Transactions for June You will use the following five weeks of transactions as you complete the books for June Note that the transactions are divided into five separate weeks This is because you will not enter this whole list of transactions on any one page You will be given five separate pages in which to enter the transactions for each of the five weeks Date Description Week 1 1 Issued Cheque No 661 for $8,400 to pay Blue Blazer Realty for two month's worth of rent in advance 2 Issued Cheque No 662 to Office Supplies Warehouse for the purchase of $372 worth of office supplies 4 Paid sales staff wages of $2,361 for the week up to and including yesterday, Cheque No 663 Note that $1,143 of this payment relates to the wages expense incurred during the last week of May 6 Paid the full amount owing to Extreme Sports Inc, Cheque No 664 7 Croquet and Cricket paid the full amount owing on their account 7 Made payment of $889 to Enroff for 3 months of electricity up to and including 31 May, Cheque No 665 Week 2 9 Purchased 15 SmartCue Snooker Sets from Extreme Sports Inc for $288 each, terms net 30 9 Mick's Sporting Goods paid the full amount owing on their account Since Mick's Sporting Goods has been a loyal customer from the day the business commenced, a 10 discount was given for this early repayment 10 Paid the full amount owing to Sport Borders, Cheque No 666 Payment fell within discount period 10 Sold 11 sets of Sting Ray Golf Clubs to Great Sports for $984 each, Invoice No 397 11 Paid sales staff wages of $2,016 for the week up to and including yesterday, Cheque No 667 12 Paid the full amount owing to J J Spud, Cheque No 668 13 Paid the full amount owing to Sports 'R Us, Cheque No 669 13 Made cash sale of 13 boxes of radio chipped Golf Balls for $256 each Week 3 15 Sold 10 sets of Minor league Base Balls to Croquet and Cricket for $424 each, Invoice No 398 16 Purchased 15 SmartCue Snooker Sets from J J Spud for $330 each, terms 2 10, n 30 17 Purchased 14 boxes of radio chipped Golf Balls from Sports 'R Us for $144 each, terms net 30 17 Balls 'n All paid $2,300 in partial payment of their account 18 Paid sales staff wages of $1,626 for the week up to and including yesterday, Cheque No 670 19 Great Sports returned 5 sets of Sting Ray Golf Clubs that were originally sold for $984 each on 10 June These items cost $568 each and were not faulty or damaged Issued a Credit Note for $4,920 19 Received a purchase order from Balls 'n All Created a corresponding sales order to deliver 30 sets of Minor league Base Balls to this customer for $424 each, Invoice No 400 20 Made cash sale of 41 MJO Basketball Sets for a list price of $384 each A trade discount of 25 applies Week 4 23 Paid the full amount owing to J J Spud, Cheque No 671 This payment relates to the credit purchase that was made in the previous week 23 Sold 89 SmartCue Snooker Sets to Croquet and Cricket for $496 each, Invoice No 399 23 Great Sports paid the full amount owing on their account 24 Ordered 20 SmartCue Snooker Sets from Hike for $330 each Agreed terms with Hike are 2 10, n 30 25 Paid sales staff wages of $1,849 for the week up to and including yesterday, Cheque No 672 27 Delivered 30 sets of Minor league Base Balls to Balls 'n All for $424 each, Invoice No 400 These items were ordered on the 19 th 27 Made cash sale of 46 sets of Sting Ray Golf Clubs for $984 each 28 Returned 3 faulty boxes of radio chipped Golf Balls, originally purchased for $144 each, to Sports 'R Us Received a Credit Note for $432 Week 5 29 Received 20 SmartCue Snooker Sets for $330 each, which were ordered on the 24 th Agreed terms with Hike are 2 10, n 30 29 The Locker Room paid the full amount owing on their account 29 Made cash sale of 31 boxes of radio chipped Golf Balls for $256 each 29 Purchased 20 MJO Basketball Sets with cash for a list price of $224 each A trade discount of 25 applies, Cheque No 673 30 Paid monthly salary of $5,000 to Ferdinand Appleton, Cheque No 674 Adjusting entries information Using the following information, you will record end of month adjustments Cash Registers owned by the business original purchase price was $8,000, estimated useful life was 4 years, and estimated residual value was $1,000 at the end of the useful life Depreciation is calculated on a monthly basis using the straight line method The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year Store Fixtures owned by the business original purchase price was $44,000, estimated useful life was 11 years, and estimated residual value was $5,500 at the end of the useful life Depreciation is calculated on a monthly basis using the straight line method The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year The water usage for the month of June is estimated to be $121 The estimated electricity payable as at the end of June is $319 Sales staff work every single day during the week including weekends and are paid on a weekly basis Wages were last paid up to and including 24 June Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $320 per day Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $245 Office supplies totalling $503 are still on hand at 30 June One month of prepaid rent expired during June Remember that at the beginning of June, the business paid two month's worth of rent in advance 3 months of advertising remained pre paid at the start of June 5 months of insurance remained pre paid at the start of June When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month A stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account This means there is no adjusting entry required for inventory shrinkage

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Transactions for June You will use the following five weeks of transactions as you complete the books for June. Note that the transactions are divided

Transactions for June

You will use the following five weeks of transactions as you complete the books for June. Note that the transactions are divided into five separate weeks. This is because you will not enter this whole list of transactions on any one page. You will be given five separate pages in which to enter the transactions for each of the five weeks.

