Read the below case study and answer the required questions. The "Wise Dimension" owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and offline channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows: Trial Balance as at 31 May 2017 Debit Credit Acct No. 101 Acct No. 101 105 110 105 110 $90,600 $76,800 $150,000 $8,000 $17,000 $35,000 115 115 120 120 135 135 137 Account Name Cash at Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Office Furniture Acc. Depreciation. - Furniture Office Equipment Acc. Depreciation - Office Equip. Accounts Payable Interest Payable Loan Payable Cousins, Capital Cousins, Drawings Sales Revenue $15,000 137 140 $20,000 141 140 141 201 202 201 202 210 $9,000 $44,960 $4,000 $30,000 $41,340 210 301 301 305 $18,900 305 401 401 $705,000 402 Sales Returns 402 403 403 Sales Discounts Purchases $55,000 $15,000 $166,000 501 501 502 Purchase Returns 502 $20,000 503 $33,000 503 504 504 601 Purchase Discounts Freight-in Advertising Expense Automobile Expense Depreciation Expense - Furniture 601 $25,000 $50,000 $15,000 605 605 615 615 $0 Assessment Brief Version 2: 11th October, 2019 Kent Institute Australia Pty. Ltd. ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 TEQSA Provider Number: PRV12051 Page 2 of 5 620 620 $0 650 665 650 665 Depreciation Expense - Office Equip. Insurance Expense Maintenance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Income Summary $0 $28,500 $15,500 $77,200 670 675 670 675 680 680 $0 685 685 $35,500 $3,300 690 690 700 700 $902,300 $902,300 Required: Ignore Income Tax A) Journalise the transactions for the month of June. (2 Marks) B) Prepare the unadjusted Trial Balance on the Worksheet for the year ended 30 June 2017, using the provided trial balance as at 31 May 2017 and the General Leger Accounts. (2 Marks) C) Journalise the adjustment transactions for the month of June. (2 Marks) D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet. (4 Marks) E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017. (4 Marks) Transactions during the month of June 2017 are listed below: Date Item Description 07/06/2017 Source Document: Sales invoice For the following: Made sales to SAN Entertainment (Customer) $30,000 Amount: Terms: Net 30 08/06/2017 Source Document: For the following: Receipts Received payment on account from Felicia Ltd (Customer) $22,600 Cash Tendered Amount: Terms: 09/06/2017 Sales Return Slip Source Document: For the following: Amount: SAN Entertainment (Customer) returned goods $6,000 Credit on account (Adjustment note) Terms: 10/06/2017 Source Document: Purchase Invoice For the following: Purchased inventory for resale from Dorothy Factory (Supplier) $88,000 Amount: Terms: Credit on account 15/06/2017 Source Document: Memo For the following: Cousins (Owner) took a selling product from the store for personal use $1,100 Amount: Terms: N/A 15/06/2017 Source Document: Purchase Invoice For the following: Amount: Domestic delivery costs of merchandise shipped to us at our expense. $3,300 Cash Tendered Terms: 15/06/2017 Source Document: Cheque Copy Payment on account to NWALA (Supplier) For the following: Amount: $8,000 Terms: Cash Assessment Brief Version 2: 11th October, 2019 Kent Institute Australia Pty. Ltd. ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 TEQSA Provider Number: PRV12051 Page 3 of 5 30/06/2017 Source Document: For the following: Purchase Return Returned goods to Dorothy Factory (Supplier) $12,100 Amount: Terms: Credit on account (Adjustment note) Adjustment Transactions as at 30 June 2017 are: Date Item Description 30/06/2017 Source Document: For the following: Rate: Terms: Bank Memo Interest unrecorded and unpaid for the period. 1% interest per month on all outstanding loan at month end Interest should be accrued. 30/06/2017 Asset: 115 (Supplies) For the following: Adjustment for the period. Instructions: Make any adjustments as necessary. Ending Supplies inv. $2,500 30/06/2017 Asset: 120 (Prepaid Insurance) For the following: Adjustment for the period. Instructions: Make any adjustments as necessary. Ending Value $5,100 30/06/2017 Depreciable Asset: 135 (Furniture) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 20% of the carrying amount 30/06/2017 Depreciable Asset: 140 (Office Equipment) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 30% of the carrying amount Additional Information 30/06/2017 Asset: 110 (Merchandise Inventory) For the following: Financial Statement preparation Instructions: Make any adjustments as necessary. Opening Inventory Ending Inventory $150,000 $200,000 Read the below case study and