Homework answers / question archive / Students are is to i make up their own unique product names

Students are is to i make up their own unique product names

Accounting

Share With

Students are is to i make up their own unique product names. Inventory unit measure s per item 1 .. p 4. rites are listed in the table below. 3. Selling The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory ,ry is purchased it is added to 'Inventory 'account and when goods are sod, the inventory account is reduced with the debited being to 'Cost of Sales'). Information provided for inventory and their balances as at 1st July is as foldws:
5.
Inventory Code Quantity Unit Cost Balance Unit Sell Price (ex GST) STO1 650 $24.00 $15,600 $12,000 $12,200 $11,700 $60.00 $75.00 550.00 $65.00 STO2 400 $30.00 $20.00 $26.00 STO3 610 STO4 450 STO5 640 $18.00 $11,520 $45.00 $55.00 STO6 710 $22.00 $15,620 STO7 780 $__12„90$9 360 $16,000 $30.00 $80.00 STO8 500 _____132.00 Total $104,000
Transactions for July 2017
Data source: Suppliers' Invoices. Dates shown are invoice dates, amounts include GST where applicable. Received invoice from AP01 for 100 units of STO2 for $2,640.00, and 120 units ST07 expensed stationery on account from AP06 amounting to $1,430.00. Stationery is ensed when purchased. $1,584.00. Received advertising invoice from AP07 for July's advertising amounting to $1,760.00 8 p 12 Jul Received invoice from AP03 for 110 units ST01 $2,904.00 and 140 units STO5 $2,772.00. Received invoice from AP02 for 200 units STO3 $4,400.00 and 160 units STO8 $5,632.00. or the purchase from AP02 on the 18 July, the Warehouse manager reported that only 190 units of sTo3 and 150 units of STO8 had been received. Accounts department requested a credit note for 10 units STO3 and 10 units of STO8 from AP02 and adjusted 22 Jul Received invoice from AP09 (new supplier) $1,210.00 for legal fees in relation to lease of _2 the accounts for the amount involved. 23 Jul Received invoice from AP10 (new supplier) $506.00 for July's cleaning expense. premises. 24 Jul Received shipment from AP02 for 250 units ST06 amounting to $6,050.00. 24 Jul Received invoice from Ap04 for telephone, Internet routers and communications system 25 Jul Received invoice from AP01 for 140 units STO6 amounting to $3,388.00 and 120 units update amounting to $1,430.00. STO4 amounting to $3,432.00. 26 Jul
5 Jul
Set up Inventory Module:
Make sure: • Tick "I buy", "I sell", "I Inventory" this item (to ensure it appears in sales and purchase module) • Link COGS, Sales, Inventory to the correct accounts (based on what account number you have allocated) • Enter Base Selling Price EXCLUDING GST • Check all GST fields are ticked correctly (Tax code when bought or sold = GST) • Enter Opening balances excluding GST , CHECK make sure total opening balance = GL ($69,180)
Enter purchases
• "On Account" or no mention of cash paid = $0 Paid today (this should automatically go to Accounts Payable as a liability) • Don't forget to exclude GST in invoices, eq. 8 Jul = $1300 Stationery expense, $130 GST Paid (Tax Code "GST") • Credit notes from Suppliers (19 Jul) gi > enter negative units for STO3 and ST08, $0 paid today • APO4 to AP08 can be classified as services • Made an error? Edit via Transaction Journal ,13g85>