Please help me with this Question VAT is 15% Question 4: Prepare the following journals for July 2021.You are not required to total the journals.Q.4.1Cashbook payments.Create columns for bank and purchases.Q.4.2Debtors journalQ.4.3Creditors journal.Create columns for creditors control and purchases.Q.4.3Creditors allowance journal.Create columns for creditors control and purchases returns.Q.4.4General journal(Journal narrations are required) Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers enteredinto the following transactions during July 2021. The business does not expect to award anysettlement discounts nor to qualify for any settlement discounts. All occurrences of settlementdiscount discounts are therefore incidental in nature.DayTransaction1Paid the rent for July 2021 to GB Properties via EFT, R15 000.3Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025was issued.4Send inventory that was bought from a creditor on 28 June worth R2 000 back toBargain Wholesalers, CN201 was issued.5Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received.7The owner took stationery worth R120 for his own use. JV301 was issued.12Send office furniture bought on credit on 25 June for R25 000 back to the supplier, TheOffice, CN202 was issued.13Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the outstandingaccount of R15 000. JV302 was issued to record the settlement discount received.15Purchased inventory from Mega Savers and paid cash, R10 000, Invoice CINV532 wasreceived.16Charge interest on the overdue account of a debtor, L. Lama. JV303 was issued. Theaccount of R20 000 has been outstanding for 60 days. An interest rate of 6% per annumapplies. Assume a 360-day year.18Sold goods on credit to P. Pear, for R12 500, cost of sales was R9 000. Invoice CNV1026was issued.20Bought inventory on credit from Bulk Traders for R32 000. Invoice BT118 was received.21Bought packing material on credit from Bargain Wholesalers for R4 500, InvoiceBWIN658 was received.25Paid salaries for the month to various employees via EFT, R40 000.28Purchased inventory from Mega Savers and paid cash, R13 000, CINV539 was received.30The bank statement from Rain Bank, reflected bank charges of R350 for the month andinterest on the favourable balance of R150.

Journal Entry The purpose providing the journal entry to enter the required transaction into debit…

Answered: Prepare the following journals for July…

Prepare the following journals for July 2021. You are not required to total the journals. Q.4.1 Cashbook payments. Create columns for bank and purchases.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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