Financial Accounting Assignment: Hi-Fi Way Sales & Receivables Journal

This assignment showcases a sales and receivables journal for Hi-Fi Way, a fictional business, covering the period from January 1st, 2019, to January 31st, 2019. The journal includes sales transactions with Handys Electronics, Hypertonics, and Pikea, detailing accounts receivable, sales revenue, GST collected, cost of sales, and inventory movements. The document demonstrates the application of accounting principles, including the use of a perpetual inventory system and the recording of transactions subject to GST. The journal provides a clear breakdown of debits and credits for each transaction, culminating in a grand total, which illustrates the financial activity of the business within the specified timeframe. This assignment was created for the ACCT2005 Financial Accounting course at an Australian university, and students were required to use MYOB software to create and analyze the journal.

Hi-Fi Way (MONIYSHA MURUGAN)
206 MACKINTOSH AVENUE MELBOURNE,VIC,3000 AUSTRALIA
Sales & Receivables Journal
1/1/2019 To 1/31/2019
8/14/2019
3:14:55 AM
Page 1
ID# Acct# Account Name Debit Credit Job No.
SJ 1/5/2019 Sale; HANDYS ELECTRONICS
00003567 1-1200 ACCOUNTS RECEIVABLE $8,800.00
00003567 1-1200 ACCOUNTS RECEIVABLE $880.00
00003567 4-1100 SALES REVENUE $8,800.00
00003567 2-1310 GST Collected $880.00
00003567 5-1100 COST OF SALES $5,810.00
00003567 1-1300 Inventory $1,860.00
00003567 1-1300 Inventory $3,950.00
SJ 1/8/2019 Sale; HANDYS ELECTRONICS
00003568 1-1200 ACCOUNTS RECEIVABLE $24,600.00
00003568 1-1200 ACCOUNTS RECEIVABLE $2,460.00
00003568 4-1100 SALES REVENUE $24,600.00
00003568 2-1310 GST Collected $2,460.00
00003568 5-1100 COST OF SALES $16,330.00
00003568 1-1300 Inventory $4,650.00
00003568 1-1300 Inventory $11,680.00
SJ 1/17/2019 Sale; HYPERTONICS
00003570 1-1200 ACCOUNTS RECEIVABLE $20,600.00
00003570 1-1200 ACCOUNTS RECEIVABLE $2,060.00
00003570 4-1100 SALES REVENUE $20,600.00
00003570 2-1310 GST Collected $2,060.00
00003570 5-1100 COST OF SALES $13,620.00
00003570 1-1300 Inventory $7,300.00
00003570 1-1300 Inventory $6,320.00
SJ 1/23/2019 Sale; HYPERTONICS
00003571 1-1200 ACCOUNTS RECEIVABLE $4,400.00
00003571 1-1200 ACCOUNTS RECEIVABLE $440.00
00003571 4-1100 SALES REVENUE $4,400.00
00003571 2-1310 GST Collected $440.00
00003571 5-1100 COST OF SALES $2,920.00
00003571 1-1300 Inventory $2,920.00
SJ 1/24/2019 Sale; PIKEA
00003569 1-1200 ACCOUNTS RECEIVABLE $43,800.00
00003569 1-1200 ACCOUNTS RECEIVABLE $4,380.00
00003569 4-1100 SALES REVENUE $43,800.00
00003569 2-1310 GST Collected $4,380.00
00003569 5-1100 COST OF SALES $28,980.00
00003569 1-1300 Inventory $8,370.00
00003569 1-1300 Inventory $18,240.00
00003569 1-1300 Inventory $2,370.00
Grand Total: $180,080.00 $180,080.00