June	1		The owner opened a bank account for the business with a deposit of $35,000. This is capital provided by him.
	1		Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $35,000 and computer equipment for the shop from Computer Wizards for $5,000. These were paid for with a loan of $36,000 from the bank and cheque for $4,000 from the business bank account. The bank loan is repayable over 4 years.
	2		Paid $4,680 for a 1-year insurance policy covering fire, theft, and public liability.
	2		Paid $1,190 to Local Newspapers for advertising for the shop for the month.
	5		Purchased inventory (skateboards and protective gear) from Excitement Plus for $22,000 on terms on net 30.
	7		Purchased surfboards and wetsuits from Surf Imports for $22,000 on terms of 10/10, n/30.
	8		Credit sale to Serious Fun of skateboards and protective gear for $5,300 (cost of sales $2,300). This customer was given terms of 5/10, n/30.
	8		Cash sale of a skateboard and protective gear for $530 (cost of sales $300).
	11		Cash purchase of postage stamps and stationery from Australia Post for $100.
	12		Credit sale to Surfing World of various inventory items for $7,980 (cost of sales $4,100). Terms net 30.
	12		Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $150.
	13		Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount.
	14		Paid Surf Imports the amount owing to them less the prompt payment discount.
	17		Credit sale to Academy Diving School of 15 wetsuits at a discounted price of $360 each on terms of net 15. Cost of sales $4,500.
	23		Paid Excitement Plus $4,500 of the amount owing to them.
	24		Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $360 each that was not the size they required. The cost of the wetsuit to us was $300 and it was put back into inventory.
	24		Purchased wetsuits from Surf Imports for $9,500 on terms of 10/10, n/30.
	25		Credit sale to Serious Fun of skateboards for $8,500 (cost of sales $4,300). Terms 5/10, n/30.
	27		Received and banked a cheque from Academy Diving School for the amount owing by them.
	30		A repayment of $900 was made on the bank loan.
	30		The owner cashed a cheque for $570 to pay wages to Scott Walker the sales assistant of $600 less PAYG Withholding of $30.

a.	Depreciation on shop equipment for the month is 15% p.a. prime cost (straight line).
b.	One-twelfth of the insurance expired.
c.	Superannuation payable for the month is 10% of the gross wages paid.
d.	Interest charged on the bank loan for the month was $154.

The transactions above have been journalised and posted. The statement or profit or loss for June is below.

Skate 'n' Surf Statement of profit or loss for the period 1 June to 30 June 20XX
Revenue
Sales revenue
Sales revenue				27,710
Less: Sales returns and allowances				360
Net sales revenue				27,350
Less: Cost of sales				15,200
Gross profit				12,150
Other revenue:
Discount received				2,200
				14,350
Expenses
Advertising expense		1,190
Depreciation expense		500
Discount allowed		265
Insurance expense		390
Interest expense		154
Postage and stationery expense		100
Superannuation exepnse		57
Wages expense		600
Total expenses				3,256
Net profit/(loss)				$11,094

a) Journalise end-of-year closing entries

b) Post end-of-year closing entries and complete the closing process in the general ledger