1 5 8 8 Transactions June 1 The owner opened a bank account for the business with a deposit of $31,000. This is capital provided by him. Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $31,000 and computer equipment for the shop from Computer Wizards for $4,000. These were paid for with a loan of $32,500 from the bank and cheque for $2,500 from the business bank account. The bank loan is repayable over 4 years. 2 Paid $3,960 for a 1-year insurance policy covering fire, theft, and public liability. 2 Paid $1,090 to Local Newspapers for advertising for the shop for the month. Purchased inventory (skateboards and protective gear) from Excitement plus for $22,000 on terms on net 30. 7 Purchased surfboards and wetsuits from Surf Imports for $22,000 on terms of 10/10, n/30. Credit sale to Serious Fun of skateboards and protective gear for $5,300 (cost of sales $2,600). This customer was given terms of 5/10, n/30. Cash sale of a skateboard and protective gear for $560 (cost of sales $240). 11 Cash purchase of postage stamps and stationery from Australia Post for $180. 12 Credit sale to Surfing World of various inventory items for $7,910 (cost of sales $4,100). Terms net 30. 12 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $100. 13 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. Paid Surf Imports the amount owing to them less the prompt payment discount. 17 Credit sale to Academy Diving School of 15 wetsuits at a discounted price of $350 each on terms of net 15. Cost of sales $4,500. 23 Paid Excitement Plus $4,400 of the amount owing to them. Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $350 each that was not the size they required. The cost of the wetsuit to us was $300 and it was put 24 back into inventory. 24 Purchased wetsuits from Surf Imports for $8,900 on terms of 10/10, n/30. 25 Credit sale to Serious Fun of skateboards for $7,500 (cost of sales $3,700). Terms 5/10, n/30. 27 Received and banked a cheque from Academy Diving School for the amount owing by them. 30 A repayment of $900 was made on the bank loan. 30 The owner cashed a cheque for $775 to pay wages to Scott Walker the sales assistant of $800 less PAYG Withholding of $25. 14 The end of month adjustments are below. a. Depreciation on shop equipment for the month is 20% p.a. prime cost (straight line). b. One-twelfth of the insurance expired. C. Superannuation payable for the month is 10% of the gross wages paid. d. Interest charged on the bank loan for the month was $160. The transactions above have been journalised and posted. The statement or profit or loss for June is below. The transactions above have been journalised and posted. The statement or profit or loss for June is belo Skate 'n' Surf Statement of profit or loss for the period 1 June to 30 June 20xx Revenue Sales revenue Sales revenue 26,520 Less: Sales returns and allowances 350 Net sales revenue 26,170 Less: Cost of sales 14,840 Gross profit 11,330 Other revenue: Discount received 2,200 13,530 Expenses Advertising expense 1,090 Depreciation expense 583 Discount allowed 265 Insurance expense 330 Interest expense 160 Postage and stationery expense 180 Superannuation exepnse 76 Wages expense 800 Total expenses 3,484 Net profit/(loss) $10,046 (a) Journalise end-of-year closing entries. (Note: Enter debit entries first, followed by credit entries in the general journal. Credit accoun manually. Leave blank any answer fields that do not require an answer. Enter accounts follow (D) Post end-of-year closing entries and complete the closing process in the general ledger. (Note: Leave blank any answer fields that do not require an answer.) No. 100 Date Debit Credit Date 31,000 June Cash at bank Details June 1 Capital 8 Sales revenue 13 Accounts receivable 27 Accounts receivable 560 Details 1 Shop equipment (cost) 2 Prepaid insurance 2 Advertising expense 11 Postage and stationery 2,500 3,960 1,090 180 5,035 4,900 + 14 Accounts payable 19,800 23 Accounts payable 4,400 30 Bank loan 900 . 