General Journal Transactions

Question 1

Credit purchase of Inventory for $5000, plus GST.

Answer 1

Inventory (Dr) - $ 5000 
GST clearing (Dr) - $500 
Accounts Payable (Cr) - $5500

Question 2

Sold product for $3300 including GST (100% mark-up)

Answer 2

Cash at Bank (Dr) - $3300 
GST Clearing (Cr) - $300 
Sales (Cr) - $3000 
Cost of Sales (Dr) - $1500 
Inventory (Cr) - $1500

Question 3

Owner contributed an office desk to the business, with a fair value of $200.

Answer 3

Office furniture (Dr) - $200
Capital (Cr) - $200

Question 4

Owner withdrew inventory with a value of $100 for personal use.

Answer 4

Drawings (Dr) - $100

Inventory (Cr) - $100