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.

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 $32,400 and computer equipment for the shop from Computer Wizards for $3,900. These were paid for with a loan of $29,100 from the bank and cheque for $7,200 from the business bank account. The bank loan is repayable over 3 years.

1Paid $4,570 for a 1-year insurance policy covering fire, theft, and public liability.

2Purchased inventory (skateboards and protective gear) from Excitement Plus for $17,800 on terms on net 30. 5 Paid $1,400 to Local Newspapers for advertising for the shop for the month.

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6Cash sale of a skateboard and protective gear for $500 (cost of sales $155)

7Purchased surfboards and wetsuits from Surf Imports for $16,700 on terms of 10/10, n/ 30.

8Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $190.

9Credit sale to Serious Fun of skateboards and protective gear for $4,200 (cost of sales $1,760). This customer was given terms of 5/10, n/ 30.

11Paid Surf Imports the amount owing to them less the prompt payment discount.

12Credit sale to Surfing World of various inventory items for $6,740 (cost of sales $3,240). Terms net 30.

13Cash purchase of stationery from Officeworks for $340.

14Credit sale to Academy Diving School of 20 wetsuits at a discounted price of $200 each on terms of net 15. Cost of sales $2,240.

18Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount.

19Cash sale of inventory to the value of $810 (cost of sales $320)

20Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $200 each that was not the size they required. The cost of the wetsuit to us was $190 and it was put back into inventory.

24Paid Excitement Plus $4,800 of the amount owing to them.

25Credit sale to Serious Fun of skateboards for $6,280 (cost of sales $2,400). Terms 5/10, n/ 30.

26Purchased wetsuits from Surf Imports for $5,500 on terms of 10/10, n/30.

27Received and banked a cheque from Academy Diving School for the amount owing by them.

30 The owner cashed a cheque for $1,760 to pay wages to Scott Walker the sales assistant of $890 less PAYG Withholding of $60, and $930 drawings for himself.

Journalise the June transactions.