30 Wages expense 775 + + $ July July + No. 110 Debit Credit Accounts receivable Date Details June 8 Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue Date 5,300 June 7,910 5,250 7,500 Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank 5,035 265 350 4,900 + FULL SCREEN BACK NEXT PRINTER VERSION Credit Debit Date June Details 8 Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue Date 5,300 June 7,910 5,250 7,500 Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank 5,035 265 350 4,900 $ July July + No. 120 Inventory Date Debit Credit June Details 5 Accounts payable 7 Accounts payable 24 Cost of sales 24 Accounts payable Date 22,000 June 22,000 300 8,900 Details 8 Cost of sales 8 Cost of sales 12 Accounts payable 12 Cost of sales 240 2,600 100 4,100 17 Cost of sales 4,500 . 25 Cost of sales 3,700 + $ July + July + + FULL SCREEN PRINTER VERSION A BACK NO. 130 Prepaid insurance Date Details June 2 Cash at bank Debit Credit Date 3,960 June Details 30 Insurance expense 330 + July + + July + + No. 171 Debit Date Details Credit Shop equipment (cost) Date Details June 1 Bank loan 1 Cash at bank 32,500 2,500 $35,000 No. 172 Accumulated depreciation - shop equipment Date Details Debit Date Details Credit June 30 Depreciation expense 583 No. 200 Debit Details Credit Accounts payable Date Details June 12 Inventory 14 Cash at bank 14 Discount received Date 100 June 19,800 2,200 4,400 5 Inventory 7 Inventory 24 Inventory 22,000 22,000 8,900 23 Cash at bank 4 + $ $ July July + + No. 210 PAYG withholding payable Date Details Debit Date Credit Details 30 Wages expense June 25 No. 220 Superannuation payable Date Details Debit Credit Date June Details 30 Superannuation expense 76 No. 230 Bank loan Date June Debit Credit Details 30 Cash at bank Date 900 June Details 1 Shop equipment (cost) 32,500 + 30 Interest expense 160 $ July + July + + No. 300 Capital Date Details Debit Date Details Credit June + June 1 Cash at bank 31,000 FULL SCREEN PRINTER VERSION BACK June + June 1 Cash at bank 31,000 + No. 310 Drawings Date Details Debit Date Details Credit No. 320 Profit or loss summary Date Details June + Debit Date Details Credit June + + No. 400 Sales revenue Date Details Debit Date Details Credit June . June 560 8 Cash at bank + 8 Accounts receivable 5,300 + 12 Accounts receivable 7,910 + 17 Accounts receivable 5,250 gnment FULL SCREEN PRINTER VERSION A BACK NE 17 Accounts receivable 5,250 25 Accounts receivable + + 7,500 $ No. 410 Sales returns and allowances Date Details Debit Date Details Credit June 24 Accounts receivable 350 June + No. 420 Discount received Date Details Debit Date Details Credit June June 14 Accounts payable 2,200 No. 500 Cost of sales Date Details June 8 Inventory Debit Credit Date 240 June Details 24 Inventory 300 8 Inventory 2,600 12 Inventory 4,100 + + 17 Inventory 4,500 + 25 Inventory 3,700 + + $ FULL SCREEN PRINTER VERSION A BACK No. 600 Advertising expense Date Details Debit Date Details Credit June 2 Cash at bank 1,090 June + No. 610 Depreciation expense Date Details Debit Date Details Credit June 30 Accumulated depreciation - shop equipment 583 June + No. 620 Discount allowed Date Details June 13 Accounts receivable Debit Date Details Credit 265 June No. 630 Electricity expense Date Details Debit Date Details Credit No. 640 Insurance expense Date Details Debit Date Details Credit June 30 Prepaid insurance 330 June No. 650 Interest expense Date Details Debit Date Details Credit June 30 Bank loan 160 June No. 660 Postage and stationery expense Date Details June 11 Cash at bank Debit Date Details Credit 180 June No. 670 Superannuation expense Date Details Debit Date Details Credit June 30 Superannuation payable 76 June No. 680 Telephone expense Date Details Debit Date Details Credit No. 690 Wages expense Date Details Debit Date Details Credit June 30 Cash at bank 775 June 30 PAYG withholding payable 25 + + $ $ SHOW LIST OF ACCOUNTS Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSW 1 5 8 8 Transactions June 1 The owner opened a bank account for the business with a deposit of $31,000. This is capital provided by him. Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $31,000 and computer equipment for the shop from Computer Wizards for $4,000. These were paid for with a loan of $32,500 from the bank and cheque for $2,500 from the business bank account. The bank loan is repayable over 4 years. 2 Paid $3,960 for a 1-year insurance policy covering fire, theft, and public liability. 2 Paid $1,090 to Local Newspapers for advertising for the shop for the month. Purchased inventory (skateboards and protective gear) from Excitement plus for $22,000 on terms on net 30. 7 Purchased surfboards and wetsuits from Surf Imports for $22,000 on terms of 10/10, n/30. Credit sale to Serious Fun of skateboards and protective gear for $5,300 (cost of sales $2,600). This customer was given terms of 5/10, n/30. Cash sale of a skateboard and protective gear for $560 (cost of sales $240). 11 Cash purchase of postage stamps and stationery from Australia Post for $180. 12 Credit sale to Surfing World of various inventory items for $7,910 (cost of sales $4,100). Terms net 30. 12 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $100. 13 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. Paid Surf Imports the amount owing to them less the prompt payment discount. 17 Credit sale to Academy Diving School of 15 wetsuits at a discounted price of $350 each on terms of net 15. Cost of sales $4,500. 23 Paid Excitement Plus $4,400 of the amount owing to them. Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $350 each that was not the size they required. The cost of the wetsuit to us was $300 and it was put 24 back into inventory. 24 Purchased wetsuits from Surf Imports for $8,900 on terms of 10/10, n/30. 25 Credit sale to Serious Fun of skateboards for $7,500 (cost of sales $3,700). Terms 5/10, n/30. 27 Received and banked a cheque from Academy Diving School for the amount owing by them. 30 A repayment of $900 was made on the bank loan. 30 The owner cashed a cheque for $775 to pay wages to Scott Walker the sales assistant of $800 less PAYG Withholding of $25. 14 The end of month adjustments are below. a. Depreciation on shop equipment for the month is 20% p.a. prime cost (straight line). b. One-twelfth of the insurance expired. C. Superannuation payable for the month is 10% of the gross wages paid. d. Interest charged on the bank loan for the month was $160. The transactions above have been journalised and posted. The statement or profit or loss for June is below. The transactions above have been journalised and posted. The statement or profit or loss for June is belo Skate 'n' Surf Statement of profit or loss for the period 1 June to 30 June 20xx Revenue Sales revenue Sales revenue 26,520 Less: Sales returns and allowances 350 Net sales revenue 26,170 Less: Cost of sales 14,840 Gross profit 11,330 Other revenue: Discount received 2,200 13,530 Expenses Advertising expense 1,090 Depreciation expense 583 Discount allowed 265 Insurance expense 330 Interest expense 160 Postage and stationery expense 180 Superannuation exepnse 76 Wages expense 800 Total expenses 3,484 Net profit/(loss) $10,046 (a) Journalise end-of-year closing entries. (Note: Enter debit entries first, followed by credit entries in the general journal. Credit accoun manually. Leave blank any answer fields that do not require an answer. Enter accounts follow (D) Post end-of-year closing entries and complete the closing process in the general ledger. (Note: Leave blank any answer fields that do not require an answer.) No. 100 Date Debit Credit Date 31,000 June Cash at bank Details June 1 Capital 8 Sales revenue 13 Accounts receivable 27 Accounts receivable 560 Details 1 Shop equipment (cost) 2 Prepaid insurance 2 Advertising expense 11 Postage and stationery 2,500 3,960 1,090 180 5,035 4,900 + 14 Accounts payable 19,800 23 Accounts payable 4,400 30 Bank loan 900 . 