Please help me with this question. This is very important to me.
Read the below case study and answer the required questions. The \"Wise Dimension\" owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and ofine channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows: Trial Balance as at 31 May 2017 Acct No. Account name Acct No. Debit Credit 101 Cash at bank 101 $90,600 105 Account receivable 105 $76,800 1 1 0 Merchandise Inventory 1 10 $15 0,000 115 Supplies 115 $8,000 120 Prepaid Insurance 120 $17,000 135 Ofce furniture 135 $35,000 137 Ace. Depreciation. - Furniture 137 $15,000 140 Ofce Equipment 140 $20,000 141 Acc. Depreciation Ofce Equipment 141 $9,000 201 Accounts payable 201 $44,960 202 Interest Payable 202 $4,000 210 Loan Payable 210 $30,000 301 Cousins, Capital 301 $41,340 305 Cousins, Drawings 305 $1 8,900 401 Sales Revenue 401 $705,000 402 Sales Returns 402 $55,000 403 Sales Discount 403 $15,000 501 Purchases 501 $166,000 502 Purchase Returns 502 $20,000 503 Purchase Discount 503 $33,000 504 Freight in 504 $25,000 601 Advertising Expense 601 $50,000 605 Automobile Expense 605 $15 ,000 615 Depreciation Expense Furniture 615 $0 620 Depreciation Expense Ofce 620 $0 Equipme 650 Insurance Expense 650 $0 665 Maintenance Expense 665 $28,500 670 Miscellaneous Expense 670 $15 ,500 675 Rent Expense 675 $77,200 680 Supplies Expense 680 $0 685 Utilities Expense 685 $35,500 690 Interest Expense 690 $3,300 700 Income Summary 700 $902,300 $902,300 ruu Auyuuu uuuuumy r vu $902,300 $902,300 Required: Ignore Income Tax A) Journalise the transactions for the month of June. B) Prepare the unadjusted Trial Balance on the Worksheet for the year ended 30 June 2017, using the provided trial balance as at 31 May 2017 and the General Leger Accounts. C) Journalise the adjustment transactions for the month of June. D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet. E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017. Transactions during the month of June 2017 are listed below: Date Item Description 07(06i'201? Source Document: Sales invoice For the following: Made sales to SAN Entertainment (Customer) Amount: $30,000 Terms: Net 30 081061201 7 Source Document: Receipts For the following: Received payment on account from Felicia Ltd (Customer) Amount: $22,600 Terms: Cash Tendered 091061201? Source Document: Sales Return Slip For the following: SAN Entertainment (Customer) returned goods Amount: $6,000 Terms: Credit on account (Adjustment note) [01061201 7 Source Document: Purchase Invoice For the following: Purchased Inventory for resale from Dorothy Factory (Supplier) Amount: $88,000 Terms: Credit on account [5l061'201 7 Source Document: Memo For the following: Cousins (Owner) took a selling product from th store for personal use Amount: $l,l00 Terms: NfA [SIM-{201? Source Document: Purchase Invoice For the following: Domestic delivery costs of merchandise shipped to us at our expense Amount: $3,300 Terms: Cash tendered [5.0612017 Source Document: Cheque Copy For the following: Payment on account to NWALA (Supplier) Amount: $8,000 Terms: Cash 30l0612017 Source Document: Purchase Return For the following: Returned goods to Dorothy Factory (Supplier) Amount: $12,100 Terms: Credit on account (Adjustment note) Adjustment Transactions as at 30 June 2017 are: Date Item Description 30062011 Source Document: Bank Memo For the following: Interest unrecorded and unpaid for the period. Rate: 1% interest per month on all outstanding loan at month end Terms: Interest should he accrued. 30.061201? Asset: 115 (Supplies) For the following: Adjustment for the period. Instructions: Make any adjustments as necessary. Ending Supplies inv $2,500 30106112017 Asset: 120 (Prepaid insurance) For the following: Adjustment for the period. Instructions: Make any adjustments as necessary. Ending Value: $5,100 30/063017 Depreciahle Asset: 135 (Furniture) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 20% of the carrying amount 30(061'2017 Depreciable Asset: 140 (Office Equipment) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 30% of the carrying amount Additional Information: 3010612017 Asset: l 10 (Merchandise inventory) For the following: Financial Statement preparation Instructions: Make any adjustments as necessary. Opening inventory 51 50,000 Ending inventory $200,000
