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PLEASE HELP ME General information Al Wilson owns and runs a retail and wholesale surf shop, Surf Haven (ABN 84 111 122 223), in a

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General information Al Wilson owns and runs a retail and wholesale surf shop, Surf Haven (ABN 84 111 122 223), in a sea side town. The business is situated on a prominent corner of the town at 1 View Street, Bell's Inlet. Its custom is mainly from young surf board, sailing and boogie board riders. The shop has a nautical atmosphere and is very well organised. Products consist of surfboards, sailboards and boogie boards. Surf Haven also sells second-hand surfboards on commission. Surf Haven also supplies many of the surf shops around the coast. The business charges GST on all inventory sales and surfing lessons and pays GST on inventory purchases and most business expenses. Employees Surf Haven employs two casual assistants, Brian Jardine, works as a surfing instructor with AI and Carl Holland who works in the shop selling stock, and taking bookings for surf lessons. Fred pays both Brian and Carl $30 each per hour. Each employee works between 10 to 15 hours per week, depending on the season and demand. At the end of August, Surf Haven owed 4 hours pay to both Brian and Carl. Note: Do not use the payroll section of XERO; record wages expense as a cash payment. Goods and Services Tax Surf Haven is registered for GST and charges GST of 10 % on all sales and lessons revenue and pays GST on all business expenses, except wages. Non-current asset acquisitions are also taxed at 10%. Merchandise Inventory The following is a list of closing inventory and the suppliers as at 31 August 2021. Quantity Item Description Cost Price Sale Supplier on hand Code Price 20 SFB Surfboards $420 $750 Custom Surfboards 15 BBD Boogie Boards $120 $240 Wave Rider 30 SFM Surfing Manuals $10 $25 Seahorse Publishers Each of the above items of inventory is quoted excluding GST. The required inventory is purchased on credit under the terms of payment required by the suppliers. Al has a good relationship with each of his suppliers. Once he places an order, the suppliers will deliver them free of charge the same day. Lessons Surf Haven also provides surfing lessons charging customers $90 per lesson (excluding GST). All lessons are paid for at the time of the lesson and are recorded separately to the sale of inventory. Account Balance $3,700 Supplier information Suppliers account balances at 31 August 2021. Name Address Custom Surfboards 56 Main Street, Torquay ABN 98 111 133 344 Wave Rider 2 Beach Road, Fairhaven ABN 37 111 155 556 Seahorse Publishers 1B Carlton Parade, Geelong 65 111 177 118 $5,500 $2,300 Each of the above account balances represents deliveries of inventory received on 27 August 2021. All purchases are on terms net 30 days. Customer information Customer balances at 31 August 2021: Name Address Date Last Account Invoice Balance Sharkeys Wye River 14 Bay Street Aug 18 $2,400 ABN 88 222 244 445 Wye River Torquay Surf Shop 47 Buckley Road, Aug 20 $4,000 ABN 55 222 288 889 Torquay Aireys Surf Club 3 Aireys Lane Aug 22 $1,700 79 111 188 889 Aireys Inlet Terms of payment for customers is net 30 days. Freight of $50 (GST exclusive) is charged for all credit sales. Trial Balance as at 31 August 2021 Account No. Account Debit ($) Credit ($) 600 10,500 610 8,100 0 620 630 10,500 635 800 710 12,500 711 750 Bank (BSB144-241 No.67812794) Accounts Receivable Prepayments Inventory Stationery supplies Shop Fittings (cost) Accumulated depreciation Shop fittings Delivery van (cost) Accumulated Depreciation - Delivery van Accounts Payable Wages payable GST Loan - Williamsville Bank Capital - Al Wilson 720 21,000 721 3,500 800 11,500 810 240 820 490 900 920 22,000 24,920 63,400 Total 63,400 Transactions: September 2021: 1 Paid cash for printing expenses to Acorn Press, $594 (GST Inclusive). [chq 201). 1 Purchased a new cash register for $2,310 (GST inclusive) (chq 202).It is expected that the cash register will have an effective life of 6 years with a nil residual value. 