$($Note: Although this question is based on the Skate $\text{'}$n$\text{'}$ Surf business the accounts, amounts and transactions involved may differ between questions. Please read each question separately.$)$Skate $\text{'}$n$\text{'}$ Surf began operations on $1$ June, buying and selling surfboards, skateboards, wetsuits and the protective gear for skateboarding. The structure of the business is that of a sole trader.The business employed a sales assistant during the month who is to be paid fortnightly. Tax is deducted from the employee's wages $($PAY withholding tax$)$ and remitted to the Australian Taxation Office $($ATO$)$ on a quarterly basis.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.Accounting recordsThe business records all transactions in the general journal. These transactions are then posted to the appropriate accounts$)$ in the general ledger and the accounts receivable or accounts payable subsidiary ledgers, where separate accounts are maintained for each customer or supplier.Chart of accountsThe chart of accounts for Skate $\text{'}$n$\text{'}$ Surf contains the accounts and account numbers below.Cash at bank$110$Accounts receivable$120$Inventory$130$Prepaid insurance$171$Shop equipment $($cost$)172$Accumulated depreciation $-$ shop equipment$200$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 expenseTransactionsJune $1$ The owner opened a bank account for the business with a deposit of $$36,000.$ This is capital provided by him$\mathrm{.}1$Purchased display stands, shelving etc. $($shop equipment$)$ from Shop Displays Pty Ltd for $$36,000$ and computer equipment for the shop from Computer Wizards for $$6,000.$ These were paid for with a loan of $$38,000$ from the bank and cheque for $$4,000$ from the business bank account. The bank loan is repayable over $4$ years$\mathrm{.}2$ Paid $$4,440$ for a $1-$year insurance policy covering fire, theft, and public liability$\mathrm{.}2$ Paid $$1,080$ to Local Newspapers for advertising for the shop for the month$\mathrm{.}5$ Purchased inventory $($skateboards and protective gear$)$ from Excitement Plus for $$26,000$ on terms on net $30\mathrm{.}7$ Purchased surfboards and wetsuits from Surf Imports for $$25,000$ on terms of $10/10,$ n$/30\mathrm{.}8$Credit sale to Serious Fun of skateboards and protective gear for $$5,200($cost of sales $$2,000).$ This customer was given terms of $5/10,$ n$/30\mathrm{.}8$ Cash sale of a skateboard and protective gear for $$570($cost of sales $$230)\mathrm{.}11$ Cash purchase of postage stamps and stationery from Australia Post for $$120\mathrm{.}12$ Credit sale to Surfing World of various inventory items for $$7,950($cost of sales $$4,700).$ Terms net $30\mathrm{.}12$Returned some protective gear to Excitement Plus that was faulty and received an adjustment note $($credit note$)$ from$13$them for $$140.$Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount$\mathrm{.}14$Paid Surf Imports the amount owing to them less the prompt payment discount$\mathrm{.}17$Credit sale to Academy Diving School of $16$ wetsuits at a discounted price of $$400$ each on terms of net $15.$ Cost of sales $$5,600\mathrm{.}23$Paid Excitement Plus $$3,700$ of the amount owing to them$\mathrm{.}24$Issued an adjustment note $($credit note$)$ to Academy Diving School for $1$ wetsuit at $$400$ each that was not the size they required. The cost of the wetsuit to us was $$350$ and it was put back into inventory. $24$ Purchased wetsuits from Surf Imports for $$9,400$ on terms of $10/10,$ n$/30\mathrm{.}25$ Credit sale to Serious Fun of skateboards for $$7,800($cost of sales $$4,200).$ Terms $5/10,$ n$/30\mathrm{.}27$Received and banked a cheque from Academy Diving School for the amount owing by them$\mathrm{.}30$ A repayment of $$1,000$ was made on the bank loan$\mathrm{.}30$The owner cashed a cheque for $$780$ to pay wages to Scott Walker the sales assistant of $$800$ less PAY Withholding of $$20.$The end of month adjustments are below.a$.$ Depreciation on shop equipment for the month is $10\%$ p$.$a$.$ prime cost $($straight line$).$b$.$ One$-$twelfth of the insurance expired.C$.$ Superannuation payable for the month is $10\%$ of the gross wages paid.d$.$ Interest charged on the bank loan for the month was $$150.$The transactions above have been journalised and posted. The statement or profit or loss for June is below.Skate $\text{'}$n$\text{'}$ SurfStatement of profit or lossfor the period $1$ June to $30$ June $20$XXRevenueSales revenueSales revenue$27,920$Less: Sales returns and allowances$400$Net sales revenue$27,520$Less: Cost of sales$16,380$Gross profit$11,140$Other revenue:Discount received$2,50013,640$ExpensesAdvertising expense$1,080$Depreciation expense$350$Discount allowed$260$Insurance expense$370$Interest expense$150$Postage and stationery expense$120$Superannuation exense$76$Wages expense$800$Total expense $3206$Net profit$/$loss $10434[$: Post end of the year closing entries and complete the closing process in general ledger