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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:

  1. Dustin deposited $40,000 in a business bank account when he commenced business on 1 June.
  2. 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.
  3. Dustin purchases $5,000 worth of inventory on credit.
  4. Customers owe $4,300 to the business for fitness products purchased on credit, with $2,500
  5. cost of sales.
  6. $2,300 is owing to suppliers for inventory (stock) purchased on credit during June.
  7. On 15 June Dustin withdrew $250 cash for personal use at non-business-related private
  8. function.
  9. During June Dustin paid rent for the months of June. The total amount paid was $1,000.
  10. A five-year loan of $8,000 was arranged through a local bank.
  11. Paid wages $3,200, cash.
  12. Purchase another delivery vehicle with the value at a cost of $20,000 on credit. The vehicle
  13. 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.

  1. Total the column amounts
  2. Prove the accounting equation is in balance.

Transaction

image text in transcribed
REQUIRED: a. Prepare a worksheet using the format presented below to record each transaction for the month ended 30 June 2021. b. Total the column amounts 0. Prove the accounting equation is in balance. Assets Liabilities Owners' Equity TransactiO" Bank Receivables Inventory Motor Payables Loan Capital Retained Vehicle Earnings (16 + 2 + 2 = 20 marks)

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