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Use the following tables to prepare the Journals for September 2022:
Oct 25, 2024
Use the following tables to prepare the Journals for September 2022:
It seems like you want to prepare journal entries for September 2022 based on some tables. However, I don't have the specific tables or data you are referring to. Could you please provide the details or the tables you want to use for the journal entries? This way, I can help you create the appropriate journal entries.
APC Pty Ltd is a newly established company and had the following transactions during September 2022: Use the following tables to prepare the Journals for September 2022:
Solution by Steps
step 1
To prepare the Cash Receipts Journal, we will record the cash transactions from the provided data. The transactions include starting the business with 8,000,borrowing8,000, borrowing 4,000, selling goods on credit to Mary for 660,sellinggoodsforcashfor660, selling goods for cash for 1,980, and receiving $200 from Mary
step 2
The Cash Receipts Journal will be filled as follows: - 1 September: 8,000(Capital)−2September:8,000 (Capital) - 2 September: 4,000 (Loan) - 6 September: 660(AccountsReceivable)−8September:660 (Accounts Receivable) - 8 September: 1,980 (Sales) - 28 September: $200 (Accounts Receivable)
step 3
The completed Cash Receipts Journal will look like this: Dateamp;Detailsamp;Bankamp;Accounts Receivableamp;Salesamp;GST Collectedamp;Capitalamp;Loan1 Septemberamp;Started Businessamp;8000amp;amp;amp;amp;8000amp;2 Septemberamp;Borrowed from CBAamp;4000amp;amp;amp;amp;amp;40006 Septemberamp;Sold to Maryamp;amp;660amp;amp;amp;amp;8 Septemberamp;Cash Saleamp;1980amp;amp;amp;amp;amp;28 Septemberamp;Received from Maryamp;200amp;amp;amp;amp;amp; \begin{array}{|l|l|l|l|l|l|l|l|} \hline \text{Date} & \text{Details} & \text{Bank} & \text{Accounts Receivable} & \text{Sales} & \text{GST Collected} & \text{Capital} & \text{Loan} \\ \hline 1 \text{ September} & \text{Started Business} & 8000 & & & & 8000 & \\ \hline 2 \text{ September} & \text{Borrowed from CBA} & 4000 & & & & & 4000 \\ \hline 6 \text{ September} & \text{Sold to Mary} & & 660 & & & & \\ \hline 8 \text{ September} & \text{Cash Sale} & 1980 & & & & & \\ \hline 28 \text{ September} & \text{Received from Mary} & 200 & & & & & \\ \hline \end{array}
step 4
Next, we will prepare the Cash Payments Journal. The transactions include buying goods for cash costing 990,payingwagesof990, paying wages of 400, and paying IKEA $2,200
step 5
The Cash Payments Journal will be filled as follows: - 5 September: 990(Purchases)−20September:990 (Purchases) - 20 September: 400 (Wages) - 21 September: $2,200 (Accounts Payable)
step 6
The completed Cash Payments Journal will look like this: Dateamp;Detailsamp;Bankamp;Accounts Payableamp;Purchasesamp;GST Paidamp;Wagesamp;Sundry5 Septemberamp;Bought Goodsamp;990amp;amp;990amp;amp;amp;20 Septemberamp;Paid Wagesamp;400amp;amp;amp;amp;400amp;21 Septemberamp;Paid IKEAamp;2200amp;amp;amp;amp;amp;2200 \begin{array}{|l|l|l|l|l|l|l|l|} \hline \text{Date} & \text{Details} & \text{Bank} & \text{Accounts Payable} & \text{Purchases} & \text{GST Paid} & \text{Wages} & \text{Sundry} \\ \hline 5 \text{ September} & \text{Bought Goods} & 990 & & 990 & & & \\ \hline 20 \text{ September} & \text{Paid Wages} & 400 & & & & 400 & \\ \hline 21 \text{ September} & \text{Paid IKEA} & 2200 & & & & & 2200 \\ \hline \end{array}
step 7
Now, we will prepare the Sales Journal. The transactions include selling goods on credit to Mary for 660andsellinggoodsforcashfor660 and selling goods for cash for 1,980
step 8
The Sales Journal will be filled as follows: - 6 September: 660(AccountsReceivable)−8September:660 (Accounts Receivable) - 8 September: 1,980 (Sales)
step 9
The completed Sales Journal will look like this: Dateamp;Customeramp;Accounts Receivableamp;Salesamp;GST Collectedamp;Sundry6 Septemberamp;Maryamp;660amp;amp;amp;8 Septemberamp;Cash Saleamp;amp;1980amp;amp; \begin{array}{|l|l|l|l|l|l|} \hline \text{Date} & \text{Customer} & \text{Accounts Receivable} & \text{Sales} & \text{GST Collected} & \text{Sundry} \\ \hline 6 \text{ September} & \text{Mary} & 660 & & & \\ \hline 8 \text{ September} & \text{Cash Sale} & & 1980 & & \\ \hline \end{array}
step 10
Finally, we will prepare the Purchases Journal. The transactions include buying goods on credit from XYZ Suppliers costing 880,buyingfurnitureoncreditfromIKEAcosting880, buying furniture on credit from IKEA costing 2,200, and returning goods to XYZ Suppliers valued at $110
step 11
The Purchases Journal will be filled as follows: - 15 September: 2,200(Furniture)−16September:2,200 (Furniture) - 16 September: 880 (Accounts Payable) - 17 September: $110 (Accounts Payable)
step 12
The completed Purchases Journal will look like this: Dateamp;Supplieramp;Accounts Payableamp;Purchasesamp;GST Paidamp;Furniture15 Septemberamp;IKEAamp;amp;amp;amp;220016 Septemberamp;XYZ Suppliersamp;880amp;amp;amp;17 Septemberamp;XYZ Suppliersamp;110amp;amp;amp; \begin{array}{|l|l|l|l|l|l|} \hline \text{Date} & \text{Supplier} & \text{Accounts Payable} & \text{Purchases} & \text{GST Paid} & \text{Furniture} \\ \hline 15 \text{ September} & \text{IKEA} & & & & 2200 \\ \hline 16 \text{ September} & \text{XYZ Suppliers} & 880 & & & \\ \hline 17 \text{ September} & \text{XYZ Suppliers} & 110 & & & \\ \hline \end{array}
Answer
The journals for APC Pty Ltd for September 2022 have been prepared as per the transactions provided.
Key Concept
Journal entries are essential for tracking financial transactions in accounting.
Explanation
The journals summarize the cash receipts, cash payments, sales, and purchases, providing a clear financial overview for the company.
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