Date	Description

Week 1
1	Issued Cheque No. 661 for $8,400 to pay Blue Blazer Realty for two month's worth of rent in advance.
2	Issued Cheque No. 662 to Office Supplies Warehouse for the purchase of $372 worth of office supplies.
4	Paid sales staff wages of $2,361 for the week up to and including yesterday, Cheque No. 663. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May.
6	Paid the full amount owing to Extreme Sports Inc, Cheque No. 664.
7	Croquet and Cricket paid the full amount owing on their account.
7	Made payment of $889 to Enroff for 3 months of electricity up to and including 31 May, Cheque No. 665.

Week 2
9	Purchased 15 SmartCue Snooker Sets from Extreme Sports Inc for $288 each, terms net 30.
9	Mick's Sporting Goods paid the full amount owing on their account. Since Mick's Sporting Goods has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment.
10	Paid the full amount owing to Sport Borders, Cheque No. 666. Payment fell within discount period.
10	Sold 11 sets of Sting Ray Golf Clubs to Great Sports for $984 each, Invoice No. 397.
11	Paid sales staff wages of $2,016 for the week up to and including yesterday, Cheque No. 667.
12	Paid the full amount owing to J. J. Spud, Cheque No. 668.
13	Paid the full amount owing to Sports 'R Us, Cheque No. 669.
13	Made cash sale of 13 boxes of radio-chipped Golf Balls for $256 each.

Week 3
15	Sold 10 sets of Minor-league Base Balls to Croquet and Cricket for $424 each, Invoice No. 398.
16	Purchased 15 SmartCue Snooker Sets from J. J. Spud for $330 each, terms 2/10, n/30.
17	Purchased 14 boxes of radio-chipped Golf Balls from Sports 'R Us for $144 each, terms net 30.
17	Balls 'n All paid $2,300 in partial payment of their account.
18	Paid sales staff wages of $1,626 for the week up to and including yesterday, Cheque No. 670.
19	Great Sports returned 5 sets of Sting Ray Golf Clubs that were originally sold for $984 each on 10 June. These items cost $568 each and were not faulty or damaged. Issued a Credit Note for $4,920.
19	Received a purchase order from Balls 'n All. Created a corresponding sales order to deliver 30 sets of Minor-league Base Balls to this customer for $424 each, Invoice No. 400.
20	Made cash sale of 41 MJO Basketball Sets for a list price of $384 each. A trade discount of 25% applies.

Week 4
23	Paid the full amount owing to J. J. Spud, Cheque No. 671. This payment relates to the credit purchase that was made in the previous week.
23	Sold 89 SmartCue Snooker Sets to Croquet and Cricket for $496 each, Invoice No. 399.
23	Great Sports paid the full amount owing on their account.
24	Ordered 20 SmartCue Snooker Sets from Hike for $330 each. Agreed terms with Hike are 2/10, n/30.
25	Paid sales staff wages of $1,849 for the week up to and including yesterday, Cheque No. 672.
27	Delivered 30 sets of Minor-league Base Balls to Balls 'n All for $424 each, Invoice No. 400. These items were ordered on the 19^th.
27	Made cash sale of 46 sets of Sting Ray Golf Clubs for $984 each.
28	Returned 3 faulty boxes of radio-chipped Golf Balls, originally purchased for $144 each, to Sports 'R Us. Received a Credit Note for $432.

Week 5
29	Received 20 SmartCue Snooker Sets for $330 each, which were ordered on the 24^th. Agreed terms with Hike are 2/10, n/30.
29	The Locker Room paid the full amount owing on their account.
29	Made cash sale of 31 boxes of radio-chipped Golf Balls for $256 each.
29	Purchased 20 MJO Basketball Sets with cash for a list price of $224 each. A trade discount of 25% applies, Cheque No. 673.
30	Paid monthly salary of $5,000 to Ferdinand Appleton, Cheque No. 674.

Adjusting entries information

Using the following information, you will record end of month adjustments:

Cash Registers owned by the business: original purchase price was $8,000, estimated useful life was 4 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
Store Fixtures owned by the business: original purchase price was $44,000, estimated useful life was 11 years, and estimated residual value was $5,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
The water usage for the month of June is estimated to be $121.
The estimated electricity payable as at the end of June is $319.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $320 per day.
Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $245.
Office supplies totalling $503 are still on hand at 30 June.
One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance.
3 months of advertising remained pre-paid at the start of June.
5 months of insurance remained pre-paid at the start of June.

When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month.

A stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry required for inventory shrinkage.