30 Wages expense 775 + + $ July July + No. 110 Debit Credit Accounts receivable Date Details June 8 Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue Date 5,300 June 7,910 5,250 7,500 Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank 5,035 265 350 4,900 + FULL SCREEN BACK NEXT PRINTER VERSION Credit Debit Date June Details 8 Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue Date 5,300 June 7,910 5,250 7,500 Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank 5,035 265 350 4,900 $ July July + No. 120 Inventory Date Debit Credit June Details 5 Accounts payable 7 Accounts payable 24 Cost of sales 24 Accounts payable Date 22,000 June 22,000 300 8,900 Details 8 Cost of sales 8 Cost of sales 12 Accounts payable 12 Cost of sales 240 2,600 100 4,100 17 Cost of sales 4,500 . 25 Cost of sales 3,700 + $ July + July + + FULL SCREEN PRINTER VERSION A BACK NO. 130 Prepaid insurance Date Details June 2 Cash at bank Debit Credit Date 3,960 June Details 30 Insurance expense 330 + July + + July + + No. 171 Debit Date Details Credit Shop equipment (cost) Date Details June 1 Bank loan 1 Cash at bank 32,500 2,500 $35,000 No. 172 Accumulated depreciation - shop equipment Date Details Debit Date Details Credit June 30 Depreciation expense 583 No. 200 Debit Details Credit Accounts payable Date Details June 12 Inventory 14 Cash at bank 14 Discount received Date 100 June 19,800 2,200 4,400 5 Inventory 7 Inventory 24 Inventory 22,000 22,000 8,900 23 Cash at bank 4 + $ $ July July + + No. 210 PAYG withholding payable Date Details Debit Date Credit Details 30 Wages expense June 25 No. 220 Superannuation payable Date Details Debit Credit Date June Details 30 Superannuation expense 76 No. 230 Bank loan Date June Debit Credit Details 30 Cash at bank Date 900 June Details 1 Shop equipment (cost) 32,500 + 30 Interest expense 160 $ July + July + + No. 300 Capital Date Details Debit Date Details Credit June + June 1 Cash at bank 31,000 FULL SCREEN PRINTER VERSION BACK June + June 1 Cash at bank 31,000 + No. 310 Drawings Date Details Debit Date Details Credit No. 320 Profit or loss summary Date Details June + Debit Date Details Credit June + + No. 400 Sales revenue Date Details Debit Date Details Credit June . June 560 8 Cash at bank + 8 Accounts receivable 5,300 + 12 Accounts receivable 7,910 + 17 Accounts receivable 5,250 gnment FULL SCREEN PRINTER VERSION A BACK NE 17 Accounts receivable 5,250 25 Accounts receivable + + 7,500 $ No. 410 Sales returns and allowances Date Details Debit Date Details Credit June 24 Accounts receivable 350 June + No. 420 Discount received Date Details Debit Date Details Credit June June 14 Accounts payable 2,200 No. 500 Cost of sales Date Details June 8 Inventory Debit Credit Date 240 June Details 24 Inventory 300 8 Inventory 2,600 12 Inventory 4,100 + + 17 Inventory 4,500 + 25 Inventory 3,700 + + $ FULL SCREEN PRINTER VERSION A BACK No. 600 Advertising expense Date Details Debit Date Details Credit June 2 Cash at bank 1,090 June + No. 610 Depreciation expense Date Details Debit Date Details Credit June 30 Accumulated depreciation - shop equipment 583 June + No. 620 Discount allowed Date Details June 13 Accounts receivable Debit Date Details Credit 265 June No. 630 Electricity expense Date Details Debit Date Details Credit No. 640 Insurance expense Date Details Debit Date Details Credit June 30 Prepaid insurance 330 June No. 650 Interest expense Date Details Debit Date Details Credit June 30 Bank loan 160 June No. 660 Postage and stationery expense Date Details June 11 Cash at bank Debit Date Details Credit 180 June No. 670 Superannuation expense Date Details Debit Date Details Credit June 30 Superannuation payable 76 June No. 680 Telephone expense Date Details Debit Date Details Credit No. 690 Wages expense Date Details Debit Date Details Credit June 30 Cash at bank 775 June 30 PAYG withholding payable 25 + + $ $ SHOW LIST OF ACCOUNTS Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSW