Journal Entries

Prepare the General Journals for these source documents. Record the journal entries in date order. Narrations are required.

Todd Wills has the following source documents relating to transactions for April 2010.

• Todd started business on 1 April with $25,000 in cash.

• On 2 April, the business purchased office equipment on credit from Small Equipment Supplies for $1,650, including GST.

• On 3 April, the business purchased, for cash, inventory with a value of $5,000, plus GST.

• On 7 April, the business received $2,750 cash for the sale of goods, including GST. The cost of these goods was $1,500.

• On 8 April, the business sold on credit inventory costing $1,000 to Low Ltd. These goods were sold for $1,700, plus GST.

• On 9 April, rent of $990 was paid, including GST.

• On 14 April, the business made a cash sale for $2,200, including GST. The original cost of these goods was $1,400.

• On 15 April, the business purchased additional inventory on credit from Big Supplies for $3,500 plus GST.

• On 17 April, the business borrowed $20,000 from the bank to be used by the business in its operations.

• On 21 April, Todd withdrew $2,000 in cash from the business for personal use.

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