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    ldinh12's Avatar
    ldinh12 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 17, 2013, 05:04 AM
    How to write in GJ?
    A new computer was purchased $3300 including GST. An old computer was traded-in for $220 including GST. The owner obtained an extension to the Bank Loan to pay the amount owing. How to write them in GJ? Please help me!
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Jan 17, 2013, 05:05 AM
    What do YOU think ?
    While we're happy to HELP we won't do all the work for you.
    Show us what you have done and where you are having problems..
    ldinh12's Avatar
    ldinh12 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Jan 17, 2013, 05:13 AM
    Quote Originally Posted by Curlyben View Post
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..
    @Curlyben: I can't understand the last sentence. My teacher haven't teach me that one yet. If you know, why don't you teach me. THX
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #4

    Jan 17, 2013, 11:38 AM
    The extension to a bank loan will not appear in the general journal because it is not a transaction. An extension would be changing the length of time to repay the bank loan, which could change the amount of the payments. So you would only record the payments made or due, not the terms of the loan in the general journal.
    ldinh12's Avatar
    ldinh12 Posts: 3, Reputation: 1
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    #5

    Jan 17, 2013, 04:46 PM
    Quote Originally Posted by pready View Post
    The extension to a bank loan will not appear in the general journal because it is not a transaction. An extension would be changing the length of time to repay the bank loan, which could change the amount of the payments. So you would only record the payments made or due, not the terms of the loan in the general journal.
    Could you please check this answer for me?
    Office equipment Dr 3000
    GST Dr 300
    Bank Cr 3300

    Bank Dr 220
    Office equip Cr 200
    GST Cr 20
    I don't need to make the last sentence into GJ, do I.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #6

    Jan 17, 2013, 06:47 PM
    I think what you might be missing is debit bank 3080 and credit loans 3080

    I am unsure because I'm unsure what you mean by extension of a Bank Loan, if you mean a loan was increased, then you need this extra journal, if you mean that there is a bank overdraft arrangement which allowed the bank balance to have a greater credit balance then you don't

    As to the other journals they are okay.
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