Details of the products we are planning to sell are:

Item number	Product (Item) Name	Expected purchase price (excluding GST)	Expected selling price (excluding GST)
0001	PlayBox game Consoles	$75.00	$220.00
0002	Banana Mac book Pro	$350.00	$850.00

Customer details are:

Customer Name	Address	Contact details	Terms of credit
BJ HiFi	450 Bourke St Melbourne 3000	Bonnie N Clyde +61 3 9999 0099	1/7 net 30
Good Fellows	300 Smith St Collingwood 3068	Gilligan N Skipper +61 3 8888 0011	1/7 net 30

Supplier details are:

Supplier Name	Address	Contact details	Terms of credit
Pintendo Australia Pty Ltd	21 Macquarie St Sydney 2000	Ian Pesky +61 2 3333 4444	2/14 net 30
Banana Australia Pty Ltd	35 Lorimer St South Melbourne 3205	Trish Chassie + 61 3 5656 5656	2/14 net 30

Note above the terms of credit. This will be important when completing some journals

MORE INSTRUCTIONS

Notethe journal template has been created to have even amount of debit and credit fields for each transaction. This does not mean that all fields have journal entries in them. Some will need to be filled with N/A. See the example below

The owner contributes $1,000 to the business
Date	Account Description	Debit	Credit
1st July	Cash at bank	1,000
N/A	N/A
Capital		1,000
N/A		N/A

Failing to fill fieldsappropriately will mean that you are not maximising your mark for the assessment. It has been designed this way so as not to favour or hinder, but to assess your ability to understand normal balances and debits and credits.

Theaccount description must match exactly the descriptionsin the chart of accounts. Cutting and pasting is the preferable way here. Spelling mistakes will be marked incorrect by the system. So ensure that your spelling is correct.

Account Number	Account Name
1000	Assets
		Current Assets
1001			Cash at Bank
1010			Accounts Receivable
1020			Inventory
1030			Prepaid Rent
1035			Prepaid Insurance
1040			Packing supplies
1100		Non-Current Assets
			WDV Office Computers
1110				Computers
1111		Accumulated Depreciation Office Computers
			WDV Office Equipment
1120				Office Equipment
1121				Accumulated Depreciation Office Equipment
			WDV Fork lift vehicle
1130				Forklift
1131				Accumulated Depreciation Forklift
			WDV Warehouse Shelving
1140				Warehouse Shelving
1141				Accumulated Depreciation- WarehouseShevling
2000	Liabilities
		Current Liabilities
2001			Accounts Payable
2002			Electricity Payable
2003			Wages Payable
2004			Telecommunications Payable
			GST
2010				GST Collected
2011		GST Paid
2200		Non-current Liabilities
2201			Loan - Best Bank
3000	Shareholders funds
3001			Share Capital
3010			Retained Earnings
4000	Income
4001			Sales
4010			Discount Received
5000	Expenses
5001			Cost of Goods Sold
5010			Discount Allowed
5020			Transportation costs
5100			Wages Expense
5110			Rent Expense
5120			Telecommunications
5130			Electricity Expense
5140			Utilities Expenses
5150			Insurance Expense

Complete the journal entries for the following transactions.

Ensure thatallfields have an entry in them to maximise your result.

The owner contributes $100,000 to the business to create Shipem In&Out Pty Ltd
Date	Account Description	Debit	Credit
1st July
Paid for insurance for 1 year $1,320 (including GST)
Date	Account Description	Debit	Credit
2nd July
Purchased and paid for Office Equipment. ($7,700 including GST).
Date	Account Description	Debit	Credit
3rdJuly
Purchase a warehouse shelving $10,000 excluding GST. Payment made in cash
Date	Account Description	Debit	Credit
4thJuly
Purchased Inventory on credit (Product 0002) Banana Mac Book Pro quantity 90.
Date	Account Description	Debit	Credit
5thJuly
Purchase Playbox Game console (0001) from Pintendo for cash. Quantity 100
Date	Account Description	Debit	Credit
6thJuly
Sale of 60 Banana Mac Book Pro to Good Fellows on credit
Date	Account Description	Debit	Credit
7thJuly

Sale of Playbox Game console to BJ HiFi on credit. Qty 20 (0001)
Date	Account Description	Debit	Credit
8thJuly
Customer BJ HiFi returns three (3) Game consoles purchased on the 8thJuly. Full refund.
Date	Account Description	Debit	Credit
10thJuly
Sale of Banana Mac Book Pro to Good Fellows for cash (Qty 25)
Date	Account Description	Debit	Credit
12thJuly
Paid Accounts Payable in full receiving discount of 2% for paying in the discount period.
Date	Account Description	Debit	Credit
19thJuly
Good Fellows paid within discount period in full, taking a 1% discount
Date	Account Description	Debit	Credit
19thJuly
Receipt of payment of BJ HiFi for sales on 8thJuly. Paid outside the discount period
Date	Account Description	Debit	Credit
21stJuly

Received a telecommunication invoice for the month of July $1,650 including GST
Date	Account Description	Debit	Credit
30thJuly
Paid Staff wages for the month $15,000
Date	Account Description	Debit	Credit
30thJuly