17 Credit sale to Acaderniy Diving School of 15 wetsuits at a discounted price of $360 each on terms of net 15. Cast of sales $4,500. 23 Paid Excitement Plus $4,500 of the amount owing to them. 24 Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $360 each that was not the size they required. The cost of the wetsuit to us was $300 and it was put back into inventory. 24 Purchased wetsuits from Surf Imports for $9,500 on terms of 10/10, 1/30. 25 Credit sale to Serious Fun of skateboards for $8,500 (cust of sales $4,300). Terms 5/10, 1/30. 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 $570 to pay wages to Scott Walker the sales assistant of $600 less PAYG Withholding of $30. The end of month adjustments are below. a. Depreciation on shop equipment for the month is 15% p.a. prime cost (straight line). b. One twelfth of the insurance expired. c. Superannuation payable for the manth is 10% of the gross wages paid. d. Interest charged on the bank loan for the month was $154. The transactions above have been journalised and posted. The statement or profit or loss for June is below. Skate 'n' Surf Statement ol prolit or lon for the period 1 June to 30 June 20xx Revenue Sales revenue Sales revenue 27,710 Less: Sales retums and allowances 360 Net sales revenue 27,350 Less: Cost of sales 15,200 Gross profit 12,150 Other revenues Discount received 2,200 14,350 Expenses Advertising experise 1,190 Depreciation expense 500 Discount allowed 265 Insurance expense 390 Interest experise 154 Postage and stationery expense 100 Superannuation exepnse 57 Wages expense 600 Total expenses 3,256 Net profit/(loss) $11,094 *(a) Your answer has been saved and sent for grading. See Gradebook for score details. lournalise end-of-year closing entries, (Note: Enter debit entries first, followed by credit entries in the general journal. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Leave blank any answer fields that do recurrir an answer. Fler runs following the murder of arratsaven in the laterterul cu afirmur Ins) *(b) 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 Debit Credit 35,000 June 530 5,035 5,040 Cash at bank Date Details June 1 Capital 8 Sales revenue 13 Accounts receivable 27 Accounts receivable [no answer] [na answer [no answer] [na answer] [no answer] [n answer] [no answer] [na answer] [no answer] [na answer] Date Details 1 Shop equipment (cost) 2 Prepaid insurance 2 Advertising expense 11 Postage and stationery 14 Accounts payable 23 Accounts payable 30 Bank loan 30 Wages expense [no answer) Ina answer] 4,000 4.680 1,190 100 19,800 4.500 900 570 $ $ July [no answer [no answer] Julyno answer f'no answer] No. 110 Debit Credit Accxunts receivable Date Details Jurie & Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue 5,300 June 7,960 5,400 8,500 Date Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank [no answer] [no answer] 5,035 265 360 5,040 $ $ July [no answer) (no answer) July [no answer (no answer No. 120 Debit Credit Inventory Date Details June 5 Accounts payable 7 Accounts payable 24 Cost of sales 21 Accounts payable (no answer) (no answer) (no answer (no answer (no answer) (no answer 22,000 June 22,000 300 9,500 Date Details 8 Cost of sales A Cost of sales 12 Accounts payable 12 Cost of sales 17 Cost of sales 25 Cost of sales (no answer [no answer) 300 2,300 150 1,100 4,500 4,300 $ July [no answer] [no answer] July [no answer] [no answer] Prepaid insurance No. 130 No. 300 Debit Dale Credit Capital Dale Details June (no answer [ne answer [no answer [na answer Details 1 Cash at bank Junc 35,000 no answer) (na answer No. 310 Drawings Date Details Debit Date Details Credit No. 320 Debit Credit Profit or loss summary Date Details June (no answer (no answer) fno answer ['no answer) Date Details June (no answer [no answer] (no answer (no answer No. 400 Debit Credit Dale 530 Sales revenue Dale Details June [no answer (no answer (no answer no answer (no answer (no answer (no answer (no answer [no answer] (nid answer Details 8 Cash at bank 8 Accounts receivable 12 Accounts receivable 17 Accounts receivable 25 Accounts receivable 5,300 7,980 5,400 8,500 $ No. 110 Sales returns and allowances Date Details Jurie 24 Accounts receivable Debit Credit Date Details 360 June [na answer] (no answer] No. 420 Discount received Dale Details June (ne answer] [no answer] Debit Credit Dale June Details 141 Accounts payable 2,200 No. 500 Debit Credit 300 Cost of sales Date Details June 8 Inventory 8 Inventory 12 Inventory 17 Inventory 25 Inventory 300 June 2,300 4,100 4,500 4,300 Date Details 24 Inventory [no answer fno answer [no answer] [no answer [no answerl [no answer [no answer] [no answer S 17 Credit sale to Acaderniy Diving School of 15 wetsuits at a discounted price of $360 each on terms of net 15. Cast of sales $4,500. 