S Tennant is the owner of Osmium Enterprises. All inventory is marked up at 50% on cost. The following

S Tennant is the owner of Osmium Enterprises. All inventory is marked up at 50% on cost. The following transactions took place during October 2018 (ignore VAT): 1. The owner deposited R100 000 as capital into the entity’s bank account. Issued cheque no. 322 to Silicon, being the rent for October 2018, R15 350. 2. Cash sales of R10 500 were banked. Receipt no. 728 was issued. 3. Sold goods on credit to C Ramsay, R6 675, and issued invoice no. 299. 5. Opened an account with Gadolin and purchased inventory of R18 158 on credit. (Received invoice IN326.) 8. Issued cheque no. 323 to Terbium, R54 350, for merchandise.
TUTORIAL LETTER 1 (ASSIGNMENT 1) – 2019 SECOND SEMESTER ACC101 ACCOUNTING
Page 7 of Assignment
9. Received a cheque from C Ramsay as payment on his account. (Issued receipt no. 729.) Cash sales of R10 125, receipt no. 730, were banked with the cheque received from C Ramsay. 15.Issued a cash cheque, no. 324, for the weekly wages, R5 625. Purchased inventory from Mercury Merchants on credit, R33 325. (Received invoice M658.) 20.Paid Mercury Merchants R26 323 as a payment on the account, cheque no. 325. 21.Sold goods on credit to J Jose, R9 345, and issued invoice no. 300. 30.Issued cheque no. 326 to E-Sure for the monthly insurance, R5 269. 31.Mr M Klaproth deposited an amount of R5 350, being rent of the offices that are sublet to him. Issued receipt no. 731. Purchased inventory of R10 652 as well as stationery for R2 000 on credit from Sefstron (invoice T115). Sold goods on credit to W Gregor, R18 750, and issued invoice no. 301. On inspection of the bank statement from BN Bank, it was noted that the bank has debited Osmium Enterprises with bank charges of R233 and credited the bank account with an amount of R723, being interest earned on the account.
Required Prepare the following for Osmium Enterprises: 3.1. Cash Receipts Journal for 31 October 2018 (16) 3.2. Cash Payments Journal for 31 October 2018 (11) 3.3. Creditors Journal for 31 October 2018 (6) 3.4. Debtors Journal for 31 October 2018