Skate n Surf began operations on 1 June, buying and selling surfboards, skateboards, wetsuits and the protective gear for skateboarding. The structure of the business is that of a sole trader. The business employed a sales assistant during the month who is to be paid fortnightly. Tax is deducted from the employees wages (PAYG withholding tax) and remitted to the Australian Taxation Office (ATO) on a quarterly basis. The business has not registered with the ATO for the goods and services tax (GST) and has elected to use the accrual basis of accounting. Accounting records The business records all transactions in the general journal. These transactions are then posted to the appropriate account(s) in the general ledger and the accounts receivable or accounts payable subsidiary ledgers, where separate accounts are maintained for each customer or supplier. Chart of accounts The chart of accounts for Skate n Surf contains the accounts and account numbers below.

100		Cash at bank
110		Accounts receivable
120		Inventory
130		Prepaid insurance
171		Shop equipment (cost)
172		Accumulated depreciation - shop equipment
200		Accounts payable
210		PAYG withholding payable
220		Superannuation payable
230		Bank loan
300		Capital
310		Drawings
320		Profit or loss summary
400		Sales revenue
410		Sales returns and allowances
420		Discount received
500		Cost of sales
600		Advertising expense
610		Depreciation expense
620		Discount allowed
630		Electricity expense
640		Insurance expense
650		Interest expense
660		Postage and stationery expense
670		Superannuation expense
680		Telephone expense
690		Wages expense

Post the above adjusting entries to the general ledger below. (Note: Leave blank any answer fields that do not require an answer.)

