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You are provided with the following financial information for Walter's Food Emporium restaurant. The end of the period for Walter's Food Emporium is June 30.

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You are provided with the following financial information for Walter's Food Emporium restaurant. The end of the period for Walter's 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. June4June5Thingsandisexpectedtousethesuppliesforaround3months.June6Thebusinesspaid$12,000cashfor12monthsrentforthebusiness.Thebusinesspurchasedkitchensuppliesoncreditfor$600fromSuppliesandPurchasedfoodfor$2,900cash.(YoucanassumeallofthefoodwillbesoldinJune. June6June7June8June11June12Purchaseddrinksfor$2,700oncreditfromBNieison.(YoucanassumeallofthedrinkswillbesoldinJune).Cashsalestocustomersof$600weremade.CreditsalestoLLeefor$950.Cashsalestocustomersof$950weremade.Paid$700foradvertisingontheradioforthebusiness.Theadvertisingwill occur twice, once in June and once in July. June 12 The business paid $170 cash for general expenses for the business. June13June14June14June15June15June16CreditsalesmadetoJCrispfor$1,CreditsalesmadetoFoxieTellfor$65Thebusinesspaid$1,500cashforCashpurchasesoffoodwere$1,130Cashsalestocustomersof$1,150CreditsalestoMaryLiewfor$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. 2 Reculred: (a) Process the events for the month ed June in the Encel File previded for you. Yea will alse need to eheck. If yeu need to do any adjusting entries at the end of June for geepayents and post payments. (43 Marks) (b) Complete the list of accounts receivatele and accounts payable and the schedule for customers paying cash in advance in the Eucel File provided to you, (5) Marks) (c) Calculate the Batance in cash at the end of June and shew in the Excel fill provided to you. June 22 The business purchased more equipment for the business on credit for $3,000 from Fumiture Mart. June 23 Paid $500 cash of the amount owing for drinks purchased on credit from B Nielson June 6. June24June25June25June26June26June27June27June28June28ReceivedhalfofthecashowingforthecreditsaletoMissyRae.Theownerwithdrew$300cashfromthebusinessforpersonaluse.Received$300cashfromLLeeforthesalesmadeonJune8.Paidback$420cashforthefoodpurchasedoncreditonthe22sofJune.SalesmadeoncredittoAshJohnsonfor$780.ThebusinesspaidthetelephoneexpenseforJunefor$310cash.Cashsalestocustomersof$1,380weremade.CreditpurchasesoffoodfromSeefoodOasisfor$1,600.Received$1,200cashinadvancefromElizabethChillaforfoodtobedeliveredtoElizabethinJuly. June28June29June29June30June30Thebusinesspaidwagesof$1,900cash.Received$400cashfromMaryLiewwhoowemoneyforsalesoffoodmadeoncreditonthe17ofJune.Repaid$1,000cashfortheequipmentpurchasedoncreditonthe22mofJune.Cashsalesmadewere$1,800cash.Thebusinesspaid$320cashforthefoodpurchasedoncreditonthe28thofJune. 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 30n 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

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