INTRODUCTION The objective of this Accounting practice set is to provide students with an insight into the process of recording transactions, completing adjusting and closing entries, and preparing financial statements for a retail business. Company Background Cape Cod Boats \& Yachts Pty Ltd has been in business in Ocean Grove, Victoria since July, 2017. The company was started by Clint Hodgson and operates a large showroom/warehouse which sells boating and yachting equipment \& accessories from all over Australia on a wholesale basis to other business outlets on both credit and cash terms. The company's Share Capital consists of 2,268,000 Ordinary Shares, originally issued at \$2 each and which are owned by various members of the Hodgson Family. The company has employed a combination of sales and administration staff to run the business since July, 2017. The company has generally been profitable since it was originally formed and has reasonable liquidity and solvency. Management has run the company efficiently over the past six years since formation. Accounting System Information \& Procedures The company has a financial year end of 30 June and prepares adjusting entries at the end of the financial year. To ensure efficiency of its accounting procedures, the company uses the following Special Journals to maintain its accounting records: 1. Sales Journal (SJ): to record all sales of Inventory on credit 2. Purchases Journal (PJ): to record all Purchases of Inventory on credit 3. Cash Receipts Journal (CRJ): to record all Cash Receipts 4. Cash Payments Journal (CPJ): to record all Cash Payments 5. General Journal (GJ): to record all transactions other than the above. Business transactions are recorded for Cape Cod Boats \& Yachts Pty Ltd on a daily basis in one of these five journals in the accounts. Additionally, the company maintains a general ledger to record postings from the journals. Subsidiary Ledgers ar used to record the separate details of Accounts Receivable and Accounts Payable. Transactions are posted immediately to the relevant ledger account if they are entered into the general journal, the "other" column of the Cash Receipt Journal or Cash Payments Journal, or if they affect any of the Accounts Receivable or Accounts Payable subsidiary ledger accounts. Apart from these transactions, totals of the special journals are taken at the end of the month and ther posted to the appropriate accounts. The company uses a periodic inventory system. In practice, the company would be required to collect and pay Goods and Services Tax (GST) on its sales and purchases. However, for the purposes of this exercise, GST has been excluded. Please Note: All amounts in this practice set can be rounded off to the nearest dollar. TRANSACTIONS For June 2022 L f Note: Cape Cod Boats \& Yachts Pty Ltd offers all customers Credit Terms 2/10,n/30, unless otherwise stated dule of Accounts Payable As at 31 May 2023 INSTRUCTIONS 1) Enter the transactions for Weeks 1 - 5 into the appropriate Journal for the month of June 2023. 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 2023 on the Worksheet provided