1. establish a chart of accounts, record supplier and customer balances, enter inventory balances and record opening ledger account balances

2. Record the transactions and adjusting entries using the correct module for the month ending 30th August 2020.

3. Trial Balance as at 31st July 2020 (after recording the opening balances).Produce with ledger account numbers.

5. Trial Balance as at 31 st August 2020 (after all adjustments). Include ledger account numbers within the trial balance.

7. The Income Statement for the month ended 31 st August 2020.

8. Balance Sheet as at 31 st August 2020.

h

journal entries and adjustments

Transactions during August 2020: 1 1 2 3 4 5 6 7 - 8 Paid Rent for business premises for August - $1,760 (Including GST. Bank loan and interest paid - $1,157.50. Purchases of inventory from both suppliers: from Rower Gears Ltd 10 Rowing machines, and from Cycle Bazaar - 12 Exercise Bikes. All inventory was received within 24 hours. Paid Tru Energy for July energy bill - $170.00 (Including GST) Credit Sales of inventory to Village Fair- 6 Rowing machines and 4 Exercise Bikes. Received payment from all Customers for amounts owing on July 31st. Discounts for early settlement were made to customers paying within the discount period. Paid all suppliers in full for July account balances. Discount needs to be applied for payments within the discount period. Credit sales to Offline Education Organisation 10 Rowing machines and 7 Exercise Bikes. Cash customers paid for 25 hours of Fitness classes. All classes will be completed over the next 12 days. (Since the classes will be completed in August, this transaction can be accounted/recorded as income directly rather than unearned income). Paid for motor vehicle fuel - $99 (Including GST) for the month of August Paid for office stationery expenses - $220.00 (Including GST) for the month of August. Wages paid to Josie (the fitness instructor) for 10 classes completed in August as well as the wages owing for July (Note: Do not use the payroll section of MYOB, instead record the wages expense and PAYG tax withheld as a cash payment. Use the spend money section to pay wages). Adeline (owner) withdraws cash drawings of $500.00. Adeline takes home an exercise bike as drawings. Paid for motor vehicle fuel - $132.00 (Including GST) for the month of August. Wages paid to Josie for another 15 classes completed in August (Note: Do not use the employee section of MYOB, instead record the wages expense and PAYG tax withheld as a cash payment. Use spend money section to pay wages). 9 10 12 14 23 25 26 30 The monthly bank statement received from ANZ Bank for August showed the following: 30 The monthly bank statement received from ANZ Bank for August showed the following: Bank fees - $20.00. (GST exempt). Direct Debit (on August 1) from MBC Advertising for $178.00 (Including GST). This advertising is for the month of August 2020. In previous months, MBC used to send the Invoice 6 30 directly to Seven Days Fitness, but it is now a direct debit from the account. Paid for accounting fees for the month of August. Assume that you have provided bookkeeping work for Seven Days Fitness. They have paid for your accounting fees for August. The amount that they paid is decided based on your student ID number's last 3 digits. Create the customer card using your name and enter it at the 'card' area in 'Spend Money' section. For example, Paul is a student of this unit and his student ID number is S3819774, then Paul should record $774 (excluding GST) as the accounting fees for August (the last 3 digits of his student number). He shall include his name Paul at the 'card' area in 'Spend Money' section. Please note that it is a must that you use your own student number to decide your accounting fees. 1-3200 1-3210 1-3220 Office Equipment Header Office Equipment at Cost Detail Office Equipment Acc Dep Detail 2-0000 2-1000 2-1200 2-1300 2-1310 2-1330 Liabilities Current Liabilities Accounts Payable GST Liabilities GST Collected GST Paid Payroll Liabilities Wages Payable PAYG Withholding Payable Accrued Energy Bill Non-current Liabilities Bank Loan Header Header Detail Header Detail Detail Header Detail Detail 2-2400 2-2410 2-2420 2-3000 Detail 2-4000 Header 2-4100 Detail 3-0000 3-1000 3-1100 3-1200 3-9000 Equity Owner's Equity Owner's Capital Owner's Drawings Current Year Eamings Header Header Detail Detail Detail 4-0000 4-1000 4-2000 Income Sales - Products Fitness Training Fees Header Detail Detail 5-0000 5-1000 5-3000 Cost of Sales Cost of Sales Inventory Loss/Gain Header Detail Detail 6-0000 Expenses Header Detail 5-3000 Inventory Loss/Gain Header 6-0000 6-0040 6-1000 6-1010 6-1100 6-1210 Expenses Accounting Fees Advertising Bank Fees Depreciation Expense Discounts Given Detail Detail Detail Detail Detail 8 6-1220 6-1400 6-1450 6-1550 