Answer asap.
30/06/2017 Depreciable Asset: 135 (Furniture) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 20% of the carrying amount 30/06/2017 Depreciable Asset: 140 (Office Equipment) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 30% of the carrying amount Additional Information 30/06/2017 Asset: 110 (Merchandise Inventory) For the following: Financial Statement preparation Instructions: Make any adjustments as necessary. Opening Inventory $150,000 Ending Inventory $200,000A) Jou rnalise the transactions for the month ofJune. (2 Marks) B) Prepare the unadjusted Trial Balance on the Worksheet for the year ended 30 June 2017, using the provided trial balance as at 31 May 2017 and the General Leger Accounts. (2 Marks) C) Jou rnalise the adjustment transactions for the month of June. (2 Marks) D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet. (4 Marks) E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017. (4 Marks} Transactions during the month of June 2017 are listed below: _ 07/06/2017 Source Document: Sales invoice For the following: Made sales to SAN Entertainment (Customer) Amount: $30,000 Terms: Net 30 08/06/2017 Source Document: Receipts For the following: Received payment on account from Felicia Ltd (Customer) Amount: $22,600 Terms: Cash Tendered 09/06/2017 Source Document: Sales Return Slip For the following: SAN Entertainment (Customer) returned goods Amount: 56,000 Terms: Credit on account (Adjustment note) 10/06/2017 Source Document: Purchase Invoice Read the below case study and answer the required questions. The "Wise Dimension" owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and offline channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows: Trial Balance as at 31 May 2017 Acct No. Account Name Acct No. Debit Credit 101 Cash at Bank 101 $90,600 105 Accounts Receivable 105 $76,800 110 Merchandise Inventory 110 $150,000 115 Supplies 115 $8,000 120 Prepaid Insurance 120 $17,000 135 Office Furniture 135 $35,000 137 Acc. Depreciation. - Furniture 137 $15,000 140 Office Equipment 140 $20,000 141 Acc. Depreciation - Office Equip. 141 $9,000 201 Accounts Payable 201 $44,960 202 Interest Payable 202 $4,000 210 Loan Payable 210 $30,000 301 Cousins, Capital 301 $41,340 305 Cousins, Drawings 305 $18,900 401 Sales Revenue 401 $705,000 402 Sales Returns 402 $55,000 403 Sales Discounts 403 $15,000 501 Purchases 501 $166,000 502 Purchase Returns 502 $20,000503 Purchase Discounts 503 $33,000 504 Freight-in 504 $25,000 601 Advertising Expense 601 $50,000 505 Automobile Expense 605 $15,000 615 Depreciation Expense - Furniture 615 $0 Kent Institute Australia Pty. Ltd. Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 Version 2: 11th October, 2019 Page 2 of 5 TEQSA Provider Number: PRV12051 620 Depreciation Expense - Office Equip. 620 650 Insurance Expense 650 $0 565 Maintenance Expense 665 $28,500 570 Miscellaneous Expense 670 $15,500 675 Rent Expense 675 $77,200 680 Supplies Expense 680 685 Utilities Expense 685 $35,500 690 Interest Expense 690 $3,300 700 Income Summary 700 $902,300 $902,300 Required: Ignore Income Tax