2 Paid three month's rent of $4,620 (GST inclusive) to Prime Real Estate. (chq 203]. 3 Paid for two months (September & October) advertising in the Surfing Times $286 (GST inclusive) (chq 204]. 4 Credit sale to Aireys Surf Club: inventory sold: 2 boogie boards, 2 surfboards, 3 surfing manuals (Invoice CR663). 5 Received payment of $4,000 from Torquay Surf Shop. 8 Received $1,540 (GST inclusive) for surfing lessons. 8 Paid Seahorse Publishers for August account. [chq 205). 9 Paid cash to GMJ Autos for delivery van expenses- $297 (Including GST) (chq 206]. 9 Purchased inventory: 12 surfboards and 16 boogie boards. (P.O. 326, 327). 9 Received payment from Sharkeys Wye River for the balance outstanding at 1 September. 10 Paid Wave Rider $5,500 (chq 207]. 10 Purchases stationery supplies from Ace Office Supplies, $803 [chq 208]. 11 Sales Invoice sent to Sharkeys Wye River for the following items:6 surfboards, 6 boogie boards, 10 surfing manuals (invoice CR664). 12 Received $3,410 (GST inclusive) from Point Hicks School for surfing lessons. 12 Pay day. Carl was paid for 28 hours and Brian was paid for 30 hours; the payments included wages owing from August. [Chqs 209 & 210]. 12 Purchased inventory: 15 surfboards and 12 surfing manuals (P.O. 328, 329). 14 Received payment from Aireys Surf Club for August account. 15 Credit sale to Torquay Surf Club: 14 surfboards, 10 boogie boards and 15 surfing manuals (Invoice CR665). 16 Cash drawings - Cheque payable to Al Wilson of $2,000 (chq 211]. 16 Paid cash for delivery van expenses - $220 (Including GST) [chq 212] 16 Purchased 12 boogie boards (P.O. 330). 17 Returned 2 boogie boards to Wave Rider. They were slightly damaged. A Credit Note was issued by the supplier. These items were from the purchase on 16 August. 17 Received payment from Aireys Surf Club for sale on 4 August. 18 Cash sales of 3 surfboards and 3 surfing manuals (Invoice CS754). 18 Received payment from Sharkeys Wye River for 11 August sale. 19 Purchased 10 surfing manuals (P.O. 330). 21 Paid Custom Surfboards the balance owing at the beginning of the month and inventory purchased on 9 September. (chq 214]. 22 Credit sale to Aireys Surf Club: 5 surfboards and 5 boogie boards (Invoice CR666). 23 Purchased 12 surfboards and 15 surfing manuals (P.O. 332 & 333). 23 Al introduces a new product for sale. He has purchased 20 sailboards from Wave Rider for $360 each (GST exclusive) (P.O. 334). Selling price of the sailboards is $550 each (GST exclusive) 24 Paid monthly repayment to Williamsville Bank for loan; $1,050 (includes $50 interest). Al decided that the business would pay an additional $500 off the loan principal. [chq 215]. GST is not payable on this transaction. GST is not payable on this transaction. 25 Paid Telstra Ltd for business phone account. - $572 (GST Inclusive) [chq 216]. 25 Credit sale to Sharkeys Wye River: 8 surfboards, 9 boogie boards and 7 sailboards (Invoice CR667). 26 Pay day. Carl was paid for 30 hours and Brian was paid for 24 hours. (chqs 217 & 218]. 26 Sharkeys Wye River returned 1 sailboard purchased on 25 September and received a credit note. The sailboard was undamaged and returned to inventory. 27 Received $2,695 cash (GST inclusive) for surfing lessons. 28 Torquay Surf Club paid the balance outstanding in their account 27 A customer purchased 3 surfboards for cash at a special price of $1,485 each (including GST). The customer also purchased 6 surfing manuals at the normal price. (Invoice CS755). 28 Credit sale to Aireys Surf Club:2 boogie boards and 3 sailboards (Invoice CR668). 29 Paid Wave Rider $7,000 (chq 219]. 30 Paid Custom Surfboards for inventory purchased on 12 September (chq 220]. 31 The Williamsville Bank has sent a bank statement for the month of September 2021. The following items were noted from the bank statement. These items have not been recorded in the business records. Bank fees of $35 were debited to the account on 30 September. A credit for an electronic transfer of $1,200 was received for sale of second-hand surfboards on commission on 21 March. GST s not applicable for this transaction. Adjustments at 30 September 2021 Some of the necessary adjustments are to be found in the transactions above. Other adjustments are listed below. 