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 $9,000. These were paid for with a loan of $42,000 from the bank and cheque for $2,000 from the business bank account. The bank loan is repayable over 4 years.
	2		Paid $4,440 for a 1-year insurance policy covering fire, theft, and public liability.
	2		Paid $1,050 to Local Newspapers for advertising for the shop for the month.
	7		Purchased inventory (skateboards and protective gear) from Excitement Plus for $27,000 on terms on net 30.
	8		Credit sale to Serious Fun of skateboards and protective gear for $5,400 (cost of sales $2,500). This customer was given terms of 5/10, n/30.
	8		Cash sale of a skateboard and protective gear for $580 (cost of sales $240).
	11		Cash purchase of postage stamps and stationery from Australia Post for $200.
	12		Credit sale to Surfing World of various inventory items for $7,960 (cost of sales $5,000). Terms net 30.
	12		Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $200.
	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 14 wetsuits at a discounted price of $340 each on terms of net 15. Cost of sales $4,000.
	23		Paid Excitement Plus $4,400 of the amount owing to them.
	24		Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $340 each that was not the size they required. The cost of the wetsuit to us was $190 and it was put back into inventory.
	24		Purchased wetsuits from Surf Imports for $8,700 on terms of 10/10, n/30.
	25		Credit sale to Serious Fun of skateboards for $7,500 (cost of sales $3,500). 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 $1,000 was made on the bank loan.
	30		The owner cashed a cheque for $780 to pay wages to Scott Walker the sales assistant of $830 less PAYG Withholding of $50.

The June transactions above have been journalised and posted.

Skate n Surf Trial balance as at 30 June 20XX
Account no.		Account		Debit		Credit
100		Cash at bank		14,160
110		Accounts receivable		15,460
120		Inventory		39,450
130		Prepaid insurance		4,440
171		Shop equipment (cost)		44,000
200		Accounts payable				31,100
210		PAYG withholding payable				50
230		Bank loan				41,000
300		Capital				35,000
400		Sales revenue				26,200
410		Sales returns and allowances		340
420		Discount received				1,900
500		Cost of sales		15,050
600		Advertising expense		1,050
620		Discount allowed		270
660		Postage and stationery expense		200
690		Wages expense		830
				$135,250		$135,250

Journalise the following end-of-month adjustments. (Note: Enter debit entries first, followed by credit entries in the general journal. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Leave blank any answer fields that do not require an answer. Round answer to the nearest whole dollar.)

a.	Depreciation on shop equipment for the month is 20% p.a. prime cost (straight line).
b.	One-twelfth of the insurance expired.
c.	Superannuation payable for the month is 10.0% of the gross wages paid.
d.	Interest charged on the bank loan for the month was $154.

Date	Description	Post ref.	Debit	Credit
20XX
June 1
	(Amount of prepaid insurance expired for June)
12345678910111213141516171819202122232425262728293031
	(Interest charged to bank loan for June)