1) general journal and balance sheet

Customer account balances as at: July 31st, 2020 Name Account Balance Address Date of Last Invoice 542 City Road, Melbourne July 25th ABN - 50 999 555 666 $5,610 Offline Education Organisation Village Fair $6,765 601 Suburb Street, South July 29th Melbourne ABN - 92 555 888 111 All credit customers are offered the following terms: 25% 15 days, net 30 Suppliers account balances as at: July 31, 2020 Terms Account Balance $5,505 Address Name Rower Gears Ltd Cycle Bazaar $3.834 3% 15 days, net 30 2% 15 days, net 30 1 Scull Street, Brunswick ABN - 50 596 794 363 14 Gove Street Northcote ABN - 20 888 560 222 Each of the above account balances for suppliers represents deliveries of inventory received on July 27" Goods and Services Tax: Sales and Purchases Seven Days Fitness charges GST on all sales and is charged GST on all purchases of inventory. For all business expenses other than bank interest, bank fee and Wages, the GST rate is 10% All sales are on credit, except where specifically stated, and all business expenses are paid with cash unless stated otherwise Employee: Fitness Classes Seven Days Fitness has only one casual employee, Josie Barker Josie Barker conducts fitness classes for groups. For each class, Josie's gross wage is $100 per class, regardless of the number of participants. PAYG tax is withheld at 15%. Josie Barker is paid in arrears twice per month - on the 12th and 26th Wages Payable as at July 31, 2020 is $510. . . Inventory: July 31st 2020 The following is a list of inventories on hand and the suppliers as at 31st July 2020 Quantity on hand Item Code Description 15 6 RM Last Last Supplier Cost Sale Price Price $440 $700 Rower Gears Ltd $260 $450 Cycle Bazaar Rowing Machine Exercise Bike EB Each of the above items of inventory are quoted net of GST. On each item, an additional 10% GST is charged on the sales price, and 10% GST is paid on the cost price Exercise Classes: Seven Days Fitness conducts regular fitness classes in-house to groups of no more than 20 per group. Client groups pay Seven Days Fitness $440 per class which lasts for one hour The price of $440 includes GST. Bank Loan:ANZ bank Seven Days Fitness pays $1,157.50 per month for the bank loan. This amount includes interest and principal payments. The monthly interest is fixed at $357.50 Prepaid Insurance: On November 15 2019, Seven Days Fitness paid $3,000 (exclude GST) in advance for 1 year insurance. Trial Balance as at July 31, 2020 Credit Debit 19,456 8,160 750 12,375 9,339 25,000 5,625 12,000 General Ledger Accounts Cheque Account Inventory Prepaid Insurance Accounts Receivable Accounts Payable Motor Vehicle Accumulated Depreciation on MV's. Office Equipment Acc. Depreciation on Office Equipment Owner's Capital GST Collected GST Paid Bank Loan - ANZ Bank, City Branch PAYG Withholding Payable Wages Payable Accrued Energy Bill - TRU Energy 3.200 40,131 1.125 849 18,400 90 510 170 $78,590 $78,590 8 Transactions during August 2020: 1 Paid Rent for business premises for August - $1,760 (Including GST. 1 Bank loan and interest paid - $1,157.50 2 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 3 Paid Tru Energy for July energy bill - $170.00 (Including GST) 4 Credit Sales of inventory to Village Fair - 6 Rowing machines and 4 Exercise Bikes 5 Received payment from all Customers for amounts owing on July 31st Discounts for early settlement were made to customers paying within the discount period 6 Paid all suppliers in full for July account balances. Discount needs to be applied for payments within the discount period. 7 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 uneared income) 9 Paid for motor vehicle fuel - $99 (Including GST) for the month of August 10 Paid for office stationery expenses - $220.00 (Including GST) for the month of August 12 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). 14 Adeline (owner) with draws cash drawings of $500.00 23 Adeline takes home an exercise bike as drawings 25 Paid for motor vehicle fuel - $132.00 (including GST) for the month of August. 26 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) 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 directly to Seven Days Fitness, but it is now a direct debit from the account. Paid for accounting fees for the month of August. 