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Journalist the June transaction Journal Entries. Iramsacions June 1 The owner opened a bank account for the business with a deposit of $25,100. This is

Journalist the June transaction

Journal Entries.

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Iramsacions June 1 The owner opened a bank account for the business with a deposit of $25,100. This is capital provided by him. 1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $32,300 and computer equipment for the shop from Computer Wizards for $3,800. These were paid for with a loan of $29,600 from the bank and cheque for $6,500 from the business bank account. The bank loan is repayable over 3 years. 1 Paid $4,600 for a 1-year insurance policy covering fire, theft, and public liability. 2 Purchased inventory (skateboards and protective gear) from Excitement Plus for $18,000 on terms on net 30 . 5 Paid $1,500 to Local Newspapers for advertising for the shop for the month. 6 Cash sale of a skateboard and protective gear for $500 (cost of sales $160 ). 7 Purchased surfboards and wetsuits from Surf Imports for $16,300 on terms of 10/10,n/30. 8 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $150. 9 Credit sale to Serious Fun of skateboards and protective gear for $4,200 (cost of sales $1,780 ). This customer was given terms of 5/10,n/30. 11 Paid Surf Imports the amount owing to them less the prompt payment discount. 12 Credit sale to Surfing World of various inventory items for $6,780 (cost of sales $3,270 ). Terms net 30 . 13 Cash purchase of stationery from Officeworks for $340. 14 Credit sale to Academy Diving School of 20 wetsuits at a discounted price of $230 each on terms of net 15 . Cost of sales $2,290. 18 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. 19 Cash sale of inventory to the value of $860 (cost of sales $310 ). 20 Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $230 each that was not the size they required. The cost of the wetsuit to us was $150 and it was put back into inventory. 24 Paid Excitement Plus $4,500 of the amount owing to them. 25 Credit sale to Serious Fun of skateboards for $6,270 (cost of sales $2,000 ). Terms 5/10,n/30. 26 Purchased wetsuits from Surf Imports for $6,100 on terms of 10/10,n/30. 27 Received and banked a cheque from Academy Diving School for the amount owing by them. 30 The owner cashed a cheque for $1,750 to pay wages to Scott Walker the sales assistant of $820 less PAYG Withholding of $30, and $960 drawings for himself. Chart of accounts unts and account numbers below

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