You are provided with the following financial information for Walters Food Emporium

restaurant. The end of the period for Walters Food Emporium is June 30.

June 1 The owner invested $250,000 cash into the business to start a new restaurant.

June 1 The owner also invested some furniture worth $20,000 and Equipment worth $40,000 into the business. This was in addition to the $250,000 cash invested by the owner (additional capital contributions).

June 2 The owner purchased kitchen equipment for $30,000 paying $5,000 cash and using a bank loan to pay for the rest of the $30,000. Have a think about what to do with this event there is cash involved but some of the amount does not have cash so you have to think about maybe you need to break it up into two parts to record it correctly.

June 4 The business paid $12,000 cash for 12 months rent for the business.

June 5 The business purchased kitchen supplies on credit for $600 from Supplies and Things and is expected to use the supplies for around 3 months.

June 6 Purchased food for $2,900 cash. (You can assume all of the food will be sold in June.

June 6 Purchased drinks for $2,700 on credit from B Nielson. (You can assume all of the drinks will be sold in June).

June 7 Cash sales to customers of $600 were made.

June 8 Credit sales to L Lee for $950.

June 11 Cash sales to customers of $950 were made.

June 12 Paid $700 for advertising on the radio for the business. The advertising will occur twice, once in June and once in July.

June 12 The business paid $170 cash for general expenses for the business.

June 13 Credit sales made to J Crisp for $1,200 on credit.

June 14 Credit sales made to FoxieTell for $650.

June 14 The business paid $1,500 cash for wages.

June 15 Cash purchases of food were $1,130 and drinks $700 cash.

June 15 Cash sales to customers of $1,150 were made.

June 16 Credit sales to Mary Liew for $640

June 16 Received $520 cash from J Crisp for the sale from June 13.

June 18 Credit sales to Missy Rae for $700.

June 20 The business paid $470 cash for water used during the month of June.

June 21 The business paid $1,800 cash for wages.

June 21 Cash sales to customers of $1,400 were made.

June 22 Credit purchases of food from Delightful Foodz were $1,200.

June 22 The business purchased more equipment for the business on credit for $3,000 from Furniture Mart.

June 23 Paid $500 cash of the amount owing for drinks purchased on credit from B Nielson June 6.

June 24 Received half of the cash owing for the credit sale to Missy Rae.

June 25 The owner withdrew $300 cash from the business for personal use.

June 25 Received $300 cash from L Lee for the sales made on June 8.

June 26 Paid back $420 cash for the food purchased on credit on the 22nd of June.

June 26 Sales made on credit to Ash Johnson for $780.

June 27 The business paid the telephone expense for June for $310 cash.

June 27 Cash sales to customers of $1,380 were made.

June 28 Credit purchases of food from Seefood Oasis for $1,600.

June 28 Received $1,200 cash in advance from Elizabeth Chilla for food to be delivered to Elizabeth in July.

June 28 The business paid wages of $1,900 cash.

June 29 Received $400 cash from Mary Liew who owe money for sales of food made on credit on the 17th of June.

June 29 Repaid $1,000 cash for the equipment purchased on credit on the 22nd of June.

June 30 Cash sales made were $1,800 cash.

June 30 The business paid $320 cash for the food purchased on credit on the 28th of June.

June 30 The business received a bill in the mail for electricity used during the month of June. The amount was $890. Nothing has been recorded yet and the bill will be paid in July.

June 30 The business recorded wages not yet recorded and not yet paid for $210.

June 30 The business checked how much supplies had been used for the period. At 30th June, the business still had $190 of the supplies on hand. The rest of the supplies had been used during June.

Required:

(a) Process the events for the month of June in the Excel File provided for you. You will also need to check if you need to do any adjusting entries at the end of June for prepayments and post-payments.

(b) Complete the list of accounts receivable and accounts payable and the schedule for customers paying cash in advance in the Excel File provided to you.

(c) Calculate the balance in cash at the end of June and show in the Excel File provided to you