Week 1 Date Transaction description 1 Obtained a loan of $50,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2026. 2 Paid the full amount owing to Extreme Sports Supplies, Check No. 603. Payment fell within discount period. 4 Made cash sales of $6,476 during the first 4 days of the month. 5 Purchased 7 Tony Eagle Mark 3 Freestyle Skateboards from J. J. Spud for $89 each, terms net 30. 5 Paid the full amount owing to Sport Borders, Check No. 604. Payment fell within discount period. 5 Purchased 6 Bungee Kits with cash for $109 each, Check No. 605. 7 Purchased 6 X20 Parachutes from Hike for $201 each, terms 2/10, n/30. 7 Sold 7 Body Boards to Mick's Sporting Goods for $200 each, Invoice No. 501. Bank statement June MRMC Miami branch Helen Meer 715 Flack Lane Miami, FL 33109 Account No 40489283 Page No The Adrenaline Hut Debit Credit $3.744 $550 $1,500 $2.892 $50,000 $6,300 $2,609 $6,476 $654 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 2 DEPOSIT - Croquet and Cricket JUN 2 DEPOSIT - Jump Around JUN 3 602 JUN 4 603 JUN 4 LOAN JUN 4 601 JUN 8 604 JUN 8 DEPOSIT - Cash sales JUN B 005 JUN 17 DEPOSIT - Cash sales JUN 19 607 JUN 20 DEPOSIT - Jump Around JUN 21 DEPOSIT - Bails in All JUN 21 DEPOSIT - Cash sales JUN 23 NSF CHECK-Balls 'n All JUN 25 60B JUN 27 DEPOSIT - Cash sales JUN 30 DEPOSIT.Croquet and Cricket JUN 30 DEPOSIT - Cash sales JUN 30 610 JUN 30 INTEREST JUN 30 SERVICE CHARGE $10,782 Balance $29,405 CR $33,149 CR $33.699 CR $32,199 CR $29,307 CR 579,307 CR $73,007 CR $70,398 CR $76,874 CR $76.220 CR $87.002 CR 581,835 CR $85,421 CR $86,721 CR $96.935 CR $94.635 CR $92,173 CR S101.941 CR $104.963 CR $11.429 CR $108.012 CR $106.230 CR 5106,221 CR 55,167 $3,586 $1,300 $9,214 $1,300 $2.462 $9,768 $3,022 $6,456 $5.417 $218 $9 Las statement to this statement to 05/31/21 06/30/21 Total debits Total credits Final balance $25,310 $105,120 5106,221 CR Procede cared A for the on and on Ayo Datorit ment Sunde Bank reconciliation statement May os The Adrenaline Hut Bank Reconciliation Statement May 31, 2021 $29,405 000000000000000000000 Balance per bank Add: deposit in transit from Croquet and Cricket deposit in transit from Jump Around $3,744 550 4,294 33,699 Deduct: outstanding check outstanding check Adjusted balance per bank No. 601 $6,300 No. 602 1,500 7,800 $25,899 $25,785 Balance per book: Add: interest earned 123 25,908 000000000000 Deduct: bank service charge Adjusted balance per book 9 $25,899 Print Close Schedule of accounts receivable May The Adrenaline Hut Schedule of Accounts Receivable May 31, 2021 Account No. Name Debit Credit 110-1 ARC - Jump Around 110-2 ARC - The Locker Room 110-3 ARC - Mick's Sporting Goods 110-4 ARC - Croquet and Cricket 110-5 ARC - Great Sports 110-6 ARC - Balls 'n All 3,985 1,675 1,540 3,022 Total 10,222 Please note: The Adrenaline Hut does not generally give a discount for early payment except in exceptional circumstances. All debtors are on net 30 credit terms. Schedule of accounts payable ~ May The Adrenaline Hut Schedule of Accounts Payable May 31, 2021 Account No. Name Debit 210-1 APC - Hike 210-2 APC - Extreme Sports Supplies 210-3 APC - J. J. Spud 210-4 APC - Sport Borders 210-5 APC - Good Sports 210-6 APC - Sports 'R Us Credit Terms ($) 1,876 2/10, n/30 2,921 1/15, n/30 4.190 net 30 2,662 2/10, n/30 3,058 net 30 Total net 30 14,707 Post-closing trial balance May The Adrenaline Hut Post-closing Trial Balance May 31, 2021 Account No. Name Credit (5) Debil ($ 25.899 22.000 10,222 82.288 5.155 5,000 12.000 3,450 7,000 1.146 54,000 19,303 14,707 70,000 100 Cash 102 Short-term Investments 110 ARC Accounts Receivable Control 112 interest Receivable 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 | Office Equipment 161 Acum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 22 Interest Payable 250 Bank Loan Payable 300Common Stock 301 Retained Earnings 310income Summary 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500Purchases 501Purchase Retums and Alowances 502Purchase Discounts 511 Advertising Expense 516 Wages Export 540 Rent Experise 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 360 Den Expense: Olio Fumitur 561 Den Expense: Otice Equipment 571 interest Expense 572 Admin Expense-Bank Charges Total 121.854 227,010 227,010 Adjusting entries information Using the following information, you will record end of month