1. The physical stock-take of inventory at 30 September revealed the following being on hand: surfboards Boogie boards 6 Sailboards Surfing manuals 27 2. A stock-take of stationery supplies revealed $476 of stationery supplies on hand at 30 September 2021. 3. The shop fittings are to be depreciated using the straight-line method, at 15% per annum on cost. The motor vehicle is to be depreciated using the straight-line method at 20% per annum on cost. 4. Accrued wages: Carl - 4 hours, and Brian - 5 hours. 18 11 Part B: XERO Chart of Accounts Type Revenue Tax Code GST on Income Code 200 210 260 270 310 400 410 415 420 425 430 435 440 450 505 600 610 620 630 635 710 711 720 721 730 731 800 810 820 830 840 850 860 877 900 920 930 960 Account Name Sales Lessons income Freight Commission income Cost of Goods Sold Advertising Bank Fees Depreciation of shop fittings Depreciation of delivery vehicle Depreciation of cash register Interest Expense Stationery supplies expense Telephone expenses Wages and Salaries Income Tax Expense Business bank account Accounts Receivable Prepaid expenses Inventory Stationery supplies Shop fittings Less Accumulated Depreciation on Shop fittings Delivery van Less Accumulated Depreciation on Delivery Van Cash register Less Accumulated Depreciation of Cash register Accounts Payable Wages payable GST Income Tax Payable Historical Adjustment Suspense Rounding Tracking Transfers Loan Capital-AI Wilson Owner A Drawings Retained Earnings Revenue Revenue Direct Costs Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Bank Accounts Receivable Current Asset Inventory Current Asset Fixed Asset Fixed Asset Fixed Asset Fixed Asset Fixed Asset Fixed Asset Accounts Payable Current Liability GST Current Liability Historical Current Liability Rounding Tracking Non-current Liability Equity Equity Retained Earnings GST on Income GST Free Income GST on Expenses GST on Expenses GST Free Expenses BAS Excluded BAS Excluded BAS Excluded GST Free Expenses BAS Excluded GST on Expenses BAS Excluded BAS Excluded BAS Excluded BAS Excluded GST on Expenses BAS Excluded GST on Expenses GST on Expenses BAS Excluded GST on Expenses BAS Excluded GST on Expenses BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded Required: Part A: manual recording 1. Record the opening balances as at 1 September 2021 in the appropriate accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers. 2. Record the transactions in the appropriate general or special journal for September 2021. Record and post all transactions from journals to the general ledger in accordance with accounting procedures. 3. Prepare schedules of accounts receivable, accounts payable and inventory as at 30 September 2021 and reconcile these with the control accounts in the general ledger. 4. Record end of month adjustments in the general journal and post these to the general ledger. 5. Prepare a Trial Balance after end of month adjustments as at 30September 2021. 6. Prepare closing entries for September 2021. 7. Prepare a statement of Financial Performance (Profit & Loss Statement) for September 2021 and a Statement of Financial Position (Balance Sheet) as at 30 September 2021. 8. Prepare a Trial Balance after closing entries for September 2021. Pro-forma journals, ledgers, worksheets and reports are available in the assessment folder and must be used to submit part A. Part B Computerised accounts using XERO 1. Click on the link to the XERO Education platform which is the email sent to you from XERO. Note: You must complete part b of the assignment within the XERO Education platform. 2. From your XERO Education platform, click on the template for Surf Haven. 3. Create an appropriate Chart of Accounts for Surf Haven (a sample Chart of Accounts is provided in Appendix A). 4. Enter the conversion balances as at 1 September 2021. 5. Record the transactions for September 2021. 