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the question has been updated. any help would be appreciated Dustin opened a kiosk in a regional shopping centre on 1 June 2021. The business
the question has been updated. any help would be appreciated
Dustin opened a kiosk in a regional shopping centre on 1 June 2021. The business trades under the name of"DustinLtd'and sells fitness product. All credit sales are made on the following terms: payable in 60 days.
The following selected information is available for the business for the month ended 30 June 2021:
- Dustin deposited $40,000 in a business bank account when he commenced business on 1 June.
- A delivery vehicle was purchased on 1 June at a cost of $14,000 cash. The vehicle is expected to be used equally over its useful life of three years after which it will have a residual (scrap) value of $0.
- Dustin purchases $5,000 worth of inventory on credit.
- Customers owe $4,300 to the business for fitness products purchased on credit, with $2,500
- cost of sales.
- $2,300 is owing to suppliers for inventory (stock) purchased on credit during June.
- On 15 June Dustin withdrew $250 cash for personal use at non-business-related private
- function.
- During June Dustin paid rent for the months of June. The total amount paid was $1,000.
- A five-year loan of $8,000 was arranged through a local bank.
- Paid wages $3,200, cash.
- Purchase another delivery vehicle with the value at a cost of $20,000 on credit. The vehicle
- is expected to be used equally over its useful life of five years after which it will have a residual (scrap) value of $5,000.
REQUIRED:
a. Prepare a worksheet using the format presented below to record each transaction for the month ended 30 June 2021.
- Total the column amounts
- Prove the accounting equation is in balance.
Transaction
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