The business has not registered with the ATO for the goods and services tax (GST) and has elected to use the accrual basis of accounting.

The business has not registered with the ATO for the goods and services tax (GST) and has elected to use the accrual basis of accounting.
Transactions
June 1 The owner opened a bank account for the business with a deposit of $25,900. This is capital provided by him.
1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $32,400 and computer equipment for the shop from Computer Wizards for $3,900. These were paid for with a loan of $29,100 from the bank and cheque for $7,200 from the business bank account. The bank loan is repayable over 3 years.
1 Paid $4,570 for a 1-year insurance policy covering fire, theft, and public liability.
2 Purchased inventory (skateboards and protective gear) from Excitement Plus for $17,800 on terms on net 30. 5 Paid $1,400 to Local Newspapers for advertising for the shop for the month.
6 Cash sale of a skateboard and protective gear for $500 (cost of sales $155)
7 Purchased surfboards and wetsuits from Surf Imports for $16,700 on terms of 10/10, n/ 30.
8 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $190.
9 Credit sale to Serious Fun of skateboards and protective gear for $4,200 (cost of sales $1,760). This customer was given terms of 5/10, n/ 30.
11 Paid Surf Imports the amount owing to them less the prompt payment discount.
12 Credit sale to Surfing World of various inventory items for $6,740 (cost of sales $3,240). Terms net 30.
13 Cash purchase of stationery from Officeworks for $340.
14 Credit sale to Academy Diving School of 20 wetsuits at a discounted price of $200 each on terms of net 15. Cost of sales $2,240.
18 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount.
19 Cash sale of inventory to the value of $810 (cost of sales $320)
20 Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $200 each that was not the size they required. The cost of the wetsuit to us was $190 and it was put back into inventory.
24 Paid Excitement Plus $4,800 of the amount owing to them.
25 Credit sale to Serious Fun of skateboards for $6,280 (cost of sales $2,400). Terms 5/10, n/ 30.
26 Purchased wetsuits from Surf Imports for $5,500 on terms of 10/10, n/30.
27 Received and banked a cheque from Academy Diving School for the amount owing by them.
30 The owner cashed a cheque for $1,760 to pay wages to Scott Walker the sales assistant of $890 less PAYG Withholding of $60, and $930 drawings for himself.
Journalise the June transactions.







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