e Enter in Your STUDENT ID into cell C2 and USERNAME into cell C3

t began operations on 1 July 2017 under the business name 'Player1 VR Headsets'. The businessretails the top of the line Virtual Reality headsets that retails for $550
ding GST) and costs $275 (including GST) to purchase from a supplier 'IOI Suplies Corporation'. Ernest also does installation and maintennance work to which he charges
(including GST) per hour for his time. The business is currently operating in Melbourne's South-East next to Deakin University. The business is registered for GST which
t pays annually.

Please Enter in Your STUDENT ID into cell C2 and USERNAME into cell C3
yer1 VR Headsets has the following opening balances at the 1 January in the current year:
Account name Value

nsactions for the month of January in the current year (all dollar amounts include GST where applicable)
Instructions:
-For each of the transactions listed on the Sheet 1 - "Description", you will need to complete the corresponding journal entry by filling out the journal below.
-You must write the Date, Account Name, and fill out the value in the corresponding values in the Debit (Dr) or Credit (Cr) column.
-There is no need to indent your accounts and also narrations are NOT required
-Please ensure that your date format is in dd/mm/yyyy format and that your dates fall between 1 Jan 2018 - 31 Jan 2018.
-Please leave a blank row/line inbetween each transaction.
-Note: The account name used in the journal must come from the drop down menu.
-Failure to follow the instructions precisely may result in a loss of marks.

The General Journal Chart of accounts

Account
Account Name
No
Date Accounts Dr Cr
01/01/2018 Cash 16,474 101 Cash
GST Paid 1,498 102 Accounts receivable
Computer equipment 80,872 103 Inventory
Bank Loan 65,896 104 Office Supplies
111 GST Paid
02/01/2018 Cash 40,700 141 Prepaid Insurance
GST Paid 3,700 142 Prepaid Rent
Rent Expense 37,000 143 Prepaid Interest
151 Computer equipment
05/01/2018 Cash 132 152 Accum. Depreciation - Computer Equipment
GST Paid 11 155 Office Furniture
Drawings 122 156 Accum. Depreciation - Office Furniture
158 Motor vehicle
07/01/2018 Inventory 8,000 159 Accum. Depreciation - Motor vehicle
Accounts Payable 8,800 161 Interest Receivable
GST Paid 800 201 Accounts Payable
222 GST Collected
09/01/2018 Cash 6,057 240 Interest Due
Wage Expense 6,057 241 Unearned Revenue
242 Wages Payable
10/01/2018 Cash 3,850 243 Utilities Payable
Sales Revenue 3,500 244 Consulting Fees Payable
GST Collected 350 251 Bank Loan
252 Notes Payable
Cost of Good Sold 1,925 301 Capital
Inventory 1,925 302 Drawings
401 Sales Revenue
12/01/2018 Cash 9,665 402 Service Revenue
Bank Loan 9,665 403 Interest Revenue
501 Cost of Good Sold
13/01/2018 Cash 11,550 601 Computer Expense
Sales Revenue 10,500 602 Office Supplies Expense
GST Collected 1,050 603 Interest Expense
604 Consulting Expense
Cost of Good Sold 5,775 605 Insurance Expense
Inventory 5,775 606 Rent Expense
607 Sales Commission Expense
15/01/2018 Accounts Payable 328 608 Utilities Expense
Cash 328 609 Wage Expense
651 Depreciation Expense - Motor Vehicle
17/01/2018 Cash 23,141 655 Depreciation Expense - Office Equipment
GST Paid 2,104 658 Depreciation Expense - Computer Equipment
Accounts Payable 53,997
Inventory 75,034

18/01/2018 Cash 2,475

Sales Revenue 2,525
GST Collected 225
Accounts receivable 275

TOTAL 138,338 117,338

 Instructions:
-For each of the journals entries (where appropriate) you will need to fill out both
-You MUST write the Date, Explanation, and then fill out the value in the correspon
-Your explanation should contain the account names as per your journal entries sep
-Please ensure that your date format is in dd/mm/yyyy format and that your dates
-Please leave a blank row/line inbetween each entry
-Failure to follow the instructions precisely may result in a loss of marks.

101 Cash
Date Explanation Debit

111 GST Paid

Date Explanation Debit
d to fill out both of the ledger below.
in the corresponding Debit or Credit column (not both)
ournal entries seperated by a comma (,) where necessary
d that your dates fall between 1 Jan 2018 - 31 Jan 2018.

Credit Balance
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Credit Balance
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