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Problem
The following transactions during May were for Sally Smart. All purchases and sales include GST. All expenses include GST except wages. Get the instant assignment help.
Date Details1 May Sally Smart commenced business by opening a business bank account with $15,000 of her own money.1 May Paid rent of $1,430 for the month.2 May Bought $8,800 worth of stock on credit.2 May Bought furniture and fittings for $2,420 and equipment for $3,520 cash.3 May Sold goods on credit for $770.5 May Purchased stock for cash $198.8 May Sold goods on credit for $484.8 May Received $400 on account from a customer.
Task
Prepare General Journal entries for the above transactions assuming a periodic inventory system is used. Include narrations.
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