biscuits (staff amenities) for $26.85 from Campbell's Cash & Carry. This amount includes only $0.72 GST as some of the items are GST free. These were paid for with cash from petty cash.

June 17

Sold ex hire equipment to Mark Allen for $661.00 including GST. His cheque for this amount was banked today. This equipment originally cost $798.00, but was written down to $325.00 at the date of sale. Calculate and journalise the profit on the sale.

June 17

Received a bill (invoice #2234) from Louis Reevsby for $1,360.00 including GST for diving instruction provided. His terms are N7.

June 18

Cash sale (invoice #3359) for hire of equipment $281.60 and lessons $1,320.00. The customer paid the $1,601.60 including GST by EFTPOS.

June 19

Invoiced (invoice #3360) Cairns Coral Divers for hire of equipment $2,217.60 and lessons $1,188.00. Total value of invoice $3,405.60 including GST with terms of 10/10, N30.

June 20

Purchase fuel for the motor vehicle costing $88.00 including GST. This was paid for with cheque #1199.

June 24

Received and banked a cheque for $2,160.00 from Coral Holiday Resort.

June 24

Cashed cheque #1200 for $86.85 to reimburse petty cash.

June 24

Paid Tank World with cheque #1201 for repairs to scuba tanks costing $352.00 including GST.

June 25

Sent cheque #1202 for $432.00 to Australian Super. This was in payment of the amount of superannuation owing for May.

June 26

Credit sale to Adventure Tours (invoice #3361) for hire of equipment $792.00 and lessons $1,320.00. Prices include GST and terms are N30.

June 26

Received new dive equipment for hire equipment ($1,650.00) from Diving DownUnder together with their invoice #9457 for $1,705.00 including GST, which included a freight charge of $55.00. Terms N30.

June 27

Received adjustment note #9462 from Diving DownUnder for $165.00 including GST. This was for the return of one of the dive equipment purchased on invoice #9457.

June 28

Paid Coastal Reef Cleaners for cleaning services provided in June $110.00 including GST, by cheque #1203.

June 28

Cashed cheque #1204 for $4,060.00 for wages for the month. Gross wages are $4,600.00 and PAYG Withholding deducted was $540.00.

June 28

Received and banked a cheque for $3,065.04 from Cairns Coral Divers.


SALES JOURNAL

Page: 10

Date

Invoice No.

Account

Terms

Post Ref

Hire Service Income

Lesson Income

Freight Collected

GST Collected

Accounts Receivable

PURCHASES JOURNAL

Page: 11

Date

Invoice No.

Account

Terms

Post Ref

Other

Freight Expense

GST Paid (Outlays)

Accounts Payable

CASH PAYMENTS JOURNAL

Page: 12

Debits

Credits

Date

Account

Cheque No.

Post Ref

Accounts Payable

GST Paid (Outlays)

Other

Bank Account

Petty Cash

Discount Received

GST Paid (Outlays)

CASH RECEIPTS JOURNAL

Page: 14

Debits

Credits

Date

Account

Post Ref

Bank Account

Discount Given

GST Collected

Hire Service Income

Lesson Income

Accounts Receivable

GST Collected

Other

Solutions

Expert Solution

CASH PAYMENTS JOURNAL Page: 12
Debits Credits
Date Account Cheque No. Post Ref Accounts Payable GST Paid (Outlays) Other Bank Account Petty Cash Discount Received GST Paid (Outlays)
Jun-04 Telstra 1194 376.42 376.42
Jun-05 Louis reevsby 1195 960 960
Jun-12 australia post 60 60
Jun-12 one stop diving shop 1196 13467 2400 2400
Jun-12 sam machee 1197 3027 3027
Jun-14 coral divers importers 1198 23116 2660.95 2660.95 140.05
Jun-15 campbells cash & carry 26.85 26.85
Jun-20 purchase fuel 1199 88 88
Jun-24 tan world 1201 352 352
Jun-25 australian super 1202 superannuation may 432 432
Jun-28 coastal leef cleaners 1203 110 110
Jun-28 1204 4060 4060
CASH RECEIPTS JOURNAL Page: 14
Debits Credits
Date Account Post Ref Bank Account Discount Given GST Collected Hire Service Income Lesson Income Accounts Receivable GST Collected Other
Jun-01 cash sale 3357 318.3 318.3
Jun-10 reach and reef holidays 1320 1320
Jun-17 mark allen 661 661
Jun-18 cash sale 3359 1601.6 281.6 1320
Jun-24 coral holidays resort 2160 2160
Jun-24 cash 1200 88.85 88.85
Jun-28 cairns coral divers 3065.04 3065.04
Journal enteries
Jun-17 Profit on sale of hire equipment Dr. 473
To Profit and loss account Cr. 473

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