June 2018 Transactions

Date

Transaction

01-06-2018

The Enchanted Florist purchased flowers for an upcoming wedding for $1084 which has not yet been paid. They paid the delivery fee of $120

01-06-2018

Rosie's Bunch paid the entire balance of their account

02-06-2018

Paid the amount owing to the Flower Pot

03-06-2018

Cash sales for the week were $306

06-06-2018

Blossoms paid $434 towards its amount owing

07-06-2018

Made a purchase from Florist Warehouse $930 in preparation for a christening.

07-06-2018

Paid for the purchase of store supplies for $88

08-06-2018

Rosie's Bunches purchased inventory $1092

09-06-2018

Some of the flowers purchased on 7 June from Florist Warehouse were the wrong colour.Returned inventory in exchange for a credit note of $300

10-06-2018

Recorded case sales for the week of $306

13-06-2018

Purchased inventory from the Flower Pot for $1530.

14-06-2018

Sold inventory to Blossoms $1974 on credit.Delivery fee of $150 paid.

15-06-2018

Paid office staff salaries $1166

15-06-2018

Paid Sales staff wages of $990

16-06-2008

Paid the amount owing to Florist Warehouse

17-06-2018

Recorded cash sales for the week of $397

20-06-2018

Blossoms returned $374 of inventory purchased on 14 June.Issued credit note

21-06-2018

Paid $200 for staff celebration.Recorded as a sundry expense

22-06-2018

Purchased inventory from the Florist Warehouse for $1490

23-06-2018

Received total amount owing from Blossoms

24-06-2018

Recorded case sales for the week of $624

27-06-2018

The Enchanted Florist paid the entire balance of its account

28-06-2018

Paid $1200 of the amount owing to Florist Warehouse

29-06-2018

A dividend of $2800 was declared.To be paid in Oct 2018

29-06-2018

Paid Sales staff wages of $990

30-06-2018

Issued additional shares to the owners for cash of $2000

30-06-2018

Recorded cash sales for the week of $372

Adjusting Entries

a)

New store shelving was installed on 1 July 2017.It has a useful life of 9 years

b)

The computers have a useful life of 10 years.

c)

12 months of store rent was prepaid on 1 March 2018

d)

A count of store supplies indicates that $1355 remain on hand at year end

e)

A one-year insurance policy was purchased on 1 Nov 2017 for $180.

f)

Interest on the bank loan is charged at 7% and paid annually on 1 August

g)

A telephone bill for $102 for June was received on 2 July.The amount has not yet been recorded

h)

Estimated tax payable for the year ended 30 June 2018 is $2800.This amount is due in Sept 2018.

i)

The closing balance of inventory was $22484

Prepare the general journals and fill the attached template and prepare income statement and balance sheet