Sold Items on Credit to Pikea (Coursework Sample)

Question
Sold items on credit to Pikea. Some of these items were previously
ordered on 13 January, Customer PO#2426. Forwarded Invoice #3145 and delivered the following items to Pikea:
6 units BG90 plasma televisions for $2,310 each (includes 10% GST)
13 units MePod multimedia players for $1,870 each (includes 10% GST)
2 units ZII game consoles for $2,530 each (includes 10% GST).
23 Jerry Technology returned 2 units BlueBerry phones that were originally purchased on 16 January, for $1,320 each (includes 10% GST) original Invoice #3146. Julia issued a credit note (negative invoice) #3147 for the return of the above items and applied that credit note to the original invoice.
23 Returned 3 faulty BG90 plasma televisions that were purchased on 9 January (original Purchase #316) for $1,463 each (includes 10% GST). The reference number for this purchase return is Purchase #319. Big Telco authorised the return and issued credit note Supplier Inv#VCM0001 which is to be applied to Invoice No. 256.
30 Issued Cheque No. 4039 to Big Telco for the full balance outstanding on the account. 31 Received Cheque No. 650 from Handys Electronics in full payment of Invoice No. 3140, ID #CR000007.
31 Issued Cheque No. 4040 for $2,890 to pay for the current month\'s salary of the sales consultant. The base salary for the month was $3,400 and Julia calculated the Pay-As-You-Go (PAYG) tax withheld using a new tax table as $510. No other taxes or allowances applied.
31 Issued Cheque No. 4041 for $3,145 to pay for the current month\'s salary of the accountant. The base salary for the month was $3,700 and Julia calculated the Pay-As-You-Go (PAYG) tax withheld using a new tax table as $555. No other taxes or allowances applied.
31 Issued Cheque no. 4042 for the amount of $1,320 (includes 10% GST) to State Power for payment of the electricity bill for the current month.
31 Paid $1,650 (includes 10% GST) to Vopstra for the current month\'s phone bill, Cheque no. 4043.
31 Issued Cheque No. 4044 for $220 to ZNZ Bank for the current month\'s interest on bank loan (use the FRE tax code).
Once you have entered those transactions into MYOB, Julia instructs you to draft a bank deposit slip for any cheque received throughout late January and print a more up-to-date trial balance. As usual, she will ask you to answer several questions about MYOB to test that you really know how to perform the given tas
Answer
Step 1
Journal Entry
The Purpose preparing the journal entry to enter the required transaction which are incurred in the firm with debit and credit.  Debit all expenses related transaction and credit all income related transaction in this regard as well.
Ledger
After Journalisation next step to post these journal into ledger account to determine the each account balance in this regard as well.
Trial Balance
After posting ledger account next step to prepare the statement of Trial balance which are tallied with both debit and credit balance in this regard as well.
 
Step 2
Journal Entry
Journal Entry

Date

Particulars

Debit ($)

Credit ($)

Jan-23

Accounts Receivable

43230

 

 

To Sales  ($ 43230 / 1.10)

 

39300

 

To GST Payable  (39300*10%)

 

3930

 

(Being credit sales made)

 

 

Jan-23

Sales Return and Allowance ($1320*2) ($2640/1.10)

2400

 

 

GST Payable ($2400 * 10%)

240

 

 

To Accounts Receivable

 

2640

 

(Being sales return made)

 

 

Jan-23

Bank ($1463 * 3)

4389

 

 

To Purchase Return and Allowance (4389/1.10)

 

3990

 

To GST Payable  (3990*10%)

 

399

 

(Being incurred purchase return)

 

 

Jan-30

No Proper Entry is possible because amount was not given 

 

 

Jan-31

Salaries and Allowance

3400

 

 

To Withhold tax Payable

 

510

 

To Bank

 

2890

 

(Being salaries and allowance paid)

 

 

Jan-31

Salaries and Allowance

3700

 

 

To Withhold tax Payable

 

555

 

To Bank

 

3145

 

(Being salaries and allowance paid)

 

 

Jan-31

Utilities Expenses (1320/1.10)

1200

 

 

Gst Payable ($1200*10%)

120

 

 

To Bank

 

1320

 

(Being electricity charges paid)

 

 

Jan-31

Utilities Expenses (1650/1.10)

1500

 

 

GST Payable (1500*10%)

150

 

 

To Bank

 

1650

 

(Being telephone charges paid)

 

 

Jan-31

Interest Expenses

220

 

 

To Bank

 

220

 

(Being paid interest expenses for loan)

 

 

Step 3
T-Account
Accounts Receivable

 

Debit 

Credit

($)

Jan-23

43230

Jan-23

2640

 

 

 

 

 

43230

 

2640

 

 

Balance

40590

 

 

 

 

Sales

 

Debit 

Credit

($)

 

 

Jan-23

39300

 

 

 

 

 

 

 

 

GST Payable

 

Debit 

Credit