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.

The owner, Adeline Ridley, has worked in the fitness industry for many years, purchasing this Seven Days Fitness business in 2018. The business operates from a rented shopfront where she has a five-year rental agreement at a set price of $1,760 per calendar month (including GST). Rent is usually paid on the first of each month for the relevant month. Seven Days Fitness has two income streams - selling two popular products- Rowing machines and Exercise bikes and secondly providing fitness training for groups. Seven Days Fitness's principal customers for inventory sales are medium-sized organisations who have office-based gyms but from time to time, the business also sells to the public. Seven Days Fitness has operated the business using a manual accounting system since purchasing the business in 2018. As Seven Days Fitness's accountant, you recommend the business convert from a manual recording system to a computerised accounting recording system using MYOB from August 2020. All purchases of inventory are from local suppliers who supply inventory to Seven Days Fitness free of delivery charge. Specific Information: Seven Days Fitness purchases all its inventory on credit and sells inventory on credit to her business customers. From time to time, she sells inventory for cash to the public, and all fitness classes are also strictly on a cash basis. Customer account balances as at: July 31st, 2020 Name Account Balance Address Date of Last Invoice 542 City Road, Melboume July 25th ABN-50 999 555 666 $5,610 Offline Education Organisation Village Fair July 29th $6,765 601 Suburb Street, South Melboume ABN-92 555 888 111 All credit customers are offered the following terms: 2.5W 15 days, net 30. 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 Suppliers account balances as at: July 319 2020 Exercise Classes Name Address Terms Account Balance $5,505 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 dass which lasts for one hour Rower Gears Lid Cyde Bazaar 1 Scull Street, Brunswick 3'4 15 days, net ABN 50 596 794 363 30 14 Gove Street, Northcote 29 15 days, net ABN - 20 888 560 222 30 $3,634 The price of $440 Incluides GST Bank Loan: ANZ bank Each of the above account balances for suppliers represents deliveries of Inventory received on July 27" Seven Days Fitness pays $1,157.50 per month for the bank loan. This amount includes interestand principal payments. The monthly interest is fixed at $357.50 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 bankfee and Wages, the GST rate is 10% Prepaid Insurance: On November 1" 2019, Seven Days Fitness paid $3.000 (exclude GST) in advance for 1 year insurance. Trial Balance as at July 31, 2020. All sales are on credit, except where specifically stated, and all business expenses are paid with cash unless stated otherwise Credit Employee: Fitness Classes Debit 19,456 8,160 750 12.375 9,339 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 12 and 26" Wages Payable as a July 31, 2020 is $510 25,000 5,625 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 12.000 Inventory: July 312020 3.200 40,131 1.125 849 The following is a list of inventories on hand and the suppliers as at 31 July 2020 Quantity hem Code Description on hand 18,400 90 510 170 $78,590 Last Last Cost Supplier Sale Price Price $440 $700 Rower Gearslu $200 $450 Cycle Razaar $78,590 15 RM TEB Rowing Machine Exercise Bike Transactions during August 2020: 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, Paulis a student of this unit and his student 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 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 Paid Rent for business premises for August - $1,760 (including GST 1 Bank loan and interes paid $1.15750 2. Purchases of inventory from both suppliers: from Rower Gears Ltd -10 Rowing machines, and from Cycle Bazaar - 12 Exercise Bikes Al inventory was received within 24 hours 3 Paid Tru Energy for Julyonery 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 314. 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 scour period 7 Credit sales to Offline Education Organisaton - 10 Rowing machines and Exercises 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 uneamed income) Paid for motor vehicle fuel. $90 (including GST) for the month of Augum 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 dasses 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 PAYO tax withheld as a cash payment Use the spend money sectones 14 Adeline owner withdraws cash wings of $500 00 23 Adeline takes home exercise bikes drawings 25 Paid for motor vehide fue- $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: Balance Day Adjustments at August 31th, 2020 Some of the necessary adjustments are to be found in the ransactions above Other adjustments are listed below! 1) All Non-Current Assets (Motor Vehicle and Office Equipment to be depreciated at 20% annum Straight line on cost 2) Insurance expense was prepaid on November 1, 2019 for 1 year 3) An energy bil from Tru Energy for August $18.00 Including GST) has not been recorded or paid yet Accounts List 1-0000 1-1000 Hender Header Detail 11110 1-1200 Assets Current Assets Cheque Account Accounts Receivable Inventory Prepaid insurance Non-current Assets Motor Vehicle Motor Vehicle at Cost Motor Vehicle Acc Dep 1-1400 1-3000 1-3700 Detail Header Header Detail Data Bankfees - $20.00. (OST exempt) 13110 1-3120 Direct Debit lon 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 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 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 2-1310 2-1330 2-2400 2-2410 2-2420 Detail 2-3000 2-4000 Detail Header Detail 2-4100 3-0000 3-1000 3-1100 3-1200 3-9000 Equity Owner's Equity Owner's Capital Owner's Drawings Current Year Earnings 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 6-0040 6-1000 6-1010 6-1100 6-1210 Expenses Accounting Fees Advertising Bank Fees Depreciation Expense Discounts Given Header Detail Detail Detail Detail Detail 