Transactions June 1 The owner opened a bank account for the business with a deposit of $30,200. This is capital provided by him. 1 Burchase alisplay stands in vinegete i repay ipment from Shop Displays Pty Ltd for $28,100 and computer equipment for the shop from Computer Wizards for $4,000. These were paid for with a loan of $28,100 from the bank and cheque for $4,000 from the 2 Purchased inventory (skateboards and protective gear) from Excitement Plus for $26,000 on terms on net 30. 5 Cash purchase of stationery from Officeworks for $310. 7 Purchased surfboards and wetsuits from Surf Imports for $21,000 on terms of 10/10, n/30. 9 Paid Surf Imports the amount owing to them less the prompt payment discount 11 Paid $4,980 for a 1-year insurance policy covering fire, theft, and public liability. 12 Paid $1,550 to Local Newspapers for advertising for the shop for the month. 13 Credit sale to Serious Fun of skateboards and protective gear for $5,800 (cost of sales $2,700). This customer was given terms of 5/10, n/30. 14 Credit sale to Surfing World of various inventory items for $7,500 (cost of sales $4,500). Terms net 30. 17 Credit sale to Academy Diving School of 20 wetsuits at a discounted price of $280 each on terms of net 15. Cost of sales $3,300. 18 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $190. 18 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. 19 Issued an adjustment note (credit note) to Academy Diving School for 4 wetsuits $280 each that was not the size they required. The cost of the wetsuits to us was $450 and they were put back into inventory. 20 Cash sale of inventory to the value of $900 (cost of sales $550). 23 Paid Excitement Plus $3,000 of the amount owing to them. 25 Credit sale to Serious Fun of skateboards for $7,100 (cost of sales $3,800). Terms 5/10, n/30. 26 Received and banked a cheque for $5,000 from Surfing World in part payment of the amount owing by them. 27 Purchased wetsuits from Surf Imports for $7,700 on terms of 10/10, n/30. 30 Paid Telstra $170 for telephone expenses 30 The owner cashed a cheque for $820 to pay wages to Scott Walker the sales assistant of $870 less PAYG Withholding of $50. The end of month adjustments are below. a. Depreciation on shop equipment for the month is 15% p.a. prime cost (straight line). b. One-twelfth of the insurance expired. c. Superannuation payable for the month is 9% of the gross wages paid. d. Interest charged on the bank loan for the month was $117. The transactions above have been journalised and posted. The adjusted trial balance is below. Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 7,880 110 Accounts receivable 14,080 120 Inventory 40,110 130 Prepaid insurance 4,565 171 Shop equipment (cost) 32,100 172 Accumulated depreciation - shop equipment 401 200 Accounts payable 30,510 210 PAYG withholding payable 50 220 Superannuation payable 78 230 Bank loan 28,217 300 Capital 30,200 400 Sales revenue 26,900 410 Sales returns and allowances 1,120 420 Discount received 2,100 500 Cost of sales 14,400 600 Advertising expense 1,550 610 Depreciation expense 401 620 Discount allowed 290 640 Insurance expense 415 650 Interest expense 117 660 Postage and stationery expense 310 670 Superannuation expense 78 680 Telephone expense 170 690 Wages expense 870 $118,456 $118,456 Prepare the statement of financial position (balance sheet) as at 30 June. Show all accounts with balances as there are no notes to the financial statements. (Enter accounts, based on their respective classification, in ascending order.) Skate 'n' Surf Statement of financial position as at 30 June 20xx Assets Current assets Total current assets Non-current assets Less: Total non-current assets Total assets Liabilities Current liabilities Total current liabilities Non-current liabilities Total non-current liabilities Total liabilities Net assets Equity Add: Total equity
