Hawkins Advertising uses accrual accounting and prepares adjusting entries and financial statements on a monthly
1. 30 November: Received an invoice from Dustin's Discount Catering for $4,785 (including GST $435) in relation to catering expenses incurred during November.
2. 30 November: The manager of Mews Pet Supplies advised by email that they wish to proceed with the quote provided by Hawkins Advertising. This is expected to generate $9,350 (including GST $850) in revenue. The services will be provided in December 2019.
3. 30 November: Agreed to rent a new printer from 1 January 2020 with an annual rental payment of $5,280 (including GST $480).
4. 30 November: Paid the monthly internet expense with cheque number 168 for $1,320 (including GST $120).
5. 30 November: Prepared a quote for a new customer for advertising services; Quote number Q754 for $4,180 (including GST $380).
6. 30 November: Invoiced Eleven Moving Services for advertising services provided; Invoice number R374 for $4,565 (including GST $415).
7. 30 November: Received cash of $7,000 as payment on account from Byers Lighting.
8. 30 November: Received cash of $3,245 (including GST $295) from a client for advertising services provided. (Ensure the 'Deposit To' shows the 'Cash at Bank' account!).
9. 30 November: Paid Hopper Security $1,200 with cheque number 169.
10. As at 30 November: $7,500 worth of services have been performed which relate to a client who paid $10,000 cash upfront in October, and the receipt of the cash was processed in Reckon at that time. (The GST has already been recorded and can be ignored) (refer Trial Balance).
11. 30 November: Placed an order for Office Supplies of $2,310 (including GST $210). The supplies and associated invoice do not arrive until 15 December 2019.
12. 30 November: Hired a new staff member with an annual salary is $57,500 and who will commence work on 18 December 2019.
13. Prepaid for 12 months of insurance on 1 November (refer Trial Balance).
14. Wages owing to staff as at 30 November are $7,335.
15. Depreciation on Office Equipment is calculated using the Straight Line Method. The Office Equipment has an expected useful life of 7 years with $0 estimated residual value. Round the amount of depreciation to the nearest whole dollar. Note that the calculation is for one month only (i.e. November depreciation only).
For the transactions above, What of the below entries needs to be made
1. Entering invoices received from suppliers (Accounts Payable)
2. Entering payments to suppliers (Accounts Payable)
3. Purchase of an asset on credit.
4. Entering invoices issued to Customers (Accounts Receivable).
5. Entering cash received from Customers (Accounts Receivable)
6. Entering Cash Receipts from clients not previously issued with an invoice - (Cash transaction)
7. For all cash receipts and payments received other than Accounts Payable and Accounts Receivable.
8. Entering Cash Payments (Write Cheques)
9. Entering General Journal entries (Balance day adjustments)
And if each transaction involves: a normal Reckon transaction, an adjusting entry or does not require any transaction at all for the month of November 2019.
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