You work as the finance officer of a new business established on 30 June 2021. The name of the business is New World Equipment Pty Ltd. Your task is to prepare the end-of-year financial reports for 2021-2022.

Follow these steps to complete this task.

Transactions:

Date Transaction

1/7/2021 Initial capital investment of $250,000

3/7/2021 Purchased inventory for $15,000

5/7/2021 Hire 2 contractors; their contract salaries are $45,000 each per year. This is to be paid in advance upon hiring.

7/8/2021 Purchase office supplies for $10,000

9/9/2021 Purchase furniture for $10,000

11/9/2021 Purchase computer equipment for $9,000

13/10/2021 Invest $8,000 in marketing activities for the year

30/6/2022 Revenue for the year is $150,000

1. Complete the Journal entries for all transactions. Please note that when recording revenue, you also need to record changes in Cost of Goods Sold (COGS) and inventory.

Follow this template.

Date Description Debit Credit

2. . Once you have completed the journal entries, prepare the final ledger accounts by finalising the organisations trial balance.

Follow this template to complete this task.

Trial Balance Account Debit Credit

Bank

Inventory

Office Supplies

Furniture

Computer Equipment

Salary

Capital

Marketing

Revenue

Cost of Goods Sold

TOTAL