Reuired: Enter the 1 July 2022 Opening Balances to the General Ledger and set up the subsidiary ledgerfor Customers, Suppliersand Inventory.

Process all business transactions & economicevents (adjusting Entries)for July 2022

1. for the month of July to be submitted, are as follows:

• Accounts (General Ledger)
  • Transaction Journals = General Journal
  • Profit & Loss
  • Balance Sheet
  • Sales (Accounts Receivable)
    • Sales & Receivables Transaction Journals
  • Purchases (Accounts Payable)
    • Purchases & PayablesTransaction Journals
  • Banking
    • Cash Disbursements Journaland Cash ReceiptsJournals
  • Inventory
    • Items List Summary

Balances as of 1 July 202

TRIAL BALANCE YOUR NAME Furniture Pty Ltd as of 1 July2022,
Account	Dr ($)	Cr ($)
Cash at Bank	30,500
Accounts Receivable	33,000
Inventory control	46,500
Prepaid Insurance	30,000
Shop Fixtures and Equipment	180,000
Accumulated Depreciation - Shop Fixt & Equip		60,000
Accounts Payable		21,500
GST payable (collected)		18,000
GST receivable (paid)	12,000
Accrued Expenses (e.g.,Commission Payable)		15,000
PAYG Withholding Tax		2,000
Provision for dividend		9,000
Loan noncurrent		100,000
Issued and paid-upcapital		65,000
Retained Earnings		41,500
Total	332,000	332,000

Customers:

1. Students are requiredto make up their own unique customernames and addresses.
2. The business credit policyis 30 days.
3. Information providedfor customers and their balanceas at 1 July 2022 is as follows:

Accounts Receivable Control
Customer Code	Balance Outstanding $	Days Outstanding
C01	13,000	30
C02	6,000	60
C03	6,500	30
C04	7,500	10
Total	33,000

Suppliers:

1. Students are required to make up their own unique suppliernames and address.
2. Accounts Payable ledger has suppliersentered for trading stock as well as other goodsand services acquiredon credit.
3. Cash purchases are processed directlythrough the cash book.
4. All suppliers extendthe normal 30-dayterms, with no discount for prompt payment.
5. Information providedfor suppliers and their balanceas at 1 July is as follows:

Accounts PayableControl
Supplier Code	Balance Outstanding ($)	Invoice Date
S01 Trading Goods	5,000	1st June
S02 Trading Goods	2,500	5th June
S03 Trading Goods	8,500	7th June
S04 Telephone Co	1,000	12th June
S05 Stationery	500	15th June
S06 Advertising Co	1,700	16th June
S07 - Electricity	2,300	30th June
Total	21,500

• Be sure to enter an ABN number for each supplier when creating the Suppliers account

otherwise there are taxation implications.

• All suppliers must have an ABN Number.

Inventory:

1. Inventory unit measureis per furniture item
2. The business uses the perpetual inventorymethod of accounting for inventory, that is:
   1. when inventory is purchased, it is added (debited) to Inventory account;and
   2. when it is sold, the cost is debitedagainst Cost of sales and credited againstInventory.
3. Information providedfor inventory and their balance as at 1 July is as follows:

Inventory Control
Product Code	Quantity on Hand	Unit cost	Value of Inventory	Unit Sell Price Excluding GST
P01 - DiningChairs	135	$100.00	$13,500	$180.00
P02 - Dining Table	12	$600.00	$7,200	$1,000.00
P03 - Office Desk	40	$150.00	$6,000	$300.00
P04 - Officechair	40	$120.00	$4,800	$240.00
P05 - Coffee Table	50	$300.00	$15,000	$600.00
TOTAL			$46,500

Transactions & EconomicEvents for July 2022

Data source- Suppliers Invoices.

Dates shown are invoice dates, amounts include GST.

Date	Credit Purchases
1st Jul	Received invoice from S01 for 11 DiningTables - stock itemP02, for $7,260.
2nd Jul	Received invoice from S03 for 10 Coffee Tables- stock item P05, for $3,300.
7thJul	Received invoice from S02, for 30 OfficeDesks stock itemP03, for $4,950.
14th Jul	Received invoice from S05 for Stationary $385.
24th Jul	Received invoice from S04 for telephone for the month $660.
26th Jul	Received invoice from S06 for advertising undertaken in July $715.
26th Jul	Received invoicefrom S01 for 100 diningchairs - stockitem P01, for $11,000.

Data source sales invoicesand cash registertapes.

Sales includeGST.

Date	Cash Sales
1st Jul	Sold 6 units of P01
10th Jul	Sold 4 units of P01 and 1unit of P02
26th Jul	Sold 5 unitsof P03 and5 units of P04 and3 units of P05

Date	Credit sales
6th Jul	Invoice to C01 for 50 units of P01
10th Jul	Invoice to C02 for 30 units of P01 and 5 units of P02
19th Jul	Invoice to C03 for 25 units of P03 and 20 units of P04
27th Jul	Invoice to C04for 15 units of P05

Data source deposit book (cash receipts)

The daily over-the-counter cash sales are banked the same day. Other receipts include payments by account customers, as follows:

Date	Cash Receipts fromCredit Customers
18th Jul	Customer C01 paid $6,000.00
20th Jul	Customer C02 paid $7,000.00
21st Jul	Customer C03 paidfor balance of her account as at 30 June, plusthe purchases during the month made prior to 20th July.
31st Jul	At the end of the month, after the depreciation charge was made for the month, the business sold old Shop Fixtures and equipment for cash for $5,500 (GST inclusive). The Fixtures and Equipment hada written downvalue of $2,000.00 at the time of sale. The Fixtures and equipment originally cost $18,000.

Data source EFT (cashpayments)

Date	Cash Payments
4th Jul	Paid salescommission owing to retail assistants of $15,000.00 previously accrued.
9th Jul	Paid balance as at 1 July owing to S05.
10th Jul	Paid balance as at 1 July owing to S06.

15th Jul	Paid JunesPAYG withholding tax of $2,000.00
17th Jul	Paid S01 the balance of the account as at 1July.
27th Jul	Paid balance as at 1 July owing to S04.
28th Jul	Paid balance as at 1 July owing S02.
31st Jul	The owners are paid$9,000 dividends, as provided in June.

Data source- Bank Statements

Date	Unrecorded BankStatements items
18th Jul	Periodic payment forlease of POSequipment $990.00 for July.
31st Jul	Bank fees of $110.00 werecharged to the account.

Data source notes and working papers Month end adjustments (Accruals)

No GST on accruals.

Date	Month end Adjustments (Accruals)
31st Jul	Shop fixtures andequipment are depreciated at 20% p.a.Straight line methodand the entry forJuly 2021 (being31 days of depreciation) needsto be made.
31st Jul	Sales commission earnedby retail assistants, but not paidat 31st July amounted to $12,000.00.
31st Jul	Prepaid Insurance as at 30 June ($30,000.00) represented the premium paid on annual policy starting on 1 May2021. Record the insurance expense expired for the month of July.
31st Jul	The companys long-term loan is at 7.00% p.a.Interest is paidquarterly but needs to be accrued forJuly (31 days).
31st Jul	Estimated electricity usagefor July amounted to $2,100.00 and this amountis to be accrued as at 31st July.