Little Red Riding' began business on 1 June 2019. The business is a partnership, between Mr Wheeler and Mrs Wheeler. The business will sell children's bicycles at the local markets. The business is not registered for GST. The following transactions occurred during June 2019: Date: Details: 1-Jun Mr and Mrs Wheeler deposited $30,000 into the business bank account. 2-Jun Purchase of bicycles (100 small bicycles, and 100 large bicycles) from Red Bikes Rock Ltd on account for $10,000 ($50 per bicycle) on terms of 2/10, n/30. 4-Jun Little Red Riding received an invoice from Fast Freight Ltd relating to delivery costs for the bicycles purchased on 2 June. The amount due is $300, and is due on 18 June. 5-Jun Sent a cheque in the mail to Groove Markets Ltd for $300, for stall fees at the local markets for the month of June. 6-Jun Sale of 30 bicycles (20 small bicycles, and 10 large bicycles) at the local markets, at $100 each. All of the customers paid by cash. The money was banked at the end of the day. 10-Jun Paid Red Bikes Rock Ltd for purchases made on 2 June (net of the early payment discount), by electronic funds transfer. 13-Jun Sale of 10 small bicycles to a local childcare centre, at $100 each, on 30 day credit terms. 15-Jun Sent a cheque in the mail to Fast Freight Ltd, in relation to the invoice received on 4 June. 22-Jun Purchase of bicycles (30 small, and 10 large) from Red Bikes Rock Ltd on account for $2,200 ($55 per bicycle) on terms of 2/10, n/30. 23-Jun Little Red Riding received an invoice from Fast Freight Ltd relating to delivery costs for the bicycles purchased on 22 June 2019. The amount due is $180, and is due on 6 July 2019. 24-Jun Returned 20 of the small bicycles purchased on 22 June as they were damaged. 28-Jun Sale of 40 bicycles (25 small, and 15 large) at the local markets, at $100 each. All of the customers paid by cash. The money was banked at the end of the day. 30-Jun A stocktake was completed, and the number of bicycles on hand was 139 (54 small bicycles, and 85 large bicycles). Mr and Mrs Wheeler have come to you for assistance, as they would like to use the perpetual inventory system and the First-in-first-out (FIFO) costing method, but are not sure how to set this up.

business is closing on 30th june prepare closing entry