answer the required questions. The "Wise Dimension" owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and offline channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows: Trial Balance as at 31 May 2017 Debit Credit Acct No. 101 Acct No. 101 105 110 105 110 $90,600 $76,800 $150,000 $8,000 $17,000 $35,000 115 115 120 120 135 135 137 Account Name Cash at Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Office Furniture Acc. Depreciation. - Furniture Office Equipment Acc. Depreciation - Office Equip. Accounts Payable Interest Payable Loan Payable Cousins, Capital Cousins, Drawings Sales Revenue $15,000 137 140 $20,000 141 140 141 201 202 201 202 210 $9,000 $44,960 $4,000 $30,000 $41,340 210 301 301 305 $18,900 305 401 401 $705,000 402 Sales Returns 402 403 403 Sales Discounts Purchases $55,000 $15,000 $166,000 501 501 502 Purchase Returns 502 $20,000 503 $33,000 503 504 504 601 Purchase Discounts Freight-in Advertising Expense Automobile Expense Depreciation Expense - Furniture 601 $25,000 $50,000 $15,000 605 605 615 615 $0 Assessment Brief Version 2: 11th October, 2019 Kent Institute Australia Pty. Ltd. ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 TEQSA Provider Number: PRV12051 Page 2 of 5 620 620 $0 650 665 650 665 Depreciation Expense - Office Equip. Insurance Expense Maintenance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Income Summary $0 $28,500 $15,500 $77,200 670 675 670 675 680 680 $0 685 685 $35,500 $3,300 690 690 700 700 $902,300 $902,300 Required: Ignore Income Tax A) Journalise the transactions for the month of June. (2 Marks) B) Prepare the unadjusted Trial Balance on the Worksheet for the year ended 30 June 2017, using the provided trial balance as at 31 May 2017 and the General Leger Accounts. (2 Marks) C) Journalise the adjustment transactions for the month of June. (2 Marks) D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet. (4 Marks) E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017. (4 Marks) Transactions during the month of June 2017 are listed below: Date Item Description 07/06/2017 Source Document: Sales invoice For the following: Made sales to SAN Entertainment (Customer) $30,000 Amount: Terms: Net 30 08/06/2017 Source Document: For the following: Receipts Received payment on account from Felicia Ltd (Customer) $22,600 Cash Tendered Amount: Terms: 09/06/2017 Sales Return Slip Source Document: For the following: Amount: SAN Entertainment (Customer) returned goods $6,000 Credit on account (Adjustment note) Terms: 10/06/2017 Source Document: Purchase Invoice For the following: Purchased inventory for resale from Dorothy Factory (Supplier) $88,000 Amount: Terms: Credit on account 15/06/2017 Source Document: Memo For the following: Cousins (Owner) took a selling product from the store for personal use $1,100 Amount: Terms: N/A 15/06/2017 Source Document: Purchase Invoice For the following: Amount: Domestic delivery costs of merchandise shipped to us at our expense. $3,300 Cash Tendered Terms: 15/06/2017 Source Document: Cheque Copy Payment on account to NWALA (Supplier) For the following: Amount: $8,000 Terms: Cash Assessment Brief Version 2: 11th October, 2019 Kent Institute Australia Pty. Ltd. ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 TEQSA Provider Number: PRV12051 Page 3 of 5 30/06/2017 Source Document: For the following: Purchase Return Returned goods to Dorothy Factory (Supplier) $12,100 Amount: Terms: Credit on account (Adjustment note) Adjustment Transactions as at 30 June 2017 are: Date Item Description 30/06/2017 Source Document: For the following: Rate: Terms: Bank Memo Interest unrecorded and unpaid for the period. 1% interest per month on all outstanding loan at month end Interest should be accrued. 30/06/2017 Asset: 115 (Supplies) For the following: Adjustment for the period. Instructions: Make any adjustments as necessary. Ending Supplies inv. $2,500 30/06/2017 Asset: 120 (Prepaid Insurance) For the following: Adjustment for the period. Instructions: Make any adjustments as necessary. Ending Value $5,100 30/06/2017 Depreciable Asset: 135 (Furniture) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 20% of the carrying amount 30/06/2017 Depreciable Asset: 140 (Office Equipment) For the following: Depreciation adjustment for the year Instructions: Make any adjustments as necessary. Rate: 30% of the carrying amount Additional Information 30/06/2017 Asset: 110 (Merchandise Inventory) For the following: Financial Statement preparation Instructions: Make any adjustments as necessary. Opening Inventory Ending Inventory $150,000 $200,000