6. Record end of month adjustments. No separate submission is required for part b of the assignment. General information Al Wilson owns and runs a retail and wholesale surf shop, Surf Haven (ABN 84 111 122 223), in a sea side town. The business is situated on a prominent corner of the town at 1 View Street, Bell's Inlet. Its custom is mainly from young surf board, sailing and boogie board riders. The shop has a nautical atmosphere and is very well organised. Products consist of surfboards, sailboards and boogie boards. Surf Haven also sells second-hand surfboards on commission. Surf Haven also supplies many of the surf shops around the coast. The business charges GST on all inventory sales and surfing lessons and pays GST on inventory purchases and most business expenses. Employees Surf Haven employs two casual assistants, Brian Jardine, works as a surfing instructor with AI and Carl Holland who works in the shop selling stock, and taking bookings for surf lessons. Fred pays both Brian and Carl $30 each per hour. Each employee works between 10 to 15 hours per week, depending on the season and demand. At the end of August, Surf Haven owed 4 hours pay to both Brian and Carl. Note: Do not use the payroll section of XERO; record wages expense as a cash payment. Goods and Services Tax Surf Haven is registered for GST and charges GST of 10 % on all sales and lessons revenue and pays GST on all business expenses, except wages. Non-current asset acquisitions are also taxed at 10%. Merchandise Inventory The following is a list of closing inventory and the suppliers as at 31 August 2021. Quantity Item Description Cost Price Sale Supplier on hand Code Price 20 SFB Surfboards $420 $750 Custom Surfboards 15 BBD Boogie Boards $120 $240 Wave Rider 30 SFM Surfing Manuals $10 $25 Seahorse Publishers Each of the above items of inventory is quoted excluding GST. The required inventory is purchased on credit under the terms of payment required by the suppliers. Al has a good relationship with each of his suppliers. Once he places an order, the suppliers will deliver them free of charge the same day. Lessons Surf Haven also provides surfing lessons charging customers $90 per lesson (excluding GST). All lessons are paid for at the time of the lesson and are recorded separately to the sale of inventory. Account Balance $3,700 Supplier information Suppliers account balances at 31 August 2021. Name Address Custom Surfboards 56 Main Street, Torquay ABN 98 111 133 344 Wave Rider 2 Beach Road, Fairhaven ABN 37 111 155 556 Seahorse Publishers 1B Carlton Parade, Geelong 65 111 177 118 $5,500 $2,300 Each of the above account balances represents deliveries of inventory received on 27 August 2021. All purchases are on terms net 30 days. Customer information Customer balances at 31 August 2021: Name Address Date Last Account Invoice Balance Sharkeys Wye River 14 Bay Street Aug 18 $2,400 ABN 88 222 244 445 Wye River Torquay Surf Shop 47 Buckley Road, Aug 20 $4,000 ABN 55 222 288 889 Torquay Aireys Surf Club 3 Aireys Lane Aug 22 $1,700 79 111 188 889 Aireys Inlet Terms of payment for customers is net 30 days. Freight of $50 (GST exclusive) is charged for all credit sales. Trial Balance as at 31 August 2021 Account No. Account Debit ($) Credit ($) 600 10,500 610 8,100 0 620 630 10,500 635 800 710 12,500 711 750 Bank (BSB144-241 No.67812794) Accounts Receivable Prepayments Inventory Stationery supplies Shop Fittings (cost) Accumulated depreciation Shop fittings Delivery van (cost) Accumulated Depreciation - Delivery van Accounts Payable Wages payable GST Loan - Williamsville Bank Capital - Al Wilson 720 21,000 721 3,500 800 11,500 810 240 820 490 900 920 22,000 24,920 63,400 Total 63,400 Transactions: September 2021: 1 Paid cash for printing expenses to Acorn Press, $594 (GST Inclusive). [chq 201). 1 Purchased a new cash register for $2,310 (GST inclusive) (chq 202).It is expected that the cash register will have an effective life of 6 years with a nil residual value. 2 Paid three month's rent of $4,620 (GST inclusive) to Prime Real Estate. (chq 203]. 