| 100 | | Cash at bank |
| 110 | | Accounts receivable |
| 120 | | Inventory |
| 130 | | Prepaid insurance |
| 171 | | Shop equipment (cost) |
| 172 | | Accumulated depreciation - shop equipment |
| 200 | | Accounts payable |
| 210 | | PAYG withholding payable |
| 220 | | Superannuation payable |
| 230 | | Bank loan |
| 300 | | Capital |
| 310 | | Drawings |
| 320 | | Profit or loss summary |
| 400 | | Sales revenue |
| 410 | | Sales returns and allowances |
| 420 | | Discount received |
| 500 | | Cost of sales |
| 600 | | Advertising expense |
| 610 | | Depreciation expense |
| 620 | | Discount allowed |
| 630 | | Electricity expense |
| 640 | | Insurance expense |
| 650 | | Interest expense |
| 660 | | Postage and stationery expense |
| 670 | | Superannuation expense |
| 680 | | Telephone expense |
| 690 | | Wages expense |
| Transactions |
| June | 1 | | The owner opened a bank account for the business with a deposit of $23,000. This is capital provided by him. |
| | 1 | | Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $26,400 and computer equipment for the shop from Computer Wizards for $5,000. These were paid for with a loan of $26,000 from the bank and cheque for $5,400 from the business bank account. The bank loan is repayable over 4 years. |
| | 1 | | Paid $3,000 for a 1-year insurance policy covering fire, theft, and public liability. |
| | 2 | | Purchased inventory (skateboards and protective gear) from Excitement Plus for $20,600 on terms on net 30. |
| | 5 | | Cash purchase of postage stamps and stationery from Australia Post for $350. |
| | 7 | | Purchased surfboards and wetsuits from Surf Imports for $18,260 on terms of 10/10, n/30. |
| | 8 | | Paid $1,430 to Local Newspapers for advertising for the shop for the month. |
| | 8 | | Paid Surf Imports the amount owing to them less the prompt payment discount. |
| | 11 | | Credit sale to Surfing World of various inventory items for $7,150 (cost of sales $3,680). Terms net 30. |
| | 12 | | Credit sale to Academy Diving School of 16 wetsuits at a discounted price of $230 each on terms of net 15. Cost of sales $2,300. |
| | 13 | | Credit sale to Serious Fun of skateboards and protective gear for $4,800 (cost of sales $2,500). This customer was given terms of 5/10, n/30. |
| | 14 | | Cash sale of a skateboard and protective gear for $480 (cost of sales $210). |
| | 18 | | Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. |
| | 23 | | Cash sale of inventory to the value of $910 (cost of sales $420). |
| | 24 | | Issued an adjustment note (credit note) to Academy Diving School for 2 wetsuits at $230 each that was not the size they required. The cost of the wetsuits to us was $390 and they were put back into inventory. |
| | 25 | | Paid Excitement Plus $5,300 of the amount owing to them. |
| | 26 | | Credit sale to Serious Fun of skateboards for $6,600 (cost of sales $2,600). Terms 5/10, n/30. |
| | 27 | | Purchased wetsuits from Surf Imports for $7,100 on terms of 10/10, n/30. |
| | 27 | | Received and banked a cheque from Academy Diving School for the amount owing by them. |
| | 30 | | Paid Energy Australia $230 for electricity expenses. |
| | 30 | | The owner cashed a cheque for $1,820 to pay wages to Scott Walker the sales assistant of $840 less PAYG Withholding of $50, and $1,030 drawings for himself. |
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 8% of the gross wages paid. |
| d. | Interest charged on the bank loan for the month was $108. |