Transactions June 1 The owner opened a bank account for the business with a deposit of $25,300. This is capital provided by him. 1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $33,940 and computer equipment for the shop from Computer Wizards for $3,500. These were paid for with a loan of $30,240 from the bank and cheque for $7,200 from the business bank account. The bank loan is repayable over 3 years. 1 Paid $5,040 for a 1-year insurance policy covering fire, theft, and public liability. 2 Purchased inventory (skateboards and protective gear) from Excitement plus for $17,000 on terms on net 30. 5 Paid $1,600 to Local Newspapers for advertising for the shop for the month. 6 Cash sale of a skateboard and protective gear for $480 (cost of sales $195). 7 Purchased surfboards and wetsuits from Surf Imports for $16,290 on terms of 10/10, n/30. 8 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $130. 9 Credit sale to Serious Fun of skateboards and protective gear for $4,400 (cost of sales $1,790). This customer was given terms of 5/10, n/30. 11 Paid Surf Imports the amount owing to them less the prompt payment discount. 12 Credit sale to Surfing World of various inventory items for $6,720 (cost of sales $3,290). Terms net 30. 13 Cash purchase of stationery from Officeworks for $330. 14 Credit sale to Academy Diving School of 20 wetsuits at a discounted price of $240 each on terms of net 15. Cost of sales $2,200. 18 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. 19 Cash sale of inventory to the value of $880 (cost of sales $370). 20 Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $240 each that was not the size they required. The cost of the wetsuit to us was $130 and it was put back into inventory. 24 Paid Excitement Plus $4,600 of the amount owing to them. 25 Credit sale to Serious Fun of skateboards for $6,250 (cost of sales $2,200). Terms 5/10, n/30. 26 Purchased wetsuits from Surf Imports for $6,500 on terms of 10/10, n/30. 27 Received and banked a cheque from Academy Diving School for the amount owing by them. 30 The owner cashed a cheque for $1,730 to pay wages to Scott Walker the sales assistant of $820 less PAYG Withholding of $70, and $980 drawings for himself. The June transactions above have been journalised and posted. Following are the end of month adjustments (round to the nearest dollar), which are also journalised. a. Depreciation on shop equipment for the month is 20% p.a. prime cost (straight line). b. One-twelfth of the insurance expired. c. Superannuation payable for the month is 10% of the gross wages paid. d. Interest charged on the bank loan for the month was $126. Date Description Post ref. Debit Credit 20xx June 30 Depreciation expense 624 Accumulated depreciation - shop equipment 624 (Depreciation for the month) 30 Insurance expense 420 de pense Prepaid insurance 420 (Amount of prepaid insurance expired for June) . 30 Superannuation expense 82 Superannuation payable 82 (Superannuation payable for June) man 30 Interest expense 126 Bank loan 126 (Interest charged to bank loan for June) Cash at bank Date Details June 1 Capital 6 Sales revenue 18 Accounts receivable 19 Sales revenue 27 Accounts receivable Debit Date Details 25,300 June 1 Shop equipment (cost) 480 1 Prepaid insurance 4,180 5 Advertising expense 880 11 Accounts payable 4,560 13 Postage and stationery expense 24 Accounts payable 30 Wages expense 30 Drawings No. 100 Credit 7,200 5,040 1,600 14,661 330 4,600 750 980 Accounts receivable Date Details June 9 Sales revenue 12 Sales revenue 14 Sales revenue 25 Sales revenue Debit Date Details 4,400 June 18 Cash at bank 6,720 18 Discount allowed 4,800 20 Sales returns and allowances 6,250 27 Cash at bank No. 110 Credit 4,180 220 240 4,560 Inventory Date Details June 2 Accounts payable 7 Accounts payable 20 Cost of sales 26 Accounts payable Debit Date Details 17,000 June 6 Cost of sales 16,290 8 Accounts payable 130 9 Cost of sales 6,500 12 Cost of sales 14 Cost of sales 19 Cost of sales 25 Cost of sales No. 120 Credit 195 130 1,790 3,290 2,200 370 2,200 No. 130 Prepaid insurance Date Details June 1 Cash at bank Debit Date Details Credit 5,040 June No. 171 Credit Details Shop equipment (cost) Date Details June 1 Bank loan 1 Cash at bank Debit Date 30,240 7,200 No. 172 Accumulated depreciation - shop equipment Date Details Debit Date Details Credit June Details Accounts payable Date Details June B Inventory 11 Cash at bank 11 Discount received 24 Cash at bank Debit Date 130 June 2 Inventory 14,661 7 Inventory 1,629 26 Inventory 4,600 No. 2001 Credit 17,000 16,290 6,500 PAYG withholding payable Date Details Debit Date Details June 30 Wages expense No. 210 Credit 70 No. 220 Superannuation payable Date Details Debit Date Details Credit June No. 230 Bank loan Date Details Debit Date Credit June Details 1 Shop equipment (cost) 30,240 Capital Date Details Debit Date June Details 1 Cash at bank No. 300 Credit 25,300 Drawings Date Details June 30 Cash at bank No. 310 Credit Debit Date Details 980 Sales revenue Date Details Debit Date Details June 6 Cash at bank 9 Accounts receivable 12 Accounts receivable 14 Accounts receivable 19 Cash at bank 25 Accounts receivable No. 400 Credit 480 4,400 6,720 4,800 880 6,250 Sales returns and allowances Date Details June 20 Accounts receivable No. 410 Credit Debit Date Details 240 Discount received Date Details Debit Date Details June 11 Accounts payable No. 420 Credit 1,629 Details Details No. 500 Credit 130 Cost of sales Date June 6 Inventory 9 Inventory 12 Inventory 14 Inventory 20 Inventory 25 Inventory Debit Date 19 June 20 Inventory 1,790 3,290 2,200 370 2,200 Advertising expense Date Details June 5 Cash at bank No. 600 Credit Date Details Debit 1,600 Depreciation expense Date June No. 610 Credit Details Debit Date Details Discount allowed Date Details June 1B Accounts receivable No. 620 Credit Debit Date Details 220 Insurance expense Date June No. 640 Credit Details Debit Date Details Interest expense Date June No. 650 Credit Details Debit Date Details Postage and stationery expense Date Details June 13 Cash at bank No. 660 Credit Debit Date Details 330 Superannuation expense Date June No. 670 Credit Details Debit Date Details No. 690 Credit Debit Date Details Wages expense Date Details June 30 Cash at bank 30 PAYG withholding payable 750 70