Please journalise the above transactions.

Items Refer to the Workshop 2 Help-sheet if you need detailed help to create new items. Item code Item name Buy price Sell price (Incl. GST) (Incl. GST) SKU112820 Road Bikes $849.00 $1,698.00 SKU112821 Commuter & Recreation Bikes $1,599.00 $3,198.00 SKU112822 Mountain Bikes $859.00 $1,718.00 SKU112823 Cyclocross Bikes $1,199.00 $2,398.00 SKU112824 Folding Bikes $549.00 $1,098.00 SKU112825 Touring Bikes $178.00 $359.90 SKU112826 BMX Bikes $198.00 $399.90 SKU112827 Cruiser Bikes $799.00 $1,598.00 Further Information Salaries expense $25,000 per month Warehouse rent expense $2,420 per month incl. GST Telecommunication expense $748 per month incl. GST 10% of the Accounts Receivable Allowance for doubtful debts Provision for warranty 5% of the sales revenue Interest expense on loan (Building Head Office) Calculated at 8% per annum Delivery Van Purchased on 1 July 2019 at $88,000 incl. GST, with a useful life of 5 years, and $8,000 residual value. It is depreciated using the straight-line method. Store Building Purchased on 1 July 2016, at $770,000 incl. GST with a useful life of 20 years, and $100,000 residual value. It is depreciated using the straight-line method. Fire insurance On 1st July 2020, you paid $39,600 incl. GST for a twelve-month fire insurance policy to Berkshire Group. Date Details 1 September You borrowed $104,000 from the Northern Bank on a short-term loan. The money is to be used to purchase welding machinery. The principle, plus 7.5% annual interest, will be paid in 3 months. 1 September You purchased 20 items of SKU112820, 10 SKU112821, 15 SKU112822, and 12 SKU112823 from Focus Bikes. You received all the stocks ordered and paid 20% of the purchase price together with the freight of $253 incl. GST. You agreed to pay Focus Bikes the balance on 5th October 1 September 1 September You paid $11,440 incl. GST for a three-month product liability insurance policy to Society Insurance. You received $46,750 incl. GST cash in advance from clients for a one-year subscription to your company featured magazine, "RideOn". You received $76,560 incl. GST in advance from Gocycle for repair of bicycles. 1 September 2 September 2 September You spent $1,496 incl. GST on miscellaneous office supplies at Officeworks. You paid for these from your bank account. Consider purchase of supplies as a prepaid supplies account. You spent $102,850 incl. GST on a welding machinery and paid for it by using your bank account. You estimate that the machinery will have a useful life of 5 years, during which you are planning to produce 40,000 units of new bike pedals. The residual value of the machinery is $13,500. Actual number of units of pedals that will be produced within the next twelve months will be 2,400 units. Record the purchased of machinery on this date. Note that the trial Company in Xero does not allow you to add an asset to the register or create asset types as we did in Demo Company in Week 6 so you'll need to just record this transaction as an asset purchase. You sold 40 SKU112820 and 20 SKU112822 to Ideal Bikes. Ideal Bikes paid you the full amount into your bank account. You sold 80 SKU112826 and 60 SKU112825 to Road Riders. Road Riders paid you a deposit of 75% of the total sale into your bank account and agreed to pay the remaining 25% on 4th October 3 September 4 September Date Details 6 September You spent $5,500 incl. GST on a computer at Digi-Com and paid for it from your bank account. You estimate it will have a useful life of 3 years and be worth $713.61 at the end of the 3 years. Computer is depreciated using the diminishing balance method and the rate of depreciation is 41%. Record the purchase of the computer on this date. 6 September You transferred surplus cash out of the Bank Account to an Investment Account. You realised that you don't need all your capital sitting in the low interest working bank account so have transferred $70,000 into a higher interest-bearing account. Record this movement in a journal entry. This account will pay you 2.5% interest per annum, credited monthly on the 6th of each month into your account. 7 September You sold 40 SKU112822 and 60 SKU112823 Road Eagles on account, term 2/8, n/30. 8 September You purchased 25 SKU112824, 15 SKU112825, and 15 SKU112827 on credit from Blissful Pedals. 9 September 10 September You sold 36 SKU112824 and 28 SKU112820 to Urban Tour. Urban Tour paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 16th October. You sold 30 SKU112821 and 40 SKU112825 to Just Cycles. Just Cycles paid you a deposit of 75% of the total sale into your bank account and agreed to pay the remaining 25% on 10th October. You received $8,192 credit (incl. GST) for damaged items including 4 SKU112820 and 4 SKU112823 returned to Focus Bikes. 10 September 10 September You sold 40 SKU112823 and 48 SKU112827 to Champion Wheels. Champion Wheels paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 27th September. You opened an account with Apache Petrol to pay for fuel for the delivery 10 September van. 11 September You sold 20 SKU112820 to Bicycle Workshop on account. Bicycle Workshop agreed to pay the amounts due on 12 September 2020. Date Details 13 September You sold 60 SKU112822, 60 SKU112825 and 30 SKU112827 to The Cycle Gear. The Cycle Gear paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 25th September. 