Cliff Clarendon opened a wine store on 1 June 2016. The business trades under the name of Wine to Dine and uses a perpetual inventory system to account for its inventory. The business was registered for GST. All credit sales are made on the following terms: 2/10, n/30.

Transactions for the business in June 2016 were as follows:

June		1 2 3 4 5 6 8	Clarendon invested $185000 cash and $48 720 of store equipment into the business. The store equipment is to be depreciated  evenly over 7 years. Purchased an inventory of wine from Blacktown Winery on credit for $55 200 plus GST; terms: 2/15, n/30. Paid $1800 rent for June 2016, including GST. Purchased additional inventory of wine from Hall Wines on credit for $38000 plus GST; terms: n/30. Sold some merchandise to C. Tamarara on credit for $14000 plus GST. Cost of this merchandise was $9200. Purchased promotional supplies for cash from G. Epping for $11 440, which included GST. Purchased a supply of white wines from Voss Vineyard, for $27 600 cash, plus GST.
	10 12 14 15 18 18 21 21 22 23 25 28 29 30		Sold merchandise costing $21 100 to Oatville Hotel on credit for $28000 plus GST. Purchased Wine from Gladwood Estate on credit for $23000 plus GST; terms were 2/10, n/30. Paid Blacktown Winery for 2 June purchase. Received payment from C. Tamarara in payment of the account. The discount had been taken by Tamarara. Sold merchandise costing $13 800 to J. Haberfield on credit for $22000 plus GST. Received payment from Oatville Hotel in payment of its account, less discount. Sold merchandise costing $11 500 to Slater Ltd on credit for $18 400 plus GST. Paid Gladwood Estate for 12 June purchase. Purchased additional merchandise from Blacktown Winery on credit for $28000 plus GST; terms: 2/15, n/30. Sold for cash, wine costing $8600 to walk in customers, for $14 900 plus GST. Returned bad wine that cost $6600 including GST back to Blackwood Winery. Sold wines costing $28 000 to Berrillee Partners on credit for $41000 plus GST. Purchased inventory from K. Leonay on credit for $9200 plus GST; terms: 1/10, n/30. Paid month’s salary to sales assistant, $2900.

At the end of the month, Cliff Clarendon undertook a physical stocktake and calculated that inventory worth $79 800 was still on hand and that promotional supplies of $8600 were still in storage. He also estimated that electricity usage for the month was $500 and that telephone usage for the month was $320. No tax invoices had been received from either supplier by 30 June.

Required

A.    Prepare general journal entries for June 2016 for the above transactions, including any adjusting entries at the end of the month.

B.    Calculate the profit for the business for the month of June 2016.

C.    Explain how the entries in A would differ if the business had used the periodic inventory system.