23 Paid Excitement Plus $4,500 of the amount owing to them. 24 Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $360 each that was not the size they required. The cost of the wetsuit to us was $300 and it was put back into inventory. 24 Purchased wetsuits from Surf Imports for $9,500 on terms of 10/10, 1/30. 25 Credit sale to Serious Fun of skateboards for $8,500 (cust of sales $4,300). Terms 5/10, 1/30. 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 $570 to pay wages to Scott Walker the sales assistant of $600 less PAYG Withholding of $30. The end of month adjustments are below. a. Depreciation on shop equipment for the month is 15% p.a. prime cost (straight line). b. One twelfth of the insurance expired. c. Superannuation payable for the manth is 10% of the gross wages paid. d. Interest charged on the bank loan for the month was $154. The transactions above have been journalised and posted. The statement or profit or loss for June is below. Skate 'n' Surf Statement ol prolit or lon for the period 1 June to 30 June 20xx Revenue Sales revenue Sales revenue 27,710 Less: Sales retums and allowances 360 Net sales revenue 27,350 Less: Cost of sales 15,200 Gross profit 12,150 Other revenues Discount received 2,200 14,350 Expenses Advertising experise 1,190 Depreciation expense 500 Discount allowed 265 Insurance expense 390 Interest experise 154 Postage and stationery expense 100 Superannuation exepnse 57 Wages expense 600 Total expenses 3,256 Net profit/(loss) $11,094 *(a) Your answer has been saved and sent for grading. See Gradebook for score details. lournalise end-of-year closing entries, (Note: Enter debit entries first, followed by credit entries in the general journal. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Leave blank any answer fields that do recurrir an answer. Fler runs following the murder of arratsaven in the laterterul cu afirmur Ins) *(b) 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 Debit Credit 35,000 June 530 5,035 5,040 Cash at bank Date Details June 1 Capital 8 Sales revenue 13 Accounts receivable 27 Accounts receivable [no answer] [na answer [no answer] [na answer] [no answer] [n answer] [no answer] [na answer] [no answer] [na answer] Date Details 1 Shop equipment (cost) 2 Prepaid insurance 2 Advertising expense 11 Postage and stationery 14 Accounts payable 23 Accounts payable 30 Bank loan 30 Wages expense [no answer) Ina answer] 4,000 4.680 1,190 100 19,800 4.500 900 570 $ $ July [no answer [no answer] Julyno answer f'no answer] No. 110 Debit Credit Accxunts receivable Date Details Jurie & Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue 5,300 June 7,960 5,400 8,500 Date Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank [no answer] [no answer] 5,035 265 360 5,040 $ $ July [no answer) (no answer) July [no answer (no answer No. 120 Debit Credit Inventory Date Details June 5 Accounts payable 7 Accounts payable 24 Cost of sales 21 Accounts payable (no answer) (no answer) (no answer (no answer (no answer) (no answer 22,000 June 22,000 300 9,500 Date Details 8 Cost of sales A Cost of sales 12 Accounts payable 12 Cost of sales 17 Cost of sales 25 Cost of sales (no answer [no answer) 300 2,300 150 1,100 4,500 4,300 $ July [no answer] [no answer] July [no answer] [no answer] Prepaid insurance No. 130 No. 300 Debit Dale Credit Capital Dale Details June (no answer [ne answer [no answer [na answer Details 1 Cash at bank Junc 35,000 no answer) (na answer No. 310 Drawings Date Details Debit Date Details Credit No. 320 Debit Credit Profit or loss summary Date Details June (no answer (no answer) fno answer ['no answer) Date Details June (no answer [no answer] (no answer (no answer No. 400 Debit Credit Dale 530 Sales revenue Dale Details June [no answer (no answer (no answer no answer (no answer (no answer (no answer (no answer [no answer] (nid answer Details 8 Cash at bank 8 Accounts receivable 12 Accounts receivable 17 Accounts receivable 25 Accounts receivable 5,300 7,980 5,400 8,500 $ No. 110 Sales returns and allowances Date Details Jurie 24 Accounts receivable Debit Credit Date Details 360 June [na answer] (no answer] No. 420 Discount received Dale Details June (ne answer] [no answer] Debit Credit Dale June Details 141 Accounts payable 2,200 No. 500 Debit Credit 300 Cost of sales Date Details June 8 Inventory 8 Inventory 12 Inventory 17 Inventory 25 Inventory 300 June 2,300 4,100 4,500 4,300 Date Details 24 Inventory [no answer fno answer [no answer] [no answer [no answerl [no answer [no answer] [no answer S