\begin{tabular}{|l|l|} \hline June 19 & The company issued cheque \#216 to pay the amount still owing to Yering Tiling Supplies. \\ \hline & \\ \hline June 21 & Total Cash Sales for the week were $125,055. \\ \hline \end{tabular} ADJUSTING ENTRIES a) The Showroom Fittings were installed on 1 July, 2023. They have a useful life of 9 years and no salvage value. The Straight-Line method is used to depreciate the Showroom Fittings. b) The Machinery was installed on 1 July, 2018. They have a useful life of 10 years and estimated salvage value of $15,750. The Straight-Line method is used to depreciate the Machinery. c) Twelve months of Showroom Warehouse Rent was prepaid on 1 March, 2024. Of the original prepaid amount, $1,232,700 worth of Rent has now expired. d) A count of Office Supplies indicates that $426,825, still remain on hand at year end. e) A one-year Insurance policy was purchased on 1 November 2023 for $56,700. f) Interest on the National Australia Bank Mortgage Loan is charged at 7\% per annum and is paid annually on 1 August (the interest expense should be rounded up to the nearest dollar). The National Australia Bank Mortgage Loan was originally taken out on the 1 August, 2023. g) The company has been informed that Olinda Bathroom Tiling has gone into Liquidation and Darkwood Flooring Pty Ltd has agreed to write off the amount owing as a Bad Debt. The company uses the direct write-off method to account for any Bad Debts in the books. h) A Telephone bill for $32,130 for June was received on 1 July, 2024. The amount has not yet been recorded. The company records them as a Utilities Expense. i) Office Staff are paid once per month, $367,290. The Office Staff were last paid on the 15 June, 2024. Exactly half of one month Office Staff wages are still owing. Sales Staff are paid fortnightly and work 7 days per week. The sales staff were last paid on the 29 June, 2024. One day of the wages bill amounting to $22,270 is still owed to the Sales Staff. k) The Accountant of the company has estimated that Tax Payable following the inclusion of certain tax adjustment for the year ended 30 June, 2024 will only be $432,005. This amount is to be paid on 31 October, 2024. 8) Prepare closing entries and post to the relevant general ledger accounts. 9)Complete the post-closing Trial Balance as at 30 June 2024 . \begin{tabular}{|c|c|c|c|} \hline 610 & Tax Expense & & \\ \hline 611 & Sundry Expenses & 15,120 & \\ \hline 612 & Salaries Expense - Office Staff & 3,803,310 & \\ \hline \multirow[t]{2}{*}{613} & Bad Debts Expense & & \\ \hline & & 35,115,885 & 35,115,885 \\ \hline \end{tabular} INSTRUCTIONS 1) Enter the transactions for Weeks 15 into the appropriate Journal for the month of June 2024. Next, post all the Journal transactions to the ledger accounts as specified in the "Account System Information" section of the introduction. 2) Total all Special Journal columns and post to the appropriate ledger account at the end of the month. 3) Prepare the unadjusted Trial Balance as at 30 June 2024 on the Worksheet provided. 4) Prepare the adjusting entries shown on page 10 in the General Journal and post to the relevant ledger accounts. Now enter the adjustments in the relevant worksheet columns and prepare an adjusted Trial Balance. 5) A Stock take on 30 June 2024 indicates that the balance of Closing Inventory is $7,082,460. Use this information to complete the remaining columns of the worksheet. 6) Use the worksheet to prepare the Income Statement and Balance Sheet. 7) Complete the Schedule of Accounts Receivable and Schedule of Accounts Payable. Ensure the balances agree with the totals in the control accounts. Note: Darkwood Flooring Pty Ltd offers all customers Credit Terms 2/10, n/30, unless otherwise stated dule of Accounts Payable As at 31 May 2024 TRANSACTIONS For June 2024 UA \begin{tabular}{|l|l|} \hline June 19 & The company issued cheque \#216 to pay the amount still owing to Yering Tiling Supplies. \\ \hline & \\ \hline June 21 & Total Cash Sales for the week were $125,055. \\ \hline \end{tabular} ADJUSTING ENTRIES a) The Showroom Fittings were installed on 1 July, 2023. They have a useful life of 9 years and no salvage value. The Straight-Line method is used to depreciate the Showroom Fittings. b) The Machinery was installed on 1 July, 2018. They have a useful life of 10 years and estimated salvage value of $15,750. The Straight-Line method is used to depreciate the Machinery. c) Twelve months of Showroom Warehouse Rent was prepaid on 1 March, 2024. Of the original prepaid amount, $1,232,700 worth of Rent has now expired. d) A count of Office Supplies indicates that $426,825, still remain on hand at year end. e) A one-year Insurance policy was purchased on 1 November 2023 for $56,700. f) Interest on the National Australia Bank Mortgage Loan is charged at 7\% per annum and is paid annually on 1 August (the interest expense should be rounded up to the nearest dollar). The National Australia Bank Mortgage Loan was originally taken out on the 1 August, 2023. g) The company has been informed that Olinda Bathroom Tiling has gone into Liquidation and Darkwood Flooring Pty Ltd has agreed to write off the amount owing as a Bad Debt. The company uses the direct write-off method to account for any Bad Debts in the books. h) A Telephone bill for $32,130 for June was received on 1 July, 2024. The amount has not yet been recorded. The company records them as a Utilities Expense. i) Office Staff are paid once per month, $367,290. The Office Staff were last paid on the 15 June, 2024. Exactly half of one month Office Staff wages are still owing. Sales Staff are paid fortnightly and work 7 days per week. The sales staff were last paid on the 29 June, 2024. One day of the wages bill amounting to $22,270 is still owed to the Sales Staff. k) The Accountant of the company has estimated that Tax Payable following the inclusion of certain tax adjustment for the year ended 30 June, 2024 will only be $432,005. This amount is to be paid on 31 October, 2024. 8) Prepare closing entries and post to the relevant general ledger accounts. 9)Complete the post-closing Trial Balance as at 30 June 2024 . \begin{tabular}{|c|c|c|c|} \hline 610 & Tax Expense & & \\ \hline 611 & Sundry Expenses & 15,120 & \\ \hline 612 & Salaries Expense - Office Staff & 3,803,310 & \\ \hline \multirow[t]{2}{*}{613} & Bad Debts Expense & & \\ \hline & & 35,115,885 & 35,115,885 \\ \hline \end{tabular} INSTRUCTIONS 1) Enter the transactions for Weeks 15 into the appropriate Journal for the month of June 2024. Next, post all the Journal transactions to the ledger accounts as specified in the "Account System Information" section of the introduction. 2) Total all Special Journal columns and post to the appropriate ledger account at the end of the month. 3) Prepare the unadjusted Trial Balance as at 30 June 2024 on the Worksheet provided. 4) Prepare the adjusting entries shown on page 10 in the General Journal and post to the relevant ledger accounts. Now enter the adjustments in the relevant worksheet columns and prepare an adjusted Trial Balance. 5) A Stock take on 30 June 2024 indicates that the balance of Closing Inventory is $7,082,460. Use this information to complete the remaining columns of the worksheet. 6) Use the worksheet to prepare the Income Statement and Balance Sheet. 7) Complete the Schedule of Accounts Receivable and Schedule of Accounts Payable. Ensure the balances agree with the totals in the control accounts. Note: Darkwood Flooring Pty Ltd offers all customers Credit Terms 2/10, n/30, unless otherwise stated dule of Accounts Payable As at 31 May 2024 TRANSACTIONS For June 2024 UA