ransactions June 1 The owner opened a bank account for the business with a deposit of $40,000. This is capital provided by him Purchased display stands, shelving etc. (shop equlpment) from Shop Displays Pty Ltd for $40,000 and computer equipment for the shop from Computer wizards for $5,000. These were paid for with a loan of $41,500 from the bank and cheque for $3,500 from the business bank account. The bank loan is repayable over 4 years Paid $4,200 for a 1-year insurance policy covering fire, theft, and public liability Paid $1,180 to Local Newspapers for advertising for the shop for the month Purchased inventory (skateboards and protective gear) from Excitement Plus for $23,000 on terms on net 30 Purchased surfboards and wetsuits from Surf Imports for $24,000 on terms of 10/10, n/30 Credit sale to Serious Fun of skateboards and protective gear for?5,400 (cost of sales $3,000). This customer was given terms of 5/10, n/30 Cash sale of a skateboard and protective gear for $540 (cost of sales $200) Cash purchase of postage stamps and stationery from Australia Post for $180 Credit sale to Surfing World of various inventory items for $7,930 (cost of sales $4,900). Terms net 30 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $160 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. Paid Surf Imports the amount owing to them less the prompt payment discount. Credit sale to Academy Diving School of 16 wetsuits at a discounted price of $370 each on terms of net 15, Cost of sales $5,120 Paid Excitement Plus $3,900 of the amount owing to them Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $370 each that was not the size they required. The cost of the wetsuit to us was $320 and it was put back into inventory Purchased wetsuits from Surf Imports for $8,500 on terms of 10/10, n/30 Credit sale to Serious Fun of skateboards for $8,000 (cost of sales $3,900). Terms 5/10, n/30 Received and banked a cheque from Academy Diving School for the amount owing by them A repayment of $900 was made on the bank loan The owner cashed a cheque for $960 to pay wages to Scott Walker the sales assistant of $1,000 less PAYG Withholding of $40 1 2 2 5 7 8 8 11 12 12 13 14 17 23 24 24 25 27 30 30 ransactions June 1 The owner opened a bank account for the business with a deposit of $40,000. This is capital provided by him Purchased display stands, shelving etc. (shop equlpment) from Shop Displays Pty Ltd for $40,000 and computer equipment for the shop from Computer wizards for $5,000. These were paid for with a loan of $41,500 from the bank and cheque for $3,500 from the business bank account. The bank loan is repayable over 4 years Paid $4,200 for a 1-year insurance policy covering fire, theft, and public liability Paid $1,180 to Local Newspapers for advertising for the shop for the month Purchased inventory (skateboards and protective gear) from Excitement Plus for $23,000 on terms on net 30 Purchased surfboards and wetsuits from Surf Imports for $24,000 on terms of 10/10, n/30 Credit sale to Serious Fun of skateboards and protective gear for?5,400 (cost of sales $3,000). This customer was given terms of 5/10, n/30 Cash sale of a skateboard and protective gear for $540 (cost of sales $200) Cash purchase of postage stamps and stationery from Australia Post for $180 Credit sale to Surfing World of various inventory items for $7,930 (cost of sales $4,900). Terms net 30 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $160 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. Paid Surf Imports the amount owing to them less the prompt payment discount. Credit sale to Academy Diving School of 16 wetsuits at a discounted price of $370 each on terms of net 15, Cost of sales $5,120 Paid Excitement Plus $3,900 of the amount owing to them Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $370 each that was not the size they required. The cost of the wetsuit to us was $320 and it was put back into inventory Purchased wetsuits from Surf Imports for $8,500 on terms of 10/10, n/30 Credit sale to Serious Fun of skateboards for $8,000 (cost of sales $3,900). Terms 5/10, n/30 Received and banked a cheque from Academy Diving School for the amount owing by them A repayment of $900 was made on the bank loan The owner cashed a cheque for $960 to pay wages to Scott Walker the sales assistant of $1,000 less PAYG Withholding of $40 1 2 2 5 7 8 8 11 12 12 13 14 17 23 24 24 25 27 30 30