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Prepare an adjusted trial balance. (Note: Enter accounts in ascending account number order. Leave blank any answer fields that do not require an answer.) 100
Prepare an adjusted trial balance. (Note: Enter accounts in ascending account number order. Leave blank any answer fields that do not require an answer.)
100 Cash at bank 110 Accounts receivable 120 Inventory 130 Prepaid insurance 171 Shop equipment (cost) 172 Accumulated depreciation - shop equipment 200 Accounts payable 210 PAYG withholding payable 220 Superannuation payable 230 Bank loan 300 Capital 310 Drawings 320 Profit or loss summary 400 Sales revenue 410 Sales returns and allowances 420 Discount received 500 Cost of sales 600 Advertising expense 610 Depreciation expense 620 Discount allowed 630 Electricity expense 640 Insurance expense 650 Interest expense 660 Postage and stationery expense 670 Superannuation expense Transactions June 1 The owner opened a bank account for the business with a deposit of $23,000. This is capital provided by him. 1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $26,000 and computer equipment for the shop from Computer Wizards for $4,900. These were paid for with a loan of $26,000 from the bank and cheque for $4,900 from the business bank account. The bank loan is repayable over 4 years. 1 Paid $4,920 for a 1-year insurance policy covering fire, theft, and public liability. 2 Purchased inventory (skateboards and protective gear) from Excitement plus for $20,800 on terms on net 30. 5 Cash purchase of postage stamps and stationery from Australia Post for $360. 7 Purchased surfboards and wetsuits from Surf Imports for $18,220 on terms of 10/10, n/30. 8 Paid $1,430 to Local Newspapers for advertising for the shop for the month. 8 Paid Surf Imports the amount owing to them less the prompt payment discount. 11 Credit sale to Surfing World of various inventory items for $7,110 (cost of sales $3,600). Terms net 30. 12 Credit sale to Academy Diving School of 16 wetsuits at a discounted price of $270 each on terms of net 15. Cost of sales $2,600. 13 Credit sale to Serious Fun of skateboards and protective gear for $4,700 (cost of sales $2,100). This customer was given terms of 5/10, n/30. 14 Cash sale of a skateboard and protective gear for $450 (cost of sales $220). 18 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. 23 Cash sale of inventory to the value of $920 (cost of sales $470). 24 Issued an adjustment note (credit note) to Academy Diving School for 4 wetsuits at $270 each that was not the size they required. The cost of the wetsuits to us was $330 and they were put back into inventory. 25 Paid Excitement Plus $5,100 of the amount owing to them. 26 Credit sale to Serious Fun of skateboards for $7,100 (cost of sales $2,500). Terms 5/10, n/30. 27 Purchased wetsuits from Surf Imports for $7,000 on terms of 10/10, n/30. 27 Received and banked a cheque from Academy Diving School for the amount owing by them. 30 Paid Energy Australia $180 for electricity expenses. 30 The owner cashed a cheque for $1,840 to pay wages to Scott Walker the sales assistant of $900 less PAYG Withholding of $30, and $970 drawings for himself. The end of month adjustments are below. a. Depreciation on shop equipment for the month is 15% p.a. prime cost (straight line). b. One-twelfth of the insurance expired. C. Superannuation payable for the month is 9% of the gross wages paid. d. Interest charged on the bank loan for the month was $108. The transactions above have been journalised and posted. Cash at bank Date Details June 1 Capital 14 Sales revenue 18 Accounts receivable 23 Sales revenue 27 Accounts receivable Debit Date Details 23,000 June 1 Shop equipment (cost) 450 1 Prepaid insurance 4,465 5 Postage and stationery expense 920 8 Advertising expense 3,240 8 Accounts payable 25 Accounts payable 30 Electricity expense 30 Wages expense 30 Drawings No. 100 Credit 4,900 4,920 360 1,430 16,398 5,100 180 870 970 No. 110 Details Accounts receivable Date June 11 Sales revenue 12 Sales revenue 13 Sales revenue 26 Sales revenue Debit Date Details 7,110 June 18 Cash at bank 4,320 18 Discount allowed 4,700 24 Sales returns and allowances 7,100 27 Cash at bank Credit 4,465 235 1,080 3,240 Details Details Inventory Date June 2 Accounts payable 7 Accounts payable 24 Cost of sales 27 Accounts payable Debit Date 20,800 June 11 Cost of sales 18,220 12 Cost of sales 330 13 Cost of sales 7,000 14 Cost of sales 23 Cost of sales 26 Cost of sales No. 120 Credit 3,600 2,600 2,100 220 470 2,500 Prepaid insurance Date June 1 Cash at bank Details Details Debit Date 4,920 June 30 Insurance expense No. 130 Credit 410 No. 171 Credit Details Date Details Shop equipment (cost) Date June 1 Bank loan 1 Cash at bank Debit 26,000 4,900 No. 172 Accumulated depreciation - shop equipment Date Details Debit Credit Date Details June 30 Depreciation expense 386 Details Details Accounts payable Date June 8 Cash at bank 8 Discount received 25 Cash at bank Debit Date 16,398 June 2 Inventory 1,822 7 Inventory 5,100 27 Inventory No. 200 Credit 20,800 18,220 7,000 PAYG withholding payable Date Details Debit Details Date June 30 Wages expense No. 210 Credit 30 No. 220 Superannuation payable Date Details Credit Debit Date Details June 30 Superannuation expense 80 Bank loan Date Details Debit Date Details June 1 Shop equipment (cost) 30 Interest expense No. 230 Credit 26,000 108 Capital Date Details Debit Date Details No. 300 Credit 23,000 June 1 Cash at bank Drawings Date June 30 Cash at bank No. 310 Credit Details Date Details Debit 970 Sales revenue Date No. 400 Credit Details Debit Date Details June 11 Accounts receivable 12 Accounts receivable 13 Accounts receivable 14 Cash at bank 23 Cash at bank 26 Accounts receivable 7,110 4,320 4,700 450 920 7,100 Sales returns and allowances Date Details June 24 Accounts receivable No. 410 Credit Date Details Debit 1,080 Discount received Date Details Debit Date Details No. 420 Credit 1,822 June 8 Accounts payable No. 500 Credit Details Details 330 Cost of sales Date June 11 Inventory 12 Inventory 13 Inventory 14 Inventory 23 Inventory 26 Inventory Debit Date 3,600 June 24 Inventory 2,600 2,100 220 470 2,500 No. 600 Advertising expense Date June 8 Cash at bank Details Date Details Credit Debit 1,430 No. 610 Depreciation expense Date Details June 30 Accumulated depreciation - shop equipment Debit Date Details Credit 386 Discount allowed Date Details June 18 Accounts receivable No. 620 Credit Debit Date Details 235 Electricity expense Date June 30 Cash at bank No. 630 Credit Details Debit Date Details 180 Insurance expense Date June 30 Prepaid insurance No. 640 Credit Details Debit Date Details 410 Interest expense Date June 30 Bank loan No. 650 Credit Details Debit Date Details 108 Postage and stationery expense Date Details June 5 Cash at bank No. 660 Credit Debit Date Details 360 Superannuation expense Date Details June 30 Superannuation payable No. 670 Credit Debit Date Details 80 No. 690 Debit Date Details Credit Wages expense Date Details June 30 Cash at bank 30 PAYG withholding payable 870 30 Prepare an adjusted trial balance. (Note: Enter accounts in ascending account number order. Leave blank any answer fields that do not require an answer.) Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Debit Account no Account CreditStep by Step Solution
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