6-1850 6-1930 6-2100 6-2400 Discounts Received Insurance Bank Interest Fuel Costs Office Stationery Wages & Salaries Rent Energy Costs Detail Detail Detail Detail Detail Detail Detail Detail Note: Where possible, delete or hide accounts not required. Accounts which are linked accounts cannot be deleted. Important in Transactions during August 2020: 1 1 2 3 4 5 6 7 - 8 Paid Rent for business premises for August - $1,760 (Including GST. Bank loan and interest paid - $1,157.50. Purchases of inventory from both suppliers: from Rower Gears Ltd 10 Rowing machines, and from Cycle Bazaar - 12 Exercise Bikes. All inventory was received within 24 hours. Paid Tru Energy for July energy bill - $170.00 (Including GST) Credit Sales of inventory to Village Fair- 6 Rowing machines and 4 Exercise Bikes. Received payment from all Customers for amounts owing on July 31st. Discounts for early settlement were made to customers paying within the discount period. Paid all suppliers in full for July account balances. Discount needs to be applied for payments within the discount period. Credit sales to Offline Education Organisation 10 Rowing machines and 7 Exercise Bikes. Cash customers paid for 25 hours of Fitness classes. All classes will be completed over the next 12 days. (Since the classes will be completed in August, this transaction can be accounted/recorded as income directly rather than unearned income). Paid for motor vehicle fuel - $99 (Including GST) for the month of August Paid for office stationery expenses - $220.00 (Including GST) for the month of August. Wages paid to Josie (the fitness instructor) for 10 classes completed in August as well as the wages owing for July (Note: Do not use the payroll section of MYOB, instead record the wages expense and PAYG tax withheld as a cash payment. Use the spend money section to pay wages). Adeline (owner) withdraws cash drawings of $500.00. Adeline takes home an exercise bike as drawings. Paid for motor vehicle fuel - $132.00 (Including GST) for the month of August. Wages paid to Josie for another 15 classes completed in August (Note: Do not use the employee section of MYOB, instead record the wages expense and PAYG tax withheld as a cash payment. Use spend money section to pay wages). 9 10 12 14 23 25 26 30 The monthly bank statement received from ANZ Bank for August showed the following: 30 The monthly bank statement received from ANZ Bank for August showed the following: Bank fees - $20.00. (GST exempt). Direct Debit (on August 1) from MBC Advertising for $178.00 (Including GST). This advertising is for the month of August 2020. In previous months, MBC used to send the Invoice 6 30 directly to Seven Days Fitness, but it is now a direct debit from the account. Paid for accounting fees for the month of August. Assume that you have provided bookkeeping work for Seven Days Fitness. They have paid for your accounting fees for August. The amount that they paid is decided based on your student ID number's last 3 digits. Create the customer card using your name and enter it at the 'card' area in 'Spend Money' section. For example, Paul is a student of this unit and his student ID number is S3819774, then Paul should record $774 (excluding GST) as the accounting fees for August (the last 3 digits of his student number). He shall include his name Paul at the 'card' area in 'Spend Money' section. Please note that it is a must that you use your own student number to decide your accounting fees. 1-3200 1-3210 1-3220 Office Equipment Header Office Equipment at Cost Detail Office Equipment Acc Dep Detail 2-0000 2-1000 2-1200 2-1300 2-1310 2-1330 Liabilities Current Liabilities Accounts Payable GST Liabilities GST Collected GST Paid Payroll Liabilities Wages Payable PAYG Withholding Payable Accrued Energy Bill Non-current Liabilities Bank Loan Header Header Detail Header Detail Detail Header Detail Detail 2-2400 2-2410 2-2420 2-3000 Detail 2-4000 Header 2-4100 Detail 3-0000 3-1000 3-1100 3-1200 3-9000 Equity Owner's Equity Owner's Capital Owner's Drawings Current Year Eamings Header Header Detail Detail Detail 4-0000 4-1000 4-2000 Income Sales - Products Fitness Training Fees Header Detail Detail 5-0000 5-1000 5-3000 Cost of Sales Cost of Sales Inventory Loss/Gain Header Detail Detail 6-0000 Expenses Header Detail 5-3000 Inventory Loss/Gain Header 6-0000 6-0040 6-1000 6-1010 6-1100 6-1210 Expenses Accounting Fees Advertising Bank Fees Depreciation Expense Discounts Given Detail Detail Detail Detail Detail 8 6-1220 6-1400 6-1450 6-1550 6-1850 6-1930 6-2100 6-2400 Discounts Received Insurance Bank Interest Fuel Costs Office Stationery Wages & Salaries Rent Energy Costs Detail Detail Detail Detail Detail Detail Detail Detail Note: Where possible, delete or hide accounts not required. Accounts which are linked accounts cannot be deleted. Important in