Question

100 Cash at bank 110 Accounts receivable 120 Inventory 130 Prepaid insurance 171 Shop equipment (cost) 172 Accumulated depreciation - shop equipmen 200 Accounts payable 210 PAYG withholding payable 220 Superannuation payable 230 Bank loan 300 Capital 310 Drawings 320 Profit or loss summary 400 Sales revenue 410 Sales returns and allowances 420 Discount received 500 Cost of sales 600 Advertising expense 610 Depreciation expense 620 Discount allowed 630 Electricity expense 640 Insurance expense 650 Interest expense 660 Postage and stationery expense 670 Superannuation expense 680 Telephone expense 690 Wages expense

Transactions
June	1		The owner opened a bank account for the business with a deposit of $20,000. This is capital provided by him.
	1		Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $26,100 and computer equipment for the shop from Computer Wizards for $4,800. These were paid for with a loan of $26,000 from the bank and cheque for $4,900 from the business bank account. The bank loan is repayable over 4 years.
	1		Paid $3,920 for a 1-year insurance policy covering fire, theft, and public liability.
	2		Purchased inventory (skateboards and protective gear) from Excitement Plus for $21,100 on terms on net 30.
	5		Cash purchase of postage stamps and stationery from Australia Post for $350.
	7		Purchased surfboards and wetsuits from Surf Imports for $18,200 on terms of 10/10, n/30.
	8		Paid $1,470 to Local Newspapers for advertising for the shop for the month.
	8		Paid Surf Imports the amount owing to them less the prompt payment discount.
	11		Credit sale to Surfing World of various inventory items for $7,110 (cost of sales $3,650). Terms net 30.
	12		Credit sale to Academy Diving School of 17 wetsuits at a discounted price of $260 each on terms of net 15. Cost of sales $2,300.
	13		Credit sale to Serious Fun of skateboards and protective gear for $4,400 (cost of sales $2,400). This customer was given terms of 5/10, n/30.
	14		Cash sale of a skateboard and protective gear for $500 (cost of sales $200).
	18		Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount.
	23		Cash sale of inventory to the value of $1,000 (cost of sales $400).
	24		Issued an adjustment note (credit note) to Academy Diving School for 2 wetsuits at $260 each that was not the size they required. The cost of the wetsuits to us was $330 and they were put back into inventory.
	25		Paid Excitement Plus $5,400 of the amount owing to them.
	26		Credit sale to Serious Fun of skateboards for $7,400 (cost of sales $2,600). Terms 5/10, n/30.
	27		Purchased wetsuits from Surf Imports for $7,600 on terms of 10/10, n/30.
	27		Received and banked a cheque from Academy Diving School for the amount owing by them.
	30		Paid Energy Australia $210 for electricity expenses.
	30		The owner cashed a cheque for $1,850 to pay wages to Scott Walker the sales assistant of $890 less PAYG Withholding of $40, and $1,000 drawings for himself.

Accounts receivable subsidiary ledger
Academy Diving School						Acct code: ADI
Date		Explanation		Debit	Credit	Balance
June	12	Invoice		4,420		4,420 Dr
	24	Adjustment note			520	3,900 Dr
	27	Receipt			3,900	0
Serious Fun						Acct code: SFU
Date		Explanation		Debit	Credit	Balance
June	13	Invoice		4,400		4,400 Dr
	18	Receipt			4,400	0
	26	Invoice		7,400		7,400 Dr
Surfng World						Acct code: SWO
Date		Explanation		Debit	Credit	Balance
June	11	Invoice		7,110		7,110 Dr
Accounts payable subsidiary ledger
Excitement Plus						Acct code: EPL
Date		Explanation		Debit	Credit	Balance
June	2	Invoice			21,100	21,100
	25	Payment		5,400		15,700
Surf Imports						Acct code: SIM
Date		Explanation		Debit	Credit	Balance
June	7	Invoice			18,200	18,200
	8	Payment		18,200		0
	27	Invoice			7,600	7,600

Prepare a trial balance as at 30 June. Schedules of accounts receivable and accounts payable will be provided.

Please make sure the answer lines up with this format and includes the account numbers. Thanks!

Answer 1

Account no	Accounts	Debit	Credit
210	payg accounts pyable		40
171	shop equipment (cost)	30900
690	wages expense	1890
130	prepaid	3593
640	insurance expense	327
660	postage and stationery exp	350
420	discount received		1820
600	advertising exp	1470
630	electricity exp	210
230	bank loan		26000
300	capital		20000
110	Accounts receiveable	14510
200	acconuts payable		23300
500	cost of sales	10890
620	discount allowed	220
100	cash at bank		4900
120	inventory	36010
410	sales return	520
400	sales revenue		24830
		100890	100890