3 Smith has a business selling washing machines. He buys the goods from the manufacturers and sells them to stores and other suppliers. He keeps full accounting records and his trial balance at 30 June 2005 is shown below. The following additional information is available. 1. Stock at 30th June 2005 was valued at $7100. 2. Motor expenses of $350 are to be accrued. 3. $20 paid in advance for insurance. 4. Discount receivable outstanding $200. 5. Goods for own use $300. 3 Smith has a business selling washing machines. He buys the goods from the manufacturers and sells them to stores and other suppliers. He keeps full accounting records and his trial balance at 30 June 2005 is shown below. The following additional information is available. 1. Stock at 30th June 2005 was valued at $7100. 2. Motor expenses of $350 are to be accrued. 3. $20 paid in advance for insurance. 4. Discount receivable outstanding $200. 5. Goods for own use $300