The "Wise Dimension" owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and offline channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows: Acct No. 101 105 110 115 120 135 137 140 141 201 202 210 301 305 401 402 403 Account Name Cash at Bank Accounts Receivable. Merchandise Inventory Supplies Prepaid Insurance Office Furniture Acc. Depreciation.-Furniture Office Equipment Acc. Depreciation - Office Equip. Accounts Payable Interest Payable Loan Payable Cousins, Capital Cousins, Drawings Sales Revenue Sales Returns Sales Discounts Trial Balance as at 31 May 2017 Acct No. 101 105 110 115 120 135 137 140 141 201 202 210 301 305 401 402 403 Debit $90,600 $76,800 $150,000 $8,000 $17,000 $35,000 $20,000 $18,900 $55,000 $15,000 Credit $15,000 $9,000 $44,960 $4,000 $30,000 $41,340 $705,000 501 502 503 504 601 605 615 620 650 665 Purchases Purchase Returns Purchase Discounts Assessment Brief Version 2: 11th October, 2019 670 675 680 685 690 700 Freight-in Advertising Expense Automobile Expense Depreciation Expense - Furniture Depreciation Expense - Office Equip. Insurance Expense Maintenance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Income Summary Page 2 of 5 501 502 503 504 601 605 615 620 650 665 $166,000 670 675 680 685 690 700 $25,000 $50,000 $15,000 $0 Kent Institute Australia Pty. Ltd. ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 TEQSA Provider Number: PRV12051 $0 $0 $28,500 $15,500 $77,200 $0 $35,500 $3,300 $20,000 $33,000 $902,300 $902,300 Transactions during the month of June 2017 are listed below: Date Item 07/06/2017 Source Document: For the following: Amount: Terms: 08/06/2017 Source Document: For the following: Amount: Terms: Source Document: For the following: Amount: Terms: 10/06/2017 Source Document: For the following: Amount: Terms: Source Document: For the following: Amount: Terms: 09/06/2017 15/06/2017 Description Sales invoice Made sales to SAN Entertainment (Customer) $30,000 Net 30 Receipts Received payment on account from Felicia Ltd (Customer) $22,600 Cash Tendered Sales Return Slip SAN Entertainment (Customer) returned goods $6,000 Credit on account (Adjustment note) Purchase Invoice Purchased inventory for resale from Dorothy Factory (Supplier) $88,000 Credit on account Memo Cousins (Owner) took a selling product from the store for personal use N/A $1,100 15/06/2017 Source Document: For the following: Amount: Terms: Source Document: For the following: Amount: Terms: 15/06/2017 Assessment Brief Version 2: 11th October, 2019 30/06/2017 Source Document: For the following: Amount: Terms: Purchase Invoice Domestic delivery costs of merchandise shipped to us at our expense. $3,300 Cash Tendered Cheque Copy Payment on account to NWALA (Supplier) $8,000 Cash Page 3 of 5 Kent Institute Australia Pty. Ltd. ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 TEQSA Provider Number: PRV12051 Purchase Return Returned goods to Dorothy Factory (Supplier) $12,100 Credit on account (Adjustment note) Adjustment Transactions as at 30 June 2017 are: Date 30/06/2017 30/06/2017 30/06/2017 30/06/2017 Item Source Document: For the following: Rate: Terms: Asset: For the following: Instructions: Ending Supplies inv. Asset: For the following: Instructions: Ending Value Depreciable Asset: For the following: Instructions: Rate: Description Bank Memo Interest unrecorded and unpaid for the period. 1% interest per month on all outstanding loan at month end Interest should be accrued. 115 (Supplies) Adjustment for the period. Make any adjustments as necessary. $2,500 120 (Prepaid Insurance) Adjustment for the period. Make any adjustments as necessary. $5,100 135 (Furniture) Depreciation adjustment for the year Make any adjustments as necessary. 20% of the carrying amount 30/06/2017 Depreciable Asset: For the following: Instructions: Rate: Additional Information 30/06/2017 Asset: For the following: Instructions: Opening Inventory Ending Inventory 140 (Office Equipment) Depreciation adjustment for the year Make any adjustments as necessary. 30% of the carrying amount 110 (Merchandise Inventory) Financial Statement preparation Make any adjustments as necessary. $150,000 $200,000 Kent Institute Australia Pty. Ltd. Required: Ignore Income Tax A) Journalise the transactions for the month of June. (2 Marks) B) Prepare the unadjusted Trial Balance on the Worksheet for the year ended 30 June 2017, using the provided trial balance as at 31 May 2017 and the General Leger Accounts. (2 Marks) C) Journalise the adjustment transactions for the month of June. (2 Marks) D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet. (4 Marks) E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017. (4 Marks)