Transactions during march were as follows include gst

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$46 000 and a commercial van $48 000, and deposited $10 000 cash in a business bank account. Transactions during March were as follows (include GST). March 4 4 6 7 8 11 12 13 14 15 16 17 18 21 23 24 25 28 31 Took a 3- year lease on a shop and paid first month’s rent $1200 plus GST. Purchased haberdashery supplies for $4200 plus GST, and paid with an electronic transfer of $1200 and paid for the rest with credit. Cash received for minor clothing repairs, $120 plus GST. Revenue earned for tailor making a two piece suit for Andrea Fraser on credit, $840 plus GST. Purchased a sewing machine, $3800 plus GST, paying $800 cash and taking out a loan for the balance. Cash revenue earned, $1260 plus GST. Engaged a sewer at an agreed wage of $1100 per week. Paid petrol $120, postage $20, and electricity bill $760. Plus GST. Cash of $200, plus GST, received for over-the-counter repairs. Revenue of $1500, plus GST, earned from a customer on credit. Paid for haberdashery supplies purchased on credit on 4 March. Withdrew $600 for own use. Cash revenue received, $380 plus GST. Haberdashery supplies purchased for $500 plus GST on credit. Paid wages to employee. Revenue earned for making clothes: cash $240 plus GST; on account $1200 plus GST. Andrea Fraser paid the bill for services rendered on 6 March. Petrol expenses paid $80 plus GST. Paid weekly wages to employee. Revenue earned for clothes $2420 plus GST, receiving $200 in cash and the remainder on credit. Haberdashery supplies used, $620.
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Required Assume that a GST of 10% needs to be added for all appropriate transactions. (a) Prepare three-column running balance ledger accounts. Give each account a suitable account number. (b) Prepare a trial balance as at 31 March 2019. (a) ACCOUNT: Cash at Bank Account No. 100 Date Explanation Post Ref Debit Credit Balance 2019 1 3 James Taylor, Capital 10 000 10 000 4 3 Rent Expense/GST Rec 1 320 8 680 4 3 Haberdashery Supplies 1 200 7 480 6 3 Tailoring Revenue/GST 132 7 612 7 3 Sewing Equipment 800 6 812 8 3 Tailoring Revenue 1 386 8 198 12 3 Petrol, postage & electricity 990 7 208 13 3 Tailoring Revenue 220 7 428 14 3 Accounts Payable 3 420 4 008 15 3 James Taylor, Drawings 600 3 408 16 3 Tailoring Revenue 418 3 826 18 3 Wages Expense 1 100 2 726 21 3 Tailoring Revenue 264 2 990 23 3 Accounts Receivable 924 3 914 24 3 Fuel Expense/GST 88 3 826 25 3 Wages Expense 1 100 2 726 28 3 Tailoring Revenue 200 2 926 ACCOUNT: Haberdashery Supplies Account No. 101 Date Explanation Post Ref Debit Credit Balance 2019 4 3 Cash & Accounts Payable 4 200 4 200 17 3 Accounts Payable 500 4 700 31 3 Haberdashery Supplies Expense 620 4 080 ACCOUNT: Accounts Receivable Account No. 110 Date Explanation Post Ref Debit Credit Balance 2019 6 3 Tailoring Revenue 924 924 13 3 Tailoring Revenue 1 650 2 574 21 3 Tailoring Revenue 1 320 3 894 23 3 Cash at Bank 924 2 970 28 3 Tailoring Revenue 2 462 5 432
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ACCOUNT: GST Receivable Account No. 111 Date Explanation Post Ref Debit Credit Balance 2019 4 3 Cash at Bank 120 120 4 3 Accounts Payable 420 540 7 3 Loan 380 920 12 3 Cash at Bank 90 1 010 17 3 Accounts Payable 50 1 060 24 3 Cash at Bank 8 1 068 ACCOUNT: Sewing Equipment Account No. 112 Date Explanation Post Ref Debit Credit Balance 2019 1 3 James Taylor, Capital 46 000 46 000 7 3 Cash & Loan Payable 3 800 49 800 ACCOUNT: Commercial Vehicles Account No. 113 Date Explanation Post Ref Debit Credit Balance 2019 1 3 James Taylor, Capital 48 000 48 000
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