Proprietor: Mr. Tyler Blevins Name: Realtor 30 Description: Real Estate Agent The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2022) Furniture Promotional Material Supplies Capital 3,385 3 $15.835 $23.268 $39,495 $9,115 $25,922 $25,870 $593 ? Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for (months) Rent paid for (months) Fundare useful life (years) Furniture scrap value ($) Closing stock of promotional materials 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 0 909 Transactions: Date Description 1-Jun Payment to Account Payable 2-Jun Motor Vehicle Expenses 3-Jun Advertising placement fees - Cash 6-Jun Auction commission - Account 7-Jun Advertising placement fees - Account 9-Jun Rental commission - Account 10-Jun Sundry Expenses 15-Jun Staff Wages 16-Jun Advertising Expense - Cash 20-Jun Rental commission - Cash 22-Jun Receive Payment from Account Customers 26-Jun Auction commission - Cash 29-Jun Rental commission - Account 29-Jun Staff Wages Amount $1,368 $333 $887 $970 $1,031 $1,224 $288 $2,824 $667 $1,715 $1,324 $1,719 $1,283 $2,824 Date Description 1-Jun Paid General Insurance 3-Jun Auction commission - Cash 3-Jun Rent of Business Premises 6-Jun Auction commission - Account 8-Jun Cash Withdrawals by Owner 10-Jun Advertising placement fees - Account 15-Jun Payment to Account Payable 16-Jun Purchase promotional materials 18-Jun Advertising placement fees - Cash 22-Jun Rental commission - Cash 25-Jun Receive Payment from Account Customers 26-Jun Additional cash contributed by owner 29-Jun Advertising Expense - Account Amount $2,922 $1,801 $3,234 $989 $1,046 $970 $1,306 $844 $1,067 $1,984 $1,963 $4,980 $1,002 Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. -Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. Transactions involve cash unless specified as 'Account'. -Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar. Please submit a - 10-column worksheet - properly classified income statement for the month ended 30 June 2019 - properly classified balance sheet as at 30 June 2019
