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Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers entered into the following transactions during July 2021. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discount discounts are therefore incidental in nature. Day Transaction 1 Paid the rent for July 2021 to GB Properties via EFT, R15 000. Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025 was issued. 4 Send inventory that was bought from a creditor on 28 June worth R2 000 back to Bargain Wholesalers, CN201 was issued. Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received. The owner took stationery worth R120 for his own use. JV301 was issued. 12 Send office furniture bought on credit on 25 June for R25 000 back to the supplier, The Office, CN202 was issued. 13 Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the outstanding account of R15 000. JV302 was issued to record the settlement discount received. 15 Purchased inventory from Mega Savers and paid cash, R10 000, Invoice CINV532 was received. 16 Charge interest on the overdue account of a debtor, L. Lama. JV303 was issued. The account of R20 000 has been outstanding for 60 days. An interest rate of 6% per annum applies. Assume a 360-day year. 18 Sold goods on credit to P. Pear, for R12 500, cost of sales was R9 000. Invoice CNV1026 was issued. 20 Bought inventory on credit from Bulk Traders for R32 000. Invoice BT118 was received. 21 Bought packing material on credit from Bargain Wholesalers for R4 500, Invoice BWIN658 was received. Paid salaries for the month to various employees via EFT, R40 000. 28 Purchased inventory from Mega Savers and paid cash, R13 000, CINV539 was received. 30 The bank statement from Rain Bank, reflected bank charges of R350 for the month and interest on the favourable balance of R150. 25

Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers entered into the following transactions during July 2021. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discount discounts are therefore incidental in nature. Day Transaction 1 Paid the rent for July 2021 to GB Properties via EFT, R15 000. Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025 was issued. 4 Send inventory that was bought from a creditor on 28 June worth R2 000 back to Bargain Wholesalers, CN201 was issued. Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received. The owner took stationery worth R120 for his own use. JV301 was issued. 12 Send office furniture bought on credit on 25 June for R25 000 back to the supplier, The Office, CN202 was issued. 13 Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the outstanding account of R15 000. JV302 was issued to record the settlement discount received. 15 Purchased inventory from Mega Savers and paid cash, R10 000, Invoice CINV532 was received. 16 Charge interest on the overdue account of a debtor, L. Lama. JV303 was issued. The account of R20 000 has been outstanding for 60 days. An interest rate of 6% per annum applies. Assume a 360-day year. 18 Sold goods on credit to P. Pear, for R12 500, cost of sales was R9 000. Invoice CNV1026 was issued. 20 Bought inventory on credit from Bulk Traders for R32 000. Invoice BT118 was received. 21 Bought packing material on credit from Bargain Wholesalers for R4 500, Invoice BWIN658 was received. Paid salaries for the month to various employees via EFT, R40 000. 28 Purchased inventory from Mega Savers and paid cash, R13 000, CINV539 was received. 30 The bank statement from Rain Bank, reflected bank charges of R350 for the month and interest on the favourable balance of R150. 25

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...
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prepare the following journal for july 2021

-General journal 

(journals narrations are required )

Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers entered into the following transactions during July 2021. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discount discounts are therefore incidental in nature. Day Transaction 1 Paid the rent for July 2021 to GB Properties via EFT, R15 000. 3 Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025 was issued. 4 Send inventory that was bought from a creditor on 28 June worth R2 000 back to Bargain Wholesalers, CN201 was issued. Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received. 7 The owner took stationery worth R120 for his own use. JV301 was issued. 12 Send office furniture bought on credit on 25 June for R25 000 back to the supplier, The Office, CN202 was issued. 13 Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the outstanding account of R15 000. JV302 was issued to record the settlement discount received. Purchased inventory from Mega Savers and paid cash, R10 000, Invoice CINV532 was received. 16 Charge interest on the overdue account of a debtor, L. Lama. JV303 was issued. The account of R20 000 has been outstanding for 60 days. An interest rate of 6% per annum applies. Assume a 360-day year. 18 Sold goods on credit to P. Pear, for R12 500, cost of sales was R9 000. Invoice CNV1026 was issued. Bought inventory on credit from Bulk Traders for R32 000. Invoice BT118 was received. 21 Bought packing material on credit from Bargain Wholesalers for R4 500, Invoice BWIN658 was received. 25 Paid salaries for the month to various employees via EFT, R40 000. 28 Purchased inventory from Mega Savers and paid cash, R13 000, CINV539 was received. 30 The bank statement from Rain Bank, reflected bank charges of R350 for the month and interest on the favourable balance of R150. 15 20
Transcribed Image Text:Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers entered into the following transactions during July 2021. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discount discounts are therefore incidental in nature. Day Transaction 1 Paid the rent for July 2021 to GB Properties via EFT, R15 000. 3 Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025 was issued. 4 Send inventory that was bought from a creditor on 28 June worth R2 000 back to Bargain Wholesalers, CN201 was issued. Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received. 7 The owner took stationery worth R120 for his own use. JV301 was issued. 12 Send office furniture bought on credit on 25 June for R25 000 back to the supplier, The Office, CN202 was issued. 13 Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the outstanding account of R15 000. JV302 was issued to record the settlement discount received. Purchased inventory from Mega Savers and paid cash, R10 000, Invoice CINV532 was received. 16 Charge interest on the overdue account of a debtor, L. Lama. JV303 was issued. The account of R20 000 has been outstanding for 60 days. An interest rate of 6% per annum applies. Assume a 360-day year. 18 Sold goods on credit to P. Pear, for R12 500, cost of sales was R9 000. Invoice CNV1026 was issued. Bought inventory on credit from Bulk Traders for R32 000. Invoice BT118 was received. 21 Bought packing material on credit from Bargain Wholesalers for R4 500, Invoice BWIN658 was received. 25 Paid salaries for the month to various employees via EFT, R40 000. 28 Purchased inventory from Mega Savers and paid cash, R13 000, CINV539 was received. 30 The bank statement from Rain Bank, reflected bank charges of R350 for the month and interest on the favourable balance of R150. 15 20
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