Question 1 Note: Although this question is beand on the Skate 'n Surf busingas the secaunts, amounts and transactions involved may differ Saturns qunations. Plusan ruscoech queation auparstuly.) Skate W Burt began spensban am I June, buying and selling surfboardu, aketeDeanda, welmuito and the protective gear fer skateboarding. The structure of the businea in Chec efe male trader. The busincom e-played a malea sasistent during the month whe in to be paid fortnightly. Tex In deducted from the e-playes a wages (RAYG withholding tex) and remitted to the Australian Toxotien Ome: [ATG) on a quarterly brain. The business how not registered with the ATO for the geode and mervisen tex (GST) and how elected to was the accrual beais of accounting. Accounting rueeren The business recorda all tromosetions in the general Journal. Theme Cronaceticma are them peated to the appropriate account (:) in the general ledger. The accounts receivable and cessunto poyable aubaidiary ledgers ane provided for information only, you are not required to post to these ledgen. Chart off accounts The chert of accounts fer Skate w Sof contains the cessunto and account numbers below. 100 Cash at bank 110 Accounta receiveble 120 130 Prepaid inourone: 171 Shap equipment (:out) 172 Accumulated depreciation - whep equipment 200 Accounts payable 210 PAYG withholding payable 2:20 Superommuctien payable 230 Bank loom 300 Capital 310 Drawings 320 Profit er lean aum-ary 400 Solea revenue 410 Solen return and allowances 420 Dincount received 800 Advertising expense Depreciation expense #20 Dincount allowed 840 140 470 Suppronmustion expense Telephone expands Wares expense June 1 The ewner epemed a bank account for the business with a depoalt of $28,900. This in capital provided by him. 1 Purchased dagley atendo, abelving cle. (ahes equipment) from Shop Diaplays Pty Lod fer $34,030 and computer equipment for the ahop from Computer wizarda for $3,800. These were paid for with a loan of $3 400 from the bank and cheque for $8,260 from the business bank cessu-c. The bank loom in repayable ever 3 yeara. 1 Foid $4,930 fer a 1-year imauremes pelley wavering fire, theft, and public liability. 2 Furelaxed inventory (akelebeards and protective gear) from Excitement Plum for $17, 700 am lerma en net 30. 4 Foid $1, 903 to Local Newapepara fer advertising for the ahop for the month. : Ceah male of a akelebeard and protective gear for $420 (seat of malea $180). Purehoned surfboards and welmeits from Surf D-perta for $18,800 on terms of 10/10, n/10. Returned meme protective peer te Excitement Plum that was foulty and received an adjustment nets (credit mate) from them for $120. Crec me: to Serious Fun of ake(:beonda and protective gear for $4, 200 (coat of malea $1,710). Thim evatemen mon given Cerma of 9/10, m/30. 11 Feld Surf D-perta the amount ewing to them leas the prompt payment discount. 12 Credit azle to Surfing World of verizon inventory itema for $8, 770 (eeat of acea $3,270). Tenma met 30. 13 Ceah purchase of atebienery from Officewerks :. $390. 14 Credit mel: Do Academy Diving Scheel of 18 welwith at a discounted price of $270 each en terra of met 18. Coat of malea $2 240. 18 Received a cheque from Boricua Fun for the amount swing by them after deducting the prompt payment dacount. 19 Caah azle of inventory to the value of $810 (east of meles $580). 20 Snowed am ofbustment mets (credit met:) to Academy Diving Scheel for 1 wetsuit at $270 each Chet wen met the mics they required. The seat of the wetsuit to wa wea $120 and it was put back into inventory. 24 Foid Excitement Plus $4,700 of the amount ewing to them. 25 Credit able to Bericum Fum of akeleDeanda for $9 200 (beat of melen $3,080). Terma :/10, m/30. 28 Purchased wetsuits from Surf Imperia fer $9 800 em Derma of 10/10, m/30 Received and backed a cheque from Academy Diving Scheel for the amount : wing by them
