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. The accounts receivable and accounts payable subsidiary ledgers are provided for information only, you are not required to post to these ledgers.

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		Stationery
670		Superannuation expense
680		Telephone expense
690		Wages expense

Transactions
June	1		The owner opened a bank account for the business with a deposit of $25,900. This is capital provided by him.
	1		Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $33,500 and computer equipment for the shop from Computer Wizards for $3,700. These were paid for with a loan of $29,200 from the bank and cheque for $8,000 from the business bank account. The bank loan is repayable over 3 years.
	1		Paid $4,570 for a 1-year insurance policy covering fire, theft, and public liability.
	2		Purchased inventory (skateboards and protective gear) from Excitement Plus for $17,500 on terms on net 30.
	5		Paid $1,400 to Local Newspapers for advertising for the shop for the month.
	6		Cash sale of a skateboard and protective gear for $400 (cost of sales $185).
	7		Purchased surfboards and wetsuits from Surf Imports for $16,800 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 $200.
	9		Credit sale to Serious Fun of skateboards and protective gear for $4,400 (cost of sales $1,730). 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 $6,740 (cost of sales $3,200). Terms net 30.
	13		Cash purchase of stationery from Officeworks for $310.
	14		Credit sale to Academy Diving School of 15 wetsuits at a discounted price of $290 each on terms of net 15. Cost of sales $2,210.
	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 $340).
	20		Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $290 each that was not the size they required. The cost of the wetsuit to us was $200 and it was put back into inventory.
	24		Paid Excitement Plus $4,500 of the amount owing to them.
	25		Credit sale to Serious Fun of skateboards for $6,290 (cost of sales $2,100). Terms 5/10, n/30.
	26		Purchased wetsuits from Surf Imports for $5,900 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 $1,700 to pay wages to Scott Walker the sales assistant of $830 less PAYG Withholding of $50, and $920 drawings for himself.

Journalise the June transactions. (Note: Enter debit entries first, followed by credit entries in the general journal. Credit account titles are automatically indented when the amount is entered - do not indent manually. Leave blank any answer fields that do not require an answer. Enter accounts on the same date in descending amount order. If there is more than one account on either the debit or credit side related to the same transaction, record these in descending amount order.)

Date	Description	Post ref.	Debit	Credit
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