adjustments: Office Furniture owned by the business: original purchase price was $7,000, estimated useful life was 6 years, and estimated residual value was $1,500 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. Office Equipment owned by the business: original purchase price was $54,000, estimated useful life was 11 years, and estimated residual value was $5,000 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. Electricity expense for the month of June is estimated to be $972. The water usage for the month of June is estimated to be $249. Sales staff work every single day during the week including weekends and are not paid until the end of each two weeks. Wages were last paid up to and including June 28. Wages incurred after that day (from June 29 to June 30 Inclusive) are estimated to have been $760 per day. Interest expense incurred during the month of June but not yet paid to ZNZ Bank for the bank loan is $250. . Interest earned from short-term investments in MRMC Bank for the month of June is $110. Office supplies totalling $2,472 are still on hand at June 30. 2 months of rent remained pre-paid at the start of June. . 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. Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301. salesJournalWeek) SALES JOURNAL Date Account Invoice No. Post Ref. Amount Jun Kselect) Jun select) Jun Kselect) Jun select) (Q=302. purchasesJournalWeekl) PURCHASES JOURNAL Date Account Terms Post Ref. Amount Jun (select) Jun select) Jun (select) Jun (select) (Q=303.cash ReceiptsJournalWeek1) CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the cash account, you are asked to enter the name of the appropriate account credited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column. Date Account Post Ref. Debit Cash Sales Discounts Credit Sales Accounts Other Revenue Receivable Accounts Jun Vselect Jun seles Jun select) Jun select) Jun select Jun Hold) (Q=304 cash PaymentsJournalWeek 1) CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional Instructions above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the appropriate account debited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column. Debit Check Credit Account Post No. Rel. Accounts Other Cash Purchases Payable Purchase Accounts Discounts Jun select) Date Jun select Jun 111110 Jun Jun select) Jun GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit (select) Jun (select) (select) Jun (select) Jun select) (select) SUBSIDIARY LEDGERS Account: ARG - Mick's Sporting Goods Account No. 110-3 Ref. Debit Credit Balance 1,540 DR Date Description May 31 Bilance Jun M Jun 2011 LI v Jun Account: APC - Hike Account No. 210-1 Ref. Debil Date May Jun Description 31 Balance Credit Balance 1,876 CR Jun Jun Account: APC - Extreme Sports Supplies Account No. 210-2 Ref. Debit Credit Date May Jun Description 31 Balance Balance 2.921 CR v Jun v Jun V Account: APC - J. J. Spud Account No. 210-3 Ref. Debit Credit Dato May Description 31 Balance Balance 4.190 CR Jun v Jun Jun Account: APC - Sport Borders Account No. 210-4 Date Description May 31 Balance Ref. Debit Credit Balanco 2,662 CR Jun Jun Jun GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Credit Description 31 Balance Balance 25,899 DR May Jun Jun Jun (Q-320-110. AcctsRecControl_week) Account: ARC - Accounts Receivable Control Account No. 110 Date Rel. Debit Credit Description 31 Balance Balance 10,222 DR May Jun Jun BIO Jun (Q=320-120 Inventory_week) Account: Merchandise Inventory Account No. 120 Date Ref. Description 31 Balance Debit Credit Balance 82.288 DR May Jun Jun II) Jun Q2020 ACCES y Control wees Account: APC - Accounts Payable Control Account No. 210 Date Ref. Debit Credit Balance Description 31 Balance May 14,707 CR Jun Jun (Q-320-250.Loan Payable weekly Account: Bank Loan Payable Account No. 250 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q-320-400. Sales Revenue week) Account: Sales Revenue Account No. 400 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun Account: Sales Discounts Account No. 402 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q-320-500. Purchases werki) Account: Purchases Account No. 500 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q-320-502. Purchasebise, week) Account: Purchase Discounts Account No. 502 Date Description May 31 Balance Ref. Debit Credit Balance Jun Jun Jun