ScholarMatic: Explanation & Answer
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You purchased 20,000 P96, 10,000 P128, 10,000 P192, and 15,000 P240 from Stationery Wholesaler. You received all the stocks ordered and paid 20% of the purchase price together with the freight of $220 incl. GST. You agreed to pay Stationery Wholesaler the balance on 1st June.
You spent $2,400 incl. GST on one-year business insurance at AMMI.
You paid Savills Melbourne $120,000 incl. GST for 12 months’ rent in advance for your retail premises
You spent $550 incl. GST on miscellaneous office supplies at Officeworks. You paid for these from your bank account.
You spent $55,000 incl. GST on office fittings at Rose Office Furniture and paid for them using your bank account. You estimate they will have a useful life of 10 years, and be worth $5,000 at the end of the 10 years. Note that the trial Company in Xero does not allow you to add an asset to the register or create asset types as we did in Demo Company in Week 6 so you’ll need to just record this transaction as an asset purchase
You sold 20 P96 and 10 P192 to Alex Clarke. Alex paid you the full amount into your bank account.
Journal Entries
ScholarMatic: Explanation & Answer
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