Question

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.

(Note: In each journal, enter transactions in order of transaction date and then in the order they appear in the transaction list below. For example, enter transactions from 12 June before transactions from 14 June and then enter the 12 June transactions in the order they appear in the transaction list below. If an account total or balance returns to zero, enter 0.00 in the required field, otherwise leave the field blank.)

June 1		Cash sale #3357 for hire of diving equipment, total value $315.50, 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 $2,600.00 including GST, from Coral Divers Imports together with their invoice #23116 for $2,709.00 which included a freight charge of $109.00. 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 ($1,113.00) and lessons ($1,980.00). Total invoice value $3,093.00 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 ($61.00 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 $2,987.00 for his own use.
June 14		Paid Coral Divers Imports $2,573.55 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 $658.00 including GST. His cheque for this amount was banked today. This equipment originally cost $782.00, but was written down to $314.00 at the date of sale. Calculate and journalise the profit on the sale.
June 17		Received a bill (invoice #2234) from Louis Reevsby for $1,338.00 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 $87.85 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.

Answer 1

JOURNAL ENTERIES FOR THE MONTH OF JUNE

ASSUMING GST RATE 10%

DATE	PARTICULARS	DEBIT	CREDIT
JUNE 1	BANK A/C	$315
	TO HIRE SALES A/C		$283.5
	TO GST A/C		$31.5
JUNE 4	TELEPHONE EXPENSE A/C	$338.78
	GST A/C	$37.64
	TO BANK A/C		376.42
JUNE 5	LOUIS REEVSBY'S A/C	$960
	TO BANK A/C		$960
JUNE 6	HIRE PURCHASE A/C	$2340
	GST A/C	$260
	FREIGHT A/C	$109
	TO CORAL DRIVERS IMPORTER A/C		$2709
JUNE 7	BEACH AND REEF HOLIDAYS'S A/C	$3093
	TO LESSON'S A/C		$1782
	TO HIRE SALES A/C		$1001.7
	TO GST A/C		$309.3
JUNE 10	BANK A/C	$1320
	TO BEACH AND REEF HOLIDAY'S A/C		$1320
JUNE 12	POSTAGE STAMP EXPENSE A/C	$54.9
	GST A/C	$6.1
	TO CASH A/C		$61
JUNE 12	ONE STOP DIVING SHOP'S A/C	$2400
	TO BANK		$2400
JUNE 14	CORAL DIVERS IMPORTS'S A/C	$2709
	TO BANK A/C		$2573.55
	TO DISCOUNT A/C		$135.45
JUNE 15	STAFF EXPENSE A/C	$26.13
	GST A/C	$0.72
	TO CASH A/C		$26.85
JUNE 17	BANK A/C	$592.2
	GST A/C	$65.8
	TO EX HIRE EQUIPMENT A/C		$314
	TO PROFIT ON SALE A/C		$344
JUNE 17	DIVING INSTRUCTION EXPENSE A/C	$1204.2
	GST A/C	$133.8
	TO LOUIS REEVSBS		$1338
JUNE 18	CASH A/C	$1601.60
	TO HIRE SALES A/C		$253.44
	TO LESSONS A/C		$1188
	TO GST A/C		$160.16
JUNE 19	CARINS CORAL DIVERS'S A/C	$3405.60
	TO HIRE SALES A/C		$1995.84
	TO LESSONS A/C		$1069.20
	TO GST A/C		$340.56
JUNE 20	FUEL EXPENSES A/C	$79.2
	GST A/C	$8.8
	TO BANK A/C		$88
JUNE 24	BANK A/C	$2160
	TO CORAL HOLIDAY RESORT'S A/C		$2160
JUNE 24	CASH A/C	$87.85
	TO BANK A/C		$87.85
JUNE 24	REPAIR EXPENSE A/C	$316.8
	GST A/C	$35.2
	TO BANK A/C		$352
JUNE 25	AUSTRIALAN SUPER'S A/C	$432
	TO BANK A/C		$432
JUNE 26	ADVENTURE TOURS'S A/C	$2112
	TO HIRE SALES A/C		$712.80
	TO LESSONS A/C		$1188
	TO GST A/C		$211.20
JUNE 26	HIRE PURCHASE A/C	$1485
	FRIEGHT A/C	$55
	GST	$165
	TO DIVING DOWNUNDER'S /C		$1705
JUNE 27	DIVING DOWNUNDER'S A/C	$165
	TO ADJUSTMENT NOTE A/C		$148.5
	TO GST A/C		$16.5
JUNE 28	CLEANING EXPENSE A/C	$99
	GST A/C	$11
	TO BANK A/C		$110
JUNE 28	CASH A/C	$4060
	TO BANK A/C		$4060
	WAGE EXPENSE A/C	$4600
	TO CASH A/C		$4060
	TO PAYG WITHHOLDING A/C		$540
JUNE 28	BANK A/C	$3065.04
	TO CAIRNS CORAL DIVERS'S A/C		$3065.04