Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL Date Invoice No. Account Jun Jun…

Show All Special JournalsGeneral JournalSubsidiary LedgersGeneral Ledger look at the attachment Transactions for JuneYou will use the following five weeks of transactions as you complete the books for June. Note that the transactions are divided into five separate weeks. This is because you will not enter this whole list of transactions on any one page. You will be given five separate pages in which to enter the transactions for each of the five weeks.DateDescriptionWeek 1cIssued Check No. 771 for $9,500 to pay Blue Blazer Realty for two month’s worth of rent in advance.1Obtained a loan of $43,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2011 and the principal of the loan is to be repaid on June 1, 2015.3Issued Check No. 772 to Office Supplies Warehouse for the purchase of $492 worth of office supplies.4Paid sales staff wages of $1,829 for the week up to and including yesterday, Check No. 773. Note that $1,149 of this payment relates to the wages expense incurred during the last week of May.5The Locker Room paid the full amount owing on their account.6Made payment of $767 to PowerGen for 3 months of electricity up to and including May 31, Check No. 774.7Paid the full amount owing to Sport Borders, Check No. 775.Week 28Purchased 18 boxes of Ping Pong Balls from Sport Borders for $168 each, terms net 30.10Paid the full amount owing to Sports ‘R Us, Check No. 776. Payment fell outside discount period.10Sold 11 NX Snooker Sets to Balls ‘n All for $176 each, Invoice No. 815.11Paid sales staff wages of $1,971 for the week up to and including yesterday, Check No. 777.12Paid the full amount owing to Extreme Sports Inc, Check No. 778. Payment fell outside discount period.12Mick’s Sporting Goods paid the full amount owing on their account. Since Mick’s Sporting Goods has been a loyal customer from the day the business commenced, a 5% discount was given for this early repayment.14Paid the full amount owing to Addax Sports, Check No. 779.14Made cash sale of 26 boxes of Golf Balls for $312 each.Week 316Purchased 19 boxes of Ping Pong Balls from Addax Sports for $184 each, terms 2/10, n/30.16Purchased 18 boxes of Golf Balls from Extreme Sports Inc for $216 each, terms net 30.17Sold 3 Rugby Balls to The Locker Room for $300 each, Invoice No. 816.18Paid sales staff wages of $2,010 for the week up to and including yesterday, Check No. 780.19Great Sports paid $2,600 in partial payment of their account.19Balls ‘n All returned 8 NX Snooker Sets that were originally sold for $176 each on 10 June. These items cost $120 each and were not faulty or damaged. Issued a Credit Memorandum for $1,408.19Received a purchase order from Great Sports. Created a corresponding sales order to deliver 36 Rugby Balls to this customer for $300 each, Invoice No. 818.21Made cash sale of 50 sets of Sting Ray Golf Clubs for a list price of $500 each. A trade discount of 20% applies.Week 422Sold 94 boxes of Ping Pong Balls to The Locker Room for $240 each, Invoice No. 817.24Balls ‘n All paid the full amount owing on their account.24Ordered 14 boxes of Ping Pong Balls from Hike for $184 each. Agreed terms with Hike are 2/10, n/30.25Delivered 36 Rugby Balls to Great Sports for $300 each, Invoice No. 818. These items were ordered on the 19th.25Paid sales staff wages of $1,874 for the week up to and including yesterday, Check No. 781.27Paid the full amount owing to Addax Sports, Check No. 782. Payment fell outside discount period.28Made cash sale of 38 NX Snooker Sets for $176 each.28Returned 3 faulty boxes of Golf Balls, originally purchased for $216 each, to Extreme Sports Inc. Received a Credit Note for $648.Week 529Jump Around paid the full amount owing on their account.29Made cash sale of 44 boxes of Golf Balls for $312 each.29Purchased 12 sets of Sting Ray Golf Clubs with cash for a list price of $330 each. A trade discount of 30% applies, Check No. 783.30Received 14 boxes of Ping Pong Balls for $184 each, which were ordered on the 24th. Agreed terms with Hike are 2/10, n/30.30Paid monthly salary of $4,100 to Julia Compton, Check No. 784.Adjusting entries informationUsing the following information, you will record end of month adjustments:Office Furniture owned by the business: original purchase price was $10,000, estimated useful life was 5 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.Office Equipment owned by the business: original purchase price was $39,000, estimated useful life was 9 years, and estimated residual value was $3,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.The water usage for the month of June is estimated to be $118.The estimated electricity payable as at the end of June is $272.Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $310 per day.Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $215.Office supplies totaling $3,446 are still on hand at June 30.One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month’s worth of rent in advance.3 months of advertising remained pre-paid at the start of June.5 months of insurance remained pre-paid at the start of June.Note that when calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month.







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