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. The owner, Adeline Ridley, has worked in the fitness industry for many years, purchasing this Seven Days Fitness business in 2018. The business operates from a rented shopfront where she has a five-year rental agreement at a set price of $1,760 per calendar month (including GST). Rent is usually paid on the first of each month for the relevant month. Seven Days Fitness has two income streams - selling two popular products- Rowing machines and Exercise bikes and secondly providing fitness training for groups. Seven Days Fitness's principal customers for inventory sales are medium-sized organisations who have office-based gyms but from time to time, the business also sells to the public. Seven Days Fitness has operated the business using a manual accounting system since purchasing the business in 2018. As Seven Days Fitness's accountant, you recommend the business convert from a manual recording system to a computerised accounting recording system using MYOB from August 2020. All purchases of inventory are from local suppliers who supply inventory to Seven Days Fitness free of delivery charge. Specific Information: Seven Days Fitness purchases all its inventory on credit and sells inventory on credit to her business customers. From time to time, she sells inventory for cash to the public, and all fitness classes are also strictly on a cash basis. Customer account balances as at: July 31st, 2020 Name Account Balance Address Date of Last Invoice 542 City Road, Melboume July 25th ABN-50 999 555 666 $5,610 Offline Education Organisation Village Fair July 29th $6,765 601 Suburb Street, South Melboume ABN-92 555 888 111 All credit customers are offered the following terms: 2.5W 15 days, net 30. 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 Suppliers account balances as at: July 319 2020 Exercise Classes Name Address Terms Account Balance $5,505 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 dass which lasts for one hour Rower Gears Lid Cyde Bazaar 1 Scull Street, Brunswick 3'4 15 days, net ABN 50 596 794 363 30 14 Gove Street, Northcote 29 15 days, net ABN - 20 888 560 222 30 $3,634 The price of $440 Incluides GST Bank Loan: ANZ bank Each of the above account balances for suppliers represents deliveries of Inventory received on July 27" Seven Days Fitness pays $1,157.50 per month for the bank loan. This amount includes interestand principal payments. The monthly interest is fixed at $357.50 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 bankfee and Wages, the GST rate is 10% Prepaid Insurance: On November 1" 2019, Seven Days Fitness paid $3.000 (exclude GST) in advance for 1 year insurance. Trial Balance as at July 31, 2020. All sales are on credit, except where specifically stated, and all business expenses are paid with cash unless stated otherwise Credit Employee: Fitness Classes Debit 19,456 8,160 750 12.375 9,339 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 12 and 26" Wages Payable as a July 31, 2020 is $510 25,000 5,625 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 12.000 Inventory: July 312020 3.200 40,131 1.125 849 The following is a list of inventories on hand and the suppliers as at 31 July 2020 Quantity hem Code Description on hand 18,400 90 510 170 $78,590 Last Last Cost Supplier Sale Price Price $440 $700 Rower Gearslu $200 $450 Cycle Razaar $78,590 15 RM TEB Rowing Machine Exercise Bike Transactions during August 2020: 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, Paulis a student of this unit and his student 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 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 Paid Rent for business premises for August - $1,760 (including GST 1 Bank loan and interes paid $1.15750 2. Purchases of inventory from both suppliers: from Rower Gears Ltd -10 Rowing machines, and from Cycle Bazaar - 12 Exercise Bikes Al inventory was received within 24 hours 3 Paid Tru Energy for Julyonery 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 314. 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 scour period 7 Credit sales to Offline Education Organisaton - 10 Rowing machines and Exercises 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 uneamed income) Paid for motor vehicle fuel. $90 (including GST) for the month of Augum 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 dasses 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 PAYO tax withheld as a cash payment Use the spend money sectones 14 Adeline owner withdraws cash wings of $500 00 23 Adeline takes home exercise bikes drawings 25 Paid for motor vehide fue- $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: Balance Day Adjustments at August 31th, 2020 Some of the necessary adjustments are to be found in the ransactions above Other adjustments are listed below! 1) All Non-Current Assets (Motor Vehicle and Office Equipment to be depreciated at 20% annum Straight line on cost 2) Insurance expense was prepaid on November 1, 2019 for 1 year 3) An energy bil from Tru Energy for August $18.00 Including GST) has not been recorded or paid yet Accounts List 1-0000 1-1000 Hender Header Detail 11110 1-1200 Assets Current Assets Cheque Account Accounts Receivable Inventory Prepaid insurance Non-current Assets Motor Vehicle Motor Vehicle at Cost Motor Vehicle Acc Dep 1-1400 1-3000 1-3700 Detail Header Header Detail Data Bankfees - $20.00. (OST exempt) 13110 1-3120 Direct Debit lon 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 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 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 2-1310 2-1330 2-2400 2-2410 2-2420 Detail 2-3000 2-4000 Detail Header Detail 2-4100 3-0000 3-1000 3-1100 3-1200 3-9000 Equity Owner's Equity Owner's Capital Owner's Drawings Current Year Earnings 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 6-0040 6-1000 6-1010 6-1100 6-1210 Expenses Accounting Fees Advertising Bank Fees Depreciation Expense Discounts Given Header Detail Detail Detail Detail Detail 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