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On 1 June 2023, SydGee began trading as a landscape retail material supplier. The transactions for the month of June 2023 were as follows (ignore
On 1 June 2023, SydGee began trading as a landscape retail material supplier. The transactions for the month of June 2023 were as follows (ignore GST): | |||||
TRANSACTIONS FOR THE PERIOD | |||||
MONTH | DATE | PARTICULARS | AMOUNT ($) | ||
June | 1 | SydGee transferred $260,000 from his early retirement savings to his business bank account. | $ 260,000 | ||
1 | Purchased shop fittings for cash: paid cheque no. 431, $160,000. Paid June rent by cheque no. 432, $7,000. | $160000$7,000 | |||
2 | Purchased goods for resale on credit from A ltd, $30,000 | $ 30,000 | |||
3 | Cash sales of Ladscape materials for $6880 (all cash are banked). | $ 6,880 | |||
4 | Sold goods on credit to H Ltd: invoice no 653, $3040. | $ 3,040 | |||
5 | Purchased good for resale from G Ltd: paid by EFT, $6,800 | $ 6,800 | |||
6 | Cash sales totalling $3,280 | $ 3,280 | |||
7 | Purchase office supplies for cash | $ 5,000 | |||
8 | Purchased goods for resale on credit from B Ltd, $9,,600 | $ 9,600 | |||
9 | Sold goods on credit to Mok: Invoice no. 544, $3,920 | $ 3,920 | |||
10 | Purchased office stationery from Bo Ltd: paid by EFT, $960 | $ 960 | |||
11 | Banked cheque for return of defective goods that had been purchased for cash, $760 | $ 760 | |||
12 | Cash sale totalling $7,200 | $ 7,200 | |||
14 | Issued Cheque number 433 for Micellaneous expenses, $1,440 | $ 1,440 | |||
16 | Refunded a customer for a cash sale returned: paid refund by cheque no 434 for $1,360 | $ 1,360 | |||
17 | Purchased goods for resale on credit from C Ltd, $24,000 | $ 24,000 | |||
18 | Paid frieght on goods purchased to T Ltd: paid by EFT, $520 | $ 520 | |||
19 | Sold goods on credit to Charles: invoice no 545; $4,240 | $ 4,240 | |||
21 | Cash sales $6,360 | $ 6,360 | |||
22 | Internet bank transfer to A ltd in full setlement of 2nd June transaction, less a cash discount of 3%. | ? | |||
23 | Banked checque received from H Ltd (4th june transaction) in full settlement of its account, less a 2% discount. | ? | |||
24 | Internet transfer to Sydgee owner's personal account for drawings, $8,800 | $ 8,800 | |||
26 | Paid June salaries by interbank transfers totalling $9,680 | $ 9,680 | |||
30 | Paid June electricity bill: Cheque number 435, $600 | $ 600 | |||
30 | Paid June telephone by EFT, $448 | $ 448 | |||
30 | Cash sales totalling $21,200 | $ 21,200 | |||
The following additional information is available: | |||||
1 | A physical inventory count held at the close of business on 30 June 2023 revealed that the cost price of inventory on hand amounted to $24,000. | ||||
2 | The June salry of a part time sales representative ammounting to $1,600 was not paid until 2 July 2023. | ||||
3 | Depreciation on shop fittings for the month of june to be recognised amounted to $1,333 | ||||
4 | Supplies on hand at the end of 30 June 2023 was $4,000. | ||||
Required: (using Excel program) | |||||
a. | Record the above transactions during the month of June 2023 in the appropriate journals for the business of SydGee using the provided Excel spreadsheet (extract). If additional spreadsheet or extention is required you are supposed to incorporate as required. | ||||
b. | Record adjustment entries in approriate journals. | ||||
c. | Post all journal entries to the General Ledger | ||||
d. | Prepare worksheet at 30 June 2023 | ||||
e. | Prepare unadjusted, adjusted and post-closing Trial Balances | ||||
f. | Prepare income statement for SydGee for the month of 30 June 2023. | ||||
g. | Record closing entries at the end of 30 June June 2023. | ||||
h. | Prepare the statement of financial position (Balance Sheet) as at 30 June 2023. |
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