3 Paid for two months (September & October) advertising in the Surfing Times $286 (GST inclusive) (chq 204]. 4 Credit sale to Aireys Surf Club: inventory sold: 2 boogie boards, 2 surfboards, 3 surfing manuals (Invoice CR663). 5 Received payment of $4,000 from Torquay Surf Shop. 8 Received $1,540 (GST inclusive) for surfing lessons. 8 Paid Seahorse Publishers for August account. [chq 205). 9 Paid cash to GMJ Autos for delivery van expenses- $297 (Including GST) (chq 206]. 9 Purchased inventory: 12 surfboards and 16 boogie boards. (P.O. 326, 327). 9 Received payment from Sharkeys Wye River for the balance outstanding at 1 September. 10 Paid Wave Rider $5,500 (chq 207]. 10 Purchases stationery supplies from Ace Office Supplies, $803 [chq 208]. 11 Sales Invoice sent to Sharkeys Wye River for the following items:6 surfboards, 6 boogie boards, 10 surfing manuals (invoice CR664). 12 Received $3,410 (GST inclusive) from Point Hicks School for surfing lessons. 12 Pay day. Carl was paid for 28 hours and Brian was paid for 30 hours; the payments included wages owing from August. [Chqs 209 & 210]. 12 Purchased inventory: 15 surfboards and 12 surfing manuals (P.O. 328, 329). 14 Received payment from Aireys Surf Club for August account. 15 Credit sale to Torquay Surf Club: 14 surfboards, 10 boogie boards and 15 surfing manuals (Invoice CR665). 16 Cash drawings - Cheque payable to Al Wilson of $2,000 (chq 211]. 16 Paid cash for delivery van expenses - $220 (Including GST) [chq 212] 16 Purchased 12 boogie boards (P.O. 330). 17 Returned 2 boogie boards to Wave Rider. They were slightly damaged. A Credit Note was issued by the supplier. These items were from the purchase on 16 August. 17 Received payment from Aireys Surf Club for sale on 4 August. 18 Cash sales of 3 surfboards and 3 surfing manuals (Invoice CS754). 18 Received payment from Sharkeys Wye River for 11 August sale. 19 Purchased 10 surfing manuals (P.O. 330). 21 Paid Custom Surfboards the balance owing at the beginning of the month and inventory purchased on 9 September. (chq 214]. 22 Credit sale to Aireys Surf Club: 5 surfboards and 5 boogie boards (Invoice CR666). 23 Purchased 12 surfboards and 15 surfing manuals (P.O. 332 & 333). 23 Al introduces a new product for sale. He has purchased 20 sailboards from Wave Rider for $360 each (GST exclusive) (P.O. 334). Selling price of the sailboards is $550 each (GST exclusive) 24 Paid monthly repayment to Williamsville Bank for loan; $1,050 (includes $50 interest). Al decided that the business would pay an additional $500 off the loan principal. [chq 215]. GST is not payable on this transaction. GST is not payable on this transaction. 25 Paid Telstra Ltd for business phone account. - $572 (GST Inclusive) [chq 216]. 25 Credit sale to Sharkeys Wye River: 8 surfboards, 9 boogie boards and 7 sailboards (Invoice CR667). 26 Pay day. Carl was paid for 30 hours and Brian was paid for 24 hours. (chqs 217 & 218]. 26 Sharkeys Wye River returned 1 sailboard purchased on 25 September and received a credit note. The sailboard was undamaged and returned to inventory. 27 Received $2,695 cash (GST inclusive) for surfing lessons. 28 Torquay Surf Club paid the balance outstanding in their account 27 A customer purchased 3 surfboards for cash at a special price of $1,485 each (including GST). The customer also purchased 6 surfing manuals at the normal price. (Invoice CS755). 28 Credit sale to Aireys Surf Club:2 boogie boards and 3 sailboards (Invoice CR668). 29 Paid Wave Rider $7,000 (chq 219]. 30 Paid Custom Surfboards for inventory purchased on 12 September (chq 220]. 31 The Williamsville Bank has sent a bank statement for the month of September 2021. The following items were noted from the bank statement. These items have not been recorded in the business records. Bank fees of $35 were debited to the account on 30 September. A credit for an electronic transfer of $1,200 was received for sale of second-hand surfboards on commission on 21 March. GST s not applicable for this transaction. Adjustments at 30 September 2021 Some of the necessary adjustments are to be found in the transactions above. Other adjustments are listed below. 