(Note: For any ONE specific transaction containing multiple entries, enter accounts in descending amounts. For example, if a transaction has three accounts, such as two debits and one credit or two credits and one debit from the general journal, one of the t-ledgers will have two accounts. In this instance, please post the two accounts in the general ledger in descending amount order to indicate the accounts involved in that transaction. Leave blank any answer fields that do not require an answer.)

100 110 120 130 171 172 200 210 220 230 300 310 320 400 410 420 500 600 610 620 630 640 650 660 670 680 Cash at bank Accounts receivable Inventory Prepaid insurance Shop equipment (cost) Accumulated depreciation - shop equipment Accounts payable PAYG withholding payable Superannuation payable Bank loan Capital Drawings Profit or loss summary Sales revenue Sales returns and allowances Discount received Cost of sales Advertising expense Depreciation expense Discount allowed Electricity expense Insurance expense Interest expense Postage and stationery expense Superannuation expense Telephone expense Wages expense 690 Transactions June 1 The owner opened a bank account for the business with a deposit of $30,500. This is capital provided by him. 1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $27,100 and computer equipment for the shop from Computer Wizards for $3,900. These were paid for with a loan of $27,100 from the bank and cheque for $3,900 from the business bank account. The bank loan is repayable over 3 years. 2 Purchased inventory (skateboards and protective gear) from Excitement plus for $24,700 on terms on net 30. 5 Cash purchase of stationery from Officeworks for $340. 7 Purchased surfboards and wetsuits from Surf Imports for $19,400 on terms of 10/10, n/30. 9 Paid Surf Imports the amount owing to them less the prompt payment discount. 11 Paid $4,000 for a 1-year insurance policy covering fire, theft, and public liability. 12 Paid $1,540 to Local Newspapers for advertising for the shop for the month. 13 Credit sale to Serious Fun of skateboards and protective gear for $5,400 (cost of sales $2,100). This customer was given terms of 5/10, n/30. 14 Credit sale to Surfing World of various inventory items for $8,000 (cost of sales $4,000). Terms net 30. 17 Credit sale to Academy Diving School of 15 wetsuits at a discounted price of $280 each on terms of net 15. Cost of sales $2,500. 18 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $180. 18 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. 19 Issued an adjustment note (credit note) to Academy Diving School for 4 wetsuits at $280 each that was not the size they required. The cost of the wetsuits to us was $450 and they were put back into inventory. 20 Cash sale of inventory to the value of $1,000 (cost of sales $500). 23 Paid Excitement Plus $2,900 of the amount owing to them. 25 Credit sale to Serious Fun of skateboards for $7,700 (cost of sales $3,740). Terms 5/10, n/30. 26 Received and banked a cheque for $5,300 from Surfing World in part payment of the amount owing by them. 27 Purchased wetsuits from Surf Imports for $8,100 on terms of 10/10, n/30. 30 Paid Telstra $200 for telephone expenses. 30 The owner cashed a cheque for $800 to pay wages to Scott Walker the sales assistant of $850 less PAYG Withholding of $50. Post ref. Debit Credit 30,500 30,500 31,000 27,100 3,900 24,700 24,700 340 The entries have been journalised below. General journal Date Description 20xx June 1 Cash at bank Capital (Owner's capital contribution) 1 Shop equipment (cost) Bank loan Cash at bank (Display stands, shelving and computer for shop: loan repayable over 3 years) 2 Inventory Accounts payable (Inventory purchase on terms of net 30) 5 Postage and stationery expense Cash at bank (Cash purchase of stationery) 7 Inventory Accounts payable (Credit purchase on terms of 10/10, 1/30) 9 Accounts payable Cash at bank Discount received (Supplier paid less prompt payment discount) 11 Prepaid insurance Cash at bank (1 year insurance policy) 12 Advertising expense Cash at bank (Advertising for the month) 13 Accounts receivable Sales revenue (Credit sale on terms of 5/10, n/30) 340 19,400 19,400 19,400 17,460 