30 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. Balance Day Adjustments at August 31th, 2020. Some of the necessary adjustments are to be found in the transactions above. Other adjustments are listed below: 1) All Non-Current Assets (Motor Vehicle and Office Equipment) to be depreciated 20% per annum Straight Line on cost. 2) Insurance expense was prepaid on November 1, 2019 for 1 year. 3) An energy bill from Tru Energy for August $198.00(Including GST) has not been recorded or paid yet. Customer account balances as at: July 31st, 2020 Name Account Balance Address Date of Last Invoice 542 City Road, Melbourne July 25th ABN - 50 999 555 666 $5,610 Offline Education Organisation Village Fair $6,765 601 Suburb Street, South July 29th Melbourne ABN - 92 555 888 111 All credit customers are offered the following terms: 25% 15 days, net 30 Suppliers account balances as at: July 31, 2020 Terms Account Balance $5,505 Address Name Rower Gears Ltd Cycle Bazaar $3.834 3% 15 days, net 30 2% 15 days, net 30 1 Scull Street, Brunswick ABN - 50 596 794 363 14 Gove Street Northcote ABN - 20 888 560 222 Each of the above account balances for suppliers represents deliveries of inventory received on July 27" Goods and Services Tax: Sales and Purchases Seven Days Fitness charges GST on all sales and is charged GST on all purchases of inventory. For all business expenses other than bank interest, bank fee and Wages, the GST rate is 10% All sales are on credit, except where specifically stated, and all business expenses are paid with cash unless stated otherwise Employee: Fitness Classes Seven Days Fitness has only one casual employee, Josie Barker Josie Barker conducts fitness classes for groups. For each class, Josie's gross wage is $100 per class, regardless of the number of participants. PAYG tax is withheld at 15%. Josie Barker is paid in arrears twice per month - on the 12th and 26th Wages Payable as at July 31, 2020 is $510. . . Inventory: July 31st 2020 The following is a list of inventories on hand and the suppliers as at 31st July 2020 Quantity on hand Item Code Description 15 6 RM Last Last Supplier Cost Sale Price Price $440 $700 Rower Gears Ltd $260 $450 Cycle Bazaar Rowing Machine Exercise Bike EB Each of the above items of inventory are quoted net of GST. On each item, an additional 10% GST is charged on the sales price, and 10% GST is paid on the cost price Exercise Classes: Seven Days Fitness conducts regular fitness classes in-house to groups of no more than 20 per group. Client groups pay Seven Days Fitness $440 per class which lasts for one hour The price of $440 includes GST. Bank Loan:ANZ bank Seven Days Fitness pays $1,157.50 per month for the bank loan. This amount includes interest and principal payments. The monthly interest is fixed at $357.50 Prepaid Insurance: On November 15 2019, Seven Days Fitness paid $3,000 (exclude GST) in advance for 1 year insurance. Trial Balance as at July 31, 2020 Credit Debit 19,456 8,160 750 12,375 9,339 25,000 5,625 12,000 General Ledger Accounts Cheque Account Inventory Prepaid Insurance Accounts Receivable Accounts Payable Motor Vehicle Accumulated Depreciation on MV's. Office Equipment Acc. Depreciation on Office Equipment Owner's Capital GST Collected GST Paid Bank Loan - ANZ Bank, City Branch PAYG Withholding Payable Wages Payable Accrued Energy Bill - TRU Energy 3.200 40,131 1.125 849 18,400 90 510 170 $78,590 $78,590 8 Transactions during August 2020: 1 Paid Rent for business premises for August - $1,760 (Including GST. 1 Bank loan and interest paid - $1,157.50 2 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 3 Paid Tru Energy for July energy bill - $170.00 (Including GST) 4 Credit Sales of inventory to Village Fair - 6 Rowing machines and 4 Exercise Bikes 5 Received payment from all Customers for amounts owing on July 31st Discounts for early settlement were made to customers paying within the discount period 6 Paid all suppliers in full for July account balances. Discount needs to be applied for payments within the discount period. 7 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 uneared income) 9 Paid for motor vehicle fuel - $99 (Including GST) for the month of August 10 Paid for office stationery expenses - $220.00 (Including GST) for the month of August 12 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). 14 Adeline (owner) with draws cash drawings of $500.00 23 Adeline takes home an exercise bike as drawings 25 Paid for motor vehicle fuel - $132.00 (including GST) for the month of August. 26 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) 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 directly to Seven Days Fitness, but it is now a direct debit from the account. Paid for accounting fees for the month of August. 30 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. Balance Day Adjustments at August 31th, 2020. Some of the necessary adjustments are to be found in the transactions above. Other adjustments are listed below: 1) All Non-Current Assets (Motor Vehicle and Office Equipment) to be depreciated 20% per annum Straight Line on cost. 2) Insurance expense was prepaid on November 1, 2019 for 1 year. 3) An energy bill from Tru Energy for August $198.00(Including GST) has not been recorded or paid yet