14 September You received the full payment less discount from Road Eagles for their purchase on 7th September. 15 September You paid Ad Ready $7,959.6 incl. GST for online advertisements. These ads will run over the next 3 months, with an end date of 15th December 2020 16 September You sold 30 SKU112825 and 30 SKU112827 to Bike Gallery. Bike Gallery paid you the full amount into your bank account. 17 September You sold 20 SKU112821 and 24 SKU112825 to Bike & Run. Bike & Run paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 22 September. 17 September You paid an invoice for the current period's fuel bill of $165 incl. GST from Apache Petrol plus 1% transaction fee. Transaction fee includes GST 17 September Paid Blissful Pedals in full for the purchase on 8th September. 18 September After several attempts to collect receivables from Bicycle Workshop you finally write off Bicycle Workshop accounts as bad. 18 September You received 90% of the receivables from Bike Friday. Bike Friday agreed to pay the remaining 10% on 18 October. Date Details 20 September 20 September You sold 70 SKU112825 and 106 SKU112824 to Bike Town on account, term 3/10, n/30. You paid 35% of the accounts payable to Bike Works. You promised Bike Works to pay the remaining 65% on 20 October. You sold 80 SKU112822 and 100 SKU112820 to Buzz Bikes on account, term 2/10, 1/30. 21 September 22 September You granted Buzz Bikes $10,308 credit (incl. GST) for 6 SKU112822 returned. 23 September You sold 20 SKU112822 and 60 SKU112821 to Rockrider. Rockrider paid you the full amount into your bank account. 24 September You sold 22 SKU112821 and 58 SKU112820 to Cycle City. Cycle City paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 16th October. 24 September You paid an invoice for this period's fuel bill of $165 incl. GST from Apache Petrol plus 1% transaction fee. Transaction fee includes GST. Date Details 27 September You sold 30 SKU112822 and 60 SKU112820 to Bike Lane on account, term 3/6, n/30 27 September You received the full payment less discount from Bike Town for their purchase on 20th September. 28 September You granted Bike Lane $8,590 credit Incl. GST for 5 SKU112822 returned. 28 September You sold 80 SKU112820 and 24 SKU112823 to Race Time. Race Time paid you the full amount into your bank account. 28 September You paid $4,235 cash to satisfy warranty claims on faulty products. 29 September You sold 40 SKU112822 to Bike Buddies. Bike Buddies paid you the full amount into your bank account. 29 September You sold 40 SKU112824 and 28 SKU112820 to Bike Palace. Bike Palace paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 8th October. 29 September You received the full payment from Buzz Bikes for the sales on 21st September, less discount. 29 September You received the full payment from Bike Lane for the sales on 27th September, less discount. 29 September You are informed that Bike Palace is gone into liquidation and as such you are not able to collect the remaining receivables from Bike Palace. You write off the remaining receivables as bad. 29 September You sold the computer that your purchased on 6 September for $4,500 cash incl. GST. Adjusting Journal Entries 30th September This is the final day of the calendar month, and your main task is to prepare the month end accounting entries. For any adjustments required you will need to prepare a general journal entry. The adjusting journals that you will need to enter are as follows - round to TWO decimal places: 1. Interest expense - short-term loan (Northern Bank). (0.25 marks) 2. Insurance expense - product liability insurance policy (Society Insurance). (0.25 marks) 3. First month of subscription revenue earned from the company featured magazine, "RideOn". (0.25 marks) 4. You completed 30% of repairs for Gocycle during September. (0.25 marks) 5. Office supplies on hand at 30th September is $275 incl. GST. (0.25 marks) 6. Depreciation expense - welding machinery, using the units of production method. (0.25 marks) 7. Interest earned at month end. (0.25 marks) 8. Record the adjusting entry for fuel bill payable of $165 incl. GST from Apache Petrol for the final period i.e., period 5. (0.25 marks) 9. Advertising expense amount for the month of September. (0.25 marks) 10. Provision for warranties is equal to 5% of sales. (0.25 marks) 11. You realise that the economy has significantly deteriorated which is observed through the number of customers' debts that are written off during this month. As such you decide to increase the allowance from 10% to 35% of the accounts receivable (as of 30th September 2020). Record the adjusting entry for the allowance for doubtful debts account at 30 September 2020. (0.5 marks) 12. Salaries expense accrued for September. (0.25 marks) 13. Warehouse rent expense accrued for September. (0.25 marks) 14. Depreciation expense Delivery Van, using the straight-line method. (0.25 marks) 15. Depreciation expense Store Building, using the straight-line method. (0.25 marks) 16. Interest expense accrued on the loan for Building of the Head Office. (0.25 marks) 17. 40% of deliveries are performed during September. (0.25 marks) 18. Telecommunication accrued for September. (0.25 marks) 19. Insurance expense, Fire insurance. (0.25 marks) Note all month end adjusting journals must be dated 30 September 2020