Cash at bank Date Details June 1 Capital 14 Sales revenue 18 Accounts receivable 23 Sales revenue 27 Accounts receivable No. 100 Credit 5,400 3,000 350 Debit Date Details 23,000 June 1 Shop equipment (cost) 480 1 Prepaid insurance 4,560 5 Postage and stationery expense 910 8 Advertising expense 3,220 8 Accounts payable 25 Accounts payable 30 Electricity expense 30 Wages expense 30 Drawings 1,430 16,434 5,300 230 790 1,030 Details Debit Accounts receivable Date June 11 Sales revenue 12 Sales revenue 13 Sales revenue 26 Sales revenue Date Details 7,150 June 18 Cash at bank 3,680 18 Discount allowed 4,800 24 Sales returns and allowances 6,600 27 Cash at bank No. 110 Credit 4,560 240 460 3,220 Details Debit Details Inventory Date June 2 Accounts payable 7 ccounts payable 24 Cost of sales 27 Accounts payable Date 20,600 June 11 Cost of sales 18,260 Cost of sale 390 13 Cost of sales 7,100 14 Cost of sales 23 Cost of sales 26 Cost of sales No. 120 Credit 3,680 2,300 2,500 210 420 2,600 Prepaid insurance Date June 1 Cash at bank Details Details Debit Date 3,000 June 30 Insurance expense No. 130 Credit 250 No. 171 Credit Details Date Details Shop equipment (cost) Date June 1 Bank loan 1 Cash at bank Debit 26,000 5,400 Accumulated depreciation - shop equipment Date Details Debit Date Details June 30 Depreciation expense No. 172 Credit 523 Details Details Accounts payable Date 8 Cash at bank 8 Discount received 25 Cash at bank June Debit Date 16,434 June 2 Inventory 1,826 7 Inventory 5,300 27 Inventory No. 200 Credit 20,600 18,260 7,100 PAYG withholding payable Date Details Debit Details Date June 30 Wages expense No. 210 Credit 50 Superannuation payable Date Details Debit Date Details June 30 Superannuation expense No. 220 Credit 67 Bank loan Date Details Debit Date Details June 1 Shop equipment (cost) 30 Interest expense No. 230 Credit 26,000 108 Capital Date Details Debit Details Date June 1 Cash at bank No. 300 Credit 23,000 Drawings Date June 30 Cash at bank No. 310 Credit Details Date Details Debit 1,030 Sales revenue Date Details Debit Date Details June 11 Accounts receivable 12 Accounts receivable 13 Accounts receivable 14 Cash at bank 23 Cash at bank 26 Accounts receivable No. 400 Credit 7,150 3,680 4,800 480 910 6,600 Sales returns and allowances Date Details June 24 Accounts receivable No. 410 Credit Debit Date Details 460 Discount received Date Details Debit Details Date June 8 Accounts payable No. 420 Credit 1,826 Details Details No. 500 Credit 390 Cost of sales Date June 11 Inventory 12 Inventory 13 Inventory 14 Inventory 23 Inventory 26 Inventory Debit Date 3,680 June 24 Inventory 2,300 2,500 210 420 2,600 Advertising expense Date June 8 Cash at bank No. 600 Credit Details Date Details Debit 1,430 Depreciation expense Date Details June 30 Accumulated depreciation - shop equipment No. 610 Credit Debit Date Details 523 No. 620 Discount allowed Date Details June 18 Accounts receivable Debit Date Details Credit 240 Electricity expense Date June 30 Cash at bank No. 630 Credit Details Debit Date Details 230 No. 640 Insurance expense Date June 30 Prepaid insurance Details Debit Date Details Credit 250 Interest expense Date June 30 Bank loan No. 650 Credit Details Debit Date Details 108 No. 660 Postage and stationery expense Date Details June 5 Cash at bank Debit Date Details Credit 350 Superannuation expense Date Details June 30 Superannuation payable No. 670 Credit Debit Date Details 67 No. 690 Credit Debit Date Details Wages expense Date Details June 30 Cash at bank 30 PAYG withholding payable 790 50 Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Debit Account no Account Credit $ Cash at bank Date Details June 1 Capital 14 Sales revenue 