Gordo and Tay Tay’s Taco Truck is a food truck business operating locally. They sell a range of taco’s snd burritos for events and parties.

General Journal

SCENARIO

Gordo and Tay Tay’s Taco Truck is a food truck business operating locally. They sell a range of taco’s snd burritos for events and parties.

The following transactions occured in March 2017. round all the fiqures to the nearest dollar:

1, T gordo and S taylor, the partners and proprietors of Gordo and Tay Tay’s Taco Truck, report that their business has the following assets and liabilities as at this date:

Bank $30 000, Accounts Receivable=D-Trump $2500, Inventories $10,000, Motor Vehicle $25 000, Accounts payable- K west, loan from NAH BAnk $40 000. As equal partners, T Gordo and S Taylor split the capital contribution.

2, Purchased inventories on credit from Mexellent Meats for $4500 (inv16)

3, Sold inventories on credit to L Gilmore $1200 (cost price $620) (inv110)

4, D Trump paid full amount owning (R60)

5, Sold services on credit to K Perry $140 (Inv111)

9,Returned some goods to Mexellent Meats and recieved adjustments note ref #55 for $420

10, Paid $950 for rent for the month (CHQ 893)

12, Bought another Taco Truck, classified as a motor vehicle, on credit from Food trucks Inc for $40 000. Terms were 20% deposit and remiander in one month’s time (CHQ894, ref #1456)

14, T Gordo obtained a personal loan from Eastpac Bank for $20 000

15, Purchased office supplies on credit from Office works for $750 (ref#862)

16, S Taylor threw an event with the Taco trucks for her own use, using inventories with a cost price of $1200 (memo16/03/2017)

17, Cash sales of inventories $1400 (cost price $1500) (Inv 122)

18, Obtained a quote for $5600 for new floor coverings for office from Watts whats and What nots. Sold goods on credit to N Stibbs for $3300, (cost price $1500) (Inv 112). Paid cash for advertising $1200 (CHQ895). Paid wages $2500 (CQH895)

19, Sent cheque in part payment to K West $2000 (CHQ897). L Gilmore returned $90 worth of goods that were surplus to requirements (Cost price $40, adjustment note 24)

20, Wrote cheque 899 to pay Mexellent Meats

21, T Gordo contributed additional inventories to the business valued at $2500 (memo 21/03/2017)

23, recieved a chequed from N Stibbs in full settlement of account (R61)

26, S Taylor borrowed an additional $15 500 from the NAH Bank to begin renovations to the Taco Trucks (approval letter revieved today). Paid $50 intrest on the NAH Bank Loan (CHQ899)

27, T Gordo withdrew cahs of $5 200 for his own use (CHQ 900)

31, Recieved commison from the state of merchandise $520 (R62)

Recieved $25 Intrest (R 63

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