Jimin registered her sole trader ABN/GST and business name (Jimin's Store) on 1 June 2020. Jimin's Store sells construction equipment and machinery throughout Australia. Jimin's Store uses the FIFO periodic cost flows. The Transactions for the month of June 2020 are as follows;

Date

Transactions

1/06/2020

Jimin invested $130,000 cash into business

5/06/2020

Purchased inventory from Nisha on credit for $60,000 plus GST; terms: 2/10, net 30

7/06/2020

Paid freight cost of $800 plus GST on 5 June purchase

10/06/2020

Returned faulty inventory, costing $5,500 including GST back to Nisha

15/06/2020

Paid the supplier (Nisha) for the 5 June purchase in full, less discount

16/06/2020

Paid rent for June, $3,300 including GST

18/06/2020

Sold merchandise costing $25,000 on credit for $55,000 plus GST to Sandhya; terms: 2/15, n/45

22/06/2020

Sandhya returned some inventory sold on 15 June, and received an adjustment note, $11,000 including GST

23/06/2020

Sandhya paid the remaining balance with discount by electronic fund transfer

30/06/2020

Paid month's salary to sales staff, $20,000

Note:

At the end of the month, Jimin undertook a physical stock-take and calculated that inventory worth $32,040 was still on hand

Consider 'GST paid' as asset account: not 'contra-liability account'

Consider 'Discount Allowed' as a contra-sales account: not 'selling expense'

Consider 'Discount Received' as a contra-purchase account: not 'other income'

Required;

A)Journalise the transactions for the month of June 2020 (6 marks)

B)Post journal entries to T-accounts (3 marks)

C)Prepare the trial balance on the worksheet, and fill in the columns of income statement and balance sheet (3 marks)

D)Prepare the financial statements for the financial year ended 30 June 2020 (4 marks)