Chart of accounts The chart of accounts for Skate n Surf contains the accounts and account numbers below.

100		Cash at bank
110		Accounts receivable
120		Inventory
130		Prepaid insurance
171		Shop equipment (cost)
172		Accumulated depreciation - shop equipment
200		Accounts payable
210		PAYG withholding payable
220		Superannuation payable
230		Bank loan
300		Capital
310		Drawings
320		Profit or loss summary
400		Sales revenue
410		Sales returns and allowances
420		Discount received
500		Cost of sales
600		Advertising expense
610		Depreciation expense
620		Discount allowed
630		Electricity expense
640		Insurance expense
650		Interest expense
660		Postage and stationery expense
670		Superannuation expense
680		Telephone expense
690		Wages expense

Transactions
June	1		The owner opened a bank account for the business with a deposit of $23,000. This is capital provided by him.
	1		Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $26,600 and computer equipment for the shop from Computer Wizards for $4,400. These were paid for with a loan of $26,000 from the bank and cheque for $5,000 from the business bank account. The bank loan is repayable over 4 years.
	1		Paid $3,960 for a 1-year insurance policy covering fire, theft, and public liability.
	2		Purchased inventory (skateboards and protective gear) from Excitement Plus for $21,500 on terms on net 30.
	5		Cash purchase of postage stamps and stationery from Australia Post for $440.
	7		Purchased surfboards and wetsuits from Surf Imports for $18,290 on terms of 10/10, n/30.
	8		Paid $1,500 to Local Newspapers for advertising for the shop for the month.
	8		Paid Surf Imports the amount owing to them less the prompt payment discount.
	11		Credit sale to Surfing World of various inventory items for $7,180 (cost of sales $3,600). Terms net 30.
	12		Credit sale to Academy Diving School of 13 wetsuits at a discounted price of $220 each on terms of net 15. Cost of sales $2,700.
	13		Credit sale to Serious Fun of skateboards and protective gear for $4,400 (cost of sales $2,300). This customer was given terms of 5/10, n/30.
	14		Cash sale of a skateboard and protective gear for $410 (cost of sales $210).
	18		Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount.
	23		Cash sale of inventory to the value of $960 (cost of sales $440).
	24		Issued an adjustment note (credit note) to Academy Diving School for 4 wetsuits at $220 each that was not the size they required. The cost of the wetsuits to us was $360 and they were put back into inventory.
	25		Paid Excitement Plus $5,100 of the amount owing to them.
	26		Credit sale to Serious Fun of skateboards for $6,800 (cost of sales $3,500). Terms 5/10, n/30.
	27		Purchased wetsuits from Surf Imports for $7,400 on terms of 10/10, n/30.
	27		Received and banked a cheque from Academy Diving School for the amount owing by them.
	30		Paid Energy Australia $250 for electricity expenses.
	30		The owner cashed a cheque for $1,830 to pay wages to Scott Walker the sales assistant of $830 less PAYG Withholding of $30, and $1,030 drawings for himself.

The end of month adjustments are below.

a.	Depreciation on shop equipment for the month is 25% p.a. prime cost (straight line).
b.	One-twelfth of the insurance expired.
c.	Superannuation payable for the month is 9% of the gross wages paid.
d.	Interest charged on the bank loan for the month was $108.

The transactions above have been journalised and posted. Cash at bank Date Details June 1 Capital 14 Sales revenue 18 Accounts receivable 23 Sales revenue 27 Accounts receivable Debit Date Details 23,000 June 1 Shop equipment (cost) 410 1 Prepaid insurance 4,180 5 Postage and stationery expense 960 8 Advertising expense 1,980 8 Accounts payable 25 Accounts payable 30 Electricity expense 30 Wages expense 30 Drawings No. 100 Credit 5,000 3,960 440 1,500 16,461 5,100 250 800 1,030 Details Accounts receivable Date June 11 Sales revenue 12 Sales revenue 13 Sales revenue 26 Sales revenue Debit Date Details 7,180 June 18 Cash at bank 2,860 18 Discount allowed 4,400 24 Sales returns and allowances 6,800 27 Cash at bank No. 110 Credit 4,180 220 880 1,980 Details Details Inventory Date June 2 Accounts payable 7 Accounts payable 24 Cost of sales 27 Accounts payable Debit Date 21,500 June 11 Cost of sales 18,290 12 Cost of sales 360 13 Cost of sales 7,400 14 Cost of sales 23 Cost of sales 26 Cost of sales No. 120 Credit 3,600 2,700 2,300 210 440 3,500 Prepaid insurance Date Details Debit Date Details 3,960 June 30 Insurance expense No. 130 Credit 330 June 1 Cash at bank No. 171 Credit Details Date Details Shop equipment (cost) Date June 1 Bank loan 1 Cash at bank Debit 26,000 5,000 Accumulated depreciation - shop equipment Date Details Debit Date Details June 30 Depreciation expense No. 172 Credit 646 Details Details Accounts payable Date June 8 Cash at bank 8 Discount received 25 Cash at bank Debit Date 16,461 June 2 Inventory 1,829 7 Inventory 5,100 27 Inventory No. 200 Credit 21,500 18,290 7,400 PAYG withholding payable Date Details Debit Details Date June 30 Wages expense No. 210 Credit 30 No. 220 Superannuation payable Date Details Credit Debit Date Details June 30 Superannuation expense 76 Bank loan Date Details Debit Date Details June 1 Shop equipment (cost) 30 Interest expense No. 230 Credit 26,000 10B Capital Date Details Debit Details Date June No. 300 Credit 23,000 1 Cash at bank Drawings Date June 30 Cash at bank No. 310 Credit Details Date Details Debit 1,030 Sales revenue Date Details Debit Date Details June 11 Accounts receivable 12 Accounts receivable 13 Accounts receivable 14 Cash at bank 23 Cash at bank 26 Accounts receivable No. 400 Credit 7,180 2,860 4,400 410 960 6,800 Sales returns and allowances Date Details June 24 Accounts receivable No. 410 Credit Debit Date Details 880 Discount received Date Details Debit Details Date June 8 Accounts payable No. 420 Credit 1,829 Details Details No. 500 Credit 360 Cost of sales Date June 11 Inventory 12 Inventory 13 Inventory 14 Inventory 23 Inventory 26 Inventory Debit Date 3,600 June 24 Inventory 2,700 2,300 210 440 3,500 Advertising expense Date June 8 Cash at bank No. 600 Credit Details Date Details Debit 1,500 No. 610 Credit Debit Date Details 646 No. 620 Credit Debit Date Details 220 Depreciation expense Date Details June 30 Accumulated depreciation - shop equipment Discount allowed Date Details June 18 Accounts receivable Electricity expense Date Details June 30 Cash at bank Insurance expense Date Details June 30 Prepaid insurance No. 630 Credit Debit Date Details 250 No. 640 Credit Debit Date Details 330 Interest expense Date June 30 Bank loan No. 650 Credit Details Debit Date Details 108 No. 660 Credit Debit Details Date 440 Postage and stationery expense Date Details June 5 Cash at bank Superannuation expense Date Details June 30 Superannuation payable No. 670 Credit Debit Date Details 76 Wages expense Date June 30 Cash at bank No. 690 Credit Details Debit Date Details 800 30 PAYG withholding payable 30 Prepare an adjusted trial balance. (Note: Enter accounts in ascending account number order. Leave blank any answer fields that do not require an answer.) Skate 'n' Surf Adjusted trial balance as at 30 June 20xx Debit Account no Account Credit