BSBFIA401 Prepare Financial Reports Assignment-entered as discount received

Task:

Prepare General Journal entries for the month of June 2018 for the following unrelated situations. 

Required:

a) Stationery of $6,820 ($6,200 + $620 GST) purchased on credit from Total Office Pty Ltd, incorrectly debited to Inventory. GST was correctly recorded.

b) A payment for $1,320 ($1,200 + $120 GST) was posted to the Advertising account instead of the Telephone account. The GST was correctly recorded.

c) A salaries payment for $1,892 has been incorrectly entered into the cash payments journal as $1,829.

d) Interest received of $2,200 was entered as discount received.

e) A printer purchased on credit from Printers R Us Ltd has been expensed against Stationery instead of Office Equipment. The cost was $3,520 ($3,200 + $320 GST). The GST was correctly recorded.

f) A business conducts a stocktake and determines that the value of inventory on hand is only $78,000. The inventory control ledger account shows an inventory balance of $80,000.The company uses a perpetual inventory system.

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