1. The physical stock-take of inventory at 30 September revealed the following being on hand: surfboards Boogie boards 6 Sailboards Surfing manuals 27 2. A stock-take of stationery supplies revealed $476 of stationery supplies on hand at 30 September 2021. 3. The shop fittings are to be depreciated using the straight-line method, at 15% per annum on cost. The motor vehicle is to be depreciated using the straight-line method at 20% per annum on cost. 4. Accrued wages: Carl - 4 hours, and Brian - 5 hours. 18 11 Part B: XERO Chart of Accounts Type Revenue Tax Code GST on Income Code 200 210 260 270 310 400 410 415 420 425 430 435 440 450 505 600 610 620 630 635 710 711 720 721 730 731 800 810 820 830 840 850 860 877 900 920 930 960 Account Name Sales Lessons income Freight Commission income Cost of Goods Sold Advertising Bank Fees Depreciation of shop fittings Depreciation of delivery vehicle Depreciation of cash register Interest Expense Stationery supplies expense Telephone expenses Wages and Salaries Income Tax Expense Business bank account Accounts Receivable Prepaid expenses Inventory Stationery supplies Shop fittings Less Accumulated Depreciation on Shop fittings Delivery van Less Accumulated Depreciation on Delivery Van Cash register Less Accumulated Depreciation of Cash register Accounts Payable Wages payable GST Income Tax Payable Historical Adjustment Suspense Rounding Tracking Transfers Loan Capital-AI Wilson Owner A Drawings Retained Earnings Revenue Revenue Direct Costs Expense Expense Expense Expense Expense Expense Expense Expense Expense Expense Bank Accounts Receivable Current Asset Inventory Current Asset Fixed Asset Fixed Asset Fixed Asset Fixed Asset Fixed Asset Fixed Asset Accounts Payable Current Liability GST Current Liability Historical Current Liability Rounding Tracking Non-current Liability Equity Equity Retained Earnings GST on Income GST Free Income GST on Expenses GST on Expenses GST Free Expenses BAS Excluded BAS Excluded BAS Excluded GST Free Expenses BAS Excluded GST on Expenses BAS Excluded BAS Excluded BAS Excluded BAS Excluded GST on Expenses BAS Excluded GST on Expenses GST on Expenses BAS Excluded GST on Expenses BAS Excluded GST on Expenses BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded BAS Excluded Required: Part A: manual recording 1. Record the opening balances as at 1 September 2021 in the appropriate accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers. 2. Record the transactions in the appropriate general or special journal for September 2021. Record and post all transactions from journals to the general ledger in accordance with accounting procedures. 3. Prepare schedules of accounts receivable, accounts payable and inventory as at 30 September 2021 and reconcile these with the control accounts in the general ledger. 4. Record end of month adjustments in the general journal and post these to the general ledger. 5. Prepare a Trial Balance after end of month adjustments as at 30September 2021. 6. Prepare closing entries for September 2021. 7. Prepare a statement of Financial Performance (Profit & Loss Statement) for September 2021 and a Statement of Financial Position (Balance Sheet) as at 30 September 2021. 8. Prepare a Trial Balance after closing entries for September 2021. Pro-forma journals, ledgers, worksheets and reports are available in the assessment folder and must be used to submit part A. Part B Computerised accounts using XERO 1. Click on the link to the XERO Education platform which is the email sent to you from XERO. Note: You must complete part b of the assignment within the XERO Education platform. 2. From your XERO Education platform, click on the template for Surf Haven. 3. Create an appropriate Chart of Accounts for Surf Haven (a sample Chart of Accounts is provided in Appendix A). 4. Enter the conversion balances as at 1 September 2021. 5. Record the transactions for September 2021. 6. Record end of month adjustments. No separate submission is required for part b of the assignment

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