Read the below case study and answer the required questions.

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:

Trial Balance as at 31 May 2017

Acct No.

Account name

Acct No.

Debit

Credit

101

Cash at bank

101

$90,600

105

Account receivable

105

$76,800

110

Merchandise Inventory

110

$150,000

115

Supplies

115

$8,000

120

Prepaid Insurance

120

$17,000

135

Office furniture

135

$35,000

137

Acc. Depreciation. - Furniture

137

$15,000

140

Office Furniture

140

$20,000

141

Acc. Depreciation - Office Equipment

141

$9,000

201

Accounts payable

201

$44,960

202

Interest Payable

202

$4,000

210

Loan Payable

210

$30,000

301

Cousins, Capital

301

$20,000

305

Cousins, Drawings

305

$18,900

401

Sales Revenue

401

$705,000

402

Sales Returns

402

$55,000

403

Sales Discount

403

$15,000

501

Purchases

501

$166,000

502

Purchase Returns

502

$20,000

503

Purchase Discount

503

$33,000

504

Freight - in

504

$25,000

601

Advertising Expense

601

$50,000

605

Automobile Expense

605

$15,000

615

Depreciation Expense - Furniture

615

$0

620

Depreciation Expense - Office Equipment

620

$0

650

Insurance

650

$0

665

Maintenance Expense

665

$28,500

670

Miscellaneous Expense

670

$15,500

675

Rent Expense

675

$77,200

680

Supplies Expense

680

$0

685

Utilities Expense

685

$35,500

690

Interest Expense

690

$3,300

700

Income Summary

700

$930,000

$930,000

Required: Ignore Income Tax

A) Journalise the transactions for the month of June.

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.

C) Journalise the adjustment transactions for the month of June.

D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet.

E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017.

Transactions during the month of June 2017 are listed below:

Date

Item

Description

07/06/2017

Source Document:

For the following:

Amount:

Terms:

Sales invoice

Made sales to SAN Entertainment (Customer)

$30,000

Net 30

08/06/2017

Source Document:

For the following:

Amount:

Terms:

Receipts

Received payment on account from Felicia Ltd (Customer)

$22,600

Cash Tendered

09/06/2017

Source Document:

For the following:

Amount:

Terms:

Sales Return Slip

SAN Entertainment (Customer) returned goods

$6,000

Credit on account (Adjustment note)

10/06/2017

Source Document:

For the following:

Amount:

Terms:

Purchase Invoice

Purchased Inventory for resale from Dorothy Factory (Supplier)

$88,000

Credit on account

15/06/2017

Source Document:

For the following:

Amount:

Terms:

Memo

Cousins (Owner) took a selling product from th store for personal use

$1,100

N/A

15/06/2017

Source Document:

For the following:

Amount:

Terms:

Purchase Invoice

Domestic delivery costs of merchandise shipped to us at our expense

$3,300

Cash tendered

15/06/2017

Source Document:

For the following:

Amount:

Terms:

Cheque Copy

Payment on account to NWALA (Supplier)

$8,000

Cash

30/06/2017

Source Document:

For the following:

Amount:

Terms:

Purchase Return

Returned goods to Dorothy Factory (Supplier)

$12,100

Credit on account (Adjustment note)

Adjustment Transactions as at 30 June 2017 are:

Date

Item

Description

30/06/2017

Source Document:

For the following:

Rate:

Terms:

Bank Memo

Interest unrecorded and unpaid for the period.

1% interest per month on all outstanding loan at month end

Interest should be accrued.

30/06/2017

Asset:

For the following:

Instructions:

Ending Supplies inv

115 (Supplies)

Adjustment for the period.

Make any adjustments as necessary.

$2,500

30/06/2017

Asset:

For the following:

Instructions:

Ending Value:

120 (Prepaid insurance)

Adjustment for the period.

Make any adjustments as necessary.

$5,100

30/06/2017

Depreciable Asset:

For the following:

Instructions:

Rate:

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:

140 (Office Equipment)

Depreciation adjustment for the year

Make any adjustments as necessary.

30% of the carrying amount

Additional Information:

30/06/2017

Asset:

For the following:

Instructions:

Opening inventory

Ending inventory

110 (Merchandise inventory)

Financial Statement preparation

Make any adjustments as necessary.

$150,000

$200,000