18 Accounts receivable 23 Sales revenue 27 Accounts receivable No. 100 Credit 5,400 3,000 350 Debit Date Details 23,000 June 1 Shop equipment (cost) 480 1 Prepaid insurance 4,560 5 Postage and stationery expense 910 8 Advertising expense 3,220 8 Accounts payable 25 Accounts payable 30 Electricity expense 30 Wages expense 30 Drawings 1,430 16,434 5,300 230 790 1,030 Details Debit Accounts receivable Date June 11 Sales revenue 12 Sales revenue 13 Sales revenue 26 Sales revenue Date Details 7,150 June 18 Cash at bank 3,680 18 Discount allowed 4,800 24 Sales returns and allowances 6,600 27 Cash at bank No. 110 Credit 4,560 240 460 3,220 Details Debit Details Inventory Date June 2 Accounts payable 7 ccounts payable 24 Cost of sales 27 Accounts payable Date 20,600 June 11 Cost of sales 18,260 Cost of sale 390 13 Cost of sales 7,100 14 Cost of sales 23 Cost of sales 26 Cost of sales No. 120 Credit 3,680 2,300 2,500 210 420 2,600 Prepaid insurance Date June 1 Cash at bank Details Details Debit Date 3,000 June 30 Insurance expense No. 130 Credit 250 No. 171 Credit Details Date Details Shop equipment (cost) Date June 1 Bank loan 1 Cash at bank Debit 26,000 5,400 Accumulated depreciation - shop equipment Date Details Debit Date Details June 30 Depreciation expense No. 172 Credit 523 Details Details Accounts payable Date 8 Cash at bank 8 Discount received 25 Cash at bank June Debit Date 16,434 June 2 Inventory 1,826 7 Inventory 5,300 27 Inventory No. 200 Credit 20,600 18,260 7,100 PAYG withholding payable Date Details Debit Details Date June 30 Wages expense No. 210 Credit 50 Superannuation payable Date Details Debit Date Details June 30 Superannuation expense No. 220 Credit 67 Bank loan Date Details Debit Date Details June 1 Shop equipment (cost) 30 Interest expense No. 230 Credit 26,000 108 Capital Date Details Debit Details Date June 1 Cash at bank No. 300 Credit 23,000 Drawings Date June 30 Cash at bank No. 310 Credit Details Date Details Debit 1,030 Sales revenue Date Details Debit Date Details June 11 Accounts receivable 12 Accounts receivable 13 Accounts receivable 14 Cash at bank 23 Cash at bank 26 Accounts receivable No. 400 Credit 7,150 3,680 4,800 480 910 6,600 Sales returns and allowances Date Details June 24 Accounts receivable No. 410 Credit Debit Date Details 460 Discount received Date Details Debit Details Date June 8 Accounts payable No. 420 Credit 1,826 Details Details No. 500 Credit 390 Cost of sales Date June 11 Inventory 12 Inventory 13 Inventory 14 Inventory 23 Inventory 26 Inventory Debit Date 3,680 June 24 Inventory 2,300 2,500 210 420 2,600 Advertising expense Date June 8 Cash at bank No. 600 Credit Details Date Details Debit 1,430 Depreciation expense Date Details June 30 Accumulated depreciation - shop equipment No. 610 Credit Debit Date Details 523 No. 620 Discount allowed Date Details June 18 Accounts receivable Debit Date Details Credit 240 Electricity expense Date June 30 Cash at bank No. 630 Credit Details Debit Date Details 230 No. 640 Insurance expense Date June 30 Prepaid insurance Details Debit Date Details Credit 250 Interest expense Date June 30 Bank loan No. 650 Credit Details Debit Date Details 108 No. 660 Postage and stationery expense Date Details June 5 Cash at bank Debit Date Details Credit 350 Superannuation expense Date Details June 30 Superannuation payable No. 670 Credit Debit Date Details 67 No. 690 Credit Debit Date Details Wages expense Date Details June 30 Cash at bank 30 PAYG withholding payable 790 50 Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Debit Account no Account Credit $