1,940 4,000 4,000 1,540 1,540 5,400 5,400 2,100 2,100 8,000 8,000 4,000 4,000 4,200 4,200 2,500 2,500 180 180 13 Cost of sales Inventory (Adjust inventory) 14 Accounts receivable Sales revenue (Credit sale on terms of net 30) 14 Cost of sales Inventory (Adjust inventory) 17 Accounts receivable Sales revenue (Credit sale on terms of net 15) 17 Cost of sales Inventory (Adjust inventory) 18 Accounts payable Inventory (Faulty protective gear returned to supplier) 18 Cash at bank Discount allowed Accounts receivable (Payment received less prompt payment discount) 19 Sales returns and allowances Accounts receivable (Wetsuits returned by customer put back into inventory) 19 Inventory Cost of sales (Adjust inventory) 20 Cash at bank Sales revenue (Cash sale) 20 Cost of sales Inventory (Adjust inventory) 5,130 270 5,400 1,120 1,120 450 450 1,000 1,000 500 500 2,900 2,900 7,700 7,700 3,740 3,740 5,300 5,300 23 Accounts payable Cash at bank (Part payment of amount owing) 25 Accounts receivable Sales revenue (Credit sale on terms of 5/10, 1/30) 25 Cost of sales Inventory (Adjust inventory) 26 Cash at bank Accounts receivable (Payment received from customer) 27 Inventory Accounts payable (Credit purchase on terms of 10/10, 1/30) 30 Telephone expense Cash at bank (Pay telephone expense) 30 Wages expense Cash at bank PAYG withholding payable (Wages paid to Scott Walker) 8,100 8,100 200 200 850 800 50 Post to the general ledger accounts. The accounts receivable and accounts payable subsidiary ledgers are provided for information only. Accounts receivable subsidiary ledger Academy Diving School Acct code: ADI Date Explanation Debit Credit Balance June 17 Invoice 4,200 4,200 Dr 19 Adjustment note 1,120 3,080 Dr Serious Fun Acct code: SFU Date Explanation Debit Credit Balance June 13 Invoice 5,400 5,400 Dr 18 Receipt 5,400 0 25 Invoice 7,700 7,700 Dr Surfng World Acct code: SWO Date Explanation Debit Credit Balance June 14 Invoice 8,000 8,000 Dr 26 Receipt 5,300 2,700 Dr Accounts payable subsidiary ledger Debit Credit 24,700 180 2,900 Excitement Plus Date Explanation June 2 Invoice 18 Adjustment note 23 Payment Surf Imports Date Explanation June 7 Invoice 9 Payment 27 Invoice Acct code: EPL Balance 24,700 24,520 21,620 Acct code: SIM Balance 19,400 0 8,100 Debit Credit 19,400 19,400 8,100 No. 100 Cash at bank Date Details Debit Date Details Credit June June V V No. 110 Accounts receivable Date Details Debit Date Details Credit June June V No. 120 Inventory Date Details Debit Date Details Credit June June No. 130 Prepaid insurance Date Details Debit Date Details Credit June No. 171 Shop equipment (cost) Date Details Debit Date Details Credit June No. 172 Accumulated depreciation - shop equipment Date Details Debit Date Details Credit No. 200 Accounts payable Date Details Debit Date Details Credit June June V V No. 210 PAYG withholding payable Date Details Debit Date Details Credit June No. 220 Superannuation payable Date Details Debit Date Details Credit No. 230 Bank loan Date Details Debit Date Details Credit June No. 300 Capital Date Details Debit Date Details Credit June No. 310 Drawings Date Details Debit Date Details Credit No. 320 Profit or loss summary Date Details Debit Date Details Credit No. 400 Sales revenue Date Details Debit Date Details Credit June No. 410 Sales returns and allowances Date Details Debit Date Details Credit June No. 420 Discount received Date Details Debit Date Details Credit June No. 500 Cost of sales Date Details Debit Date Details Credit June June V No. 600 Advertising expense Date Details Debit Date Details Credit June No. 610 Depreciation expense Date Details Debit Date Details Credit No. 620 Discount allowed Date Details June Debit Date Details Credit No. 630 Electricity expense Date Details Debit Date Details Credit No. 640 Insurance expense Date Details Debit Date Details Credit No. 650 Interest expense Date Details Debit Date Details Credit No. 660 Postage and stationery expense Date Details Debit Date Details Credit June No. 670 Superannuation expense Date Details Debit Date Details Credit No. 680 Telephone expense Date Details Debit Date Details Credit June No. 690 Wages expense Date Details Debit Date Details Credit June