Question

Skate 'n' Surf Statement of profit or loss for the period 1 June to 30 June 20XX
Revenue
Sales revenue
Sales revenue				26,820
Less: Sales returns and allowances				320
Net sales revenue				26,500
Less: Cost of sales				14,980
Gross profit				11,520
Other revenue:
Discount received				2,300
				13,820
Expenses
Advertising expense		1,170
Depreciation expense		450
Discount allowed		280
Insurance expense		320
Interest expense		160
Postage and stationery expense		150
Superannuation exepnse		95
Wages expense		1,000
Total expenses				3,625
Net profit/(loss)				$10,195

Your answer has been saved and sent for grading. See Gradebook for score details. Journalise end-of-year closing entries. (Note: Enter debit entries first, followed by credit entries in the general journal. Credit account titles are a of accounts given in the statement of profit or loss.) Date Details Post ref. Debit Credit 20XX June 30 Sales revenue 26820 Discount received 2300 29120 307 Profit or loss summary (To close revenue accounts) Profit or loss summary Sales returns and allow Cost of sales 18925 320 14980 1170 Advertising expense Depreciation expense Discount allowed 450 280 Insurance expense 320 Interest expense 160 150 95 1000 Postage and stationery Superannuation expens Wages expense (To close expense accounts) Profit or loss summary Capital (To close profit to capital account) 30V 10195 10195

Answer 1

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Date Details Post ref. Debit Credit 20xx June 30 26820 2300 29120 30V 18925 Sales revenue Discount received Profit or loss summary (To close revenue accounts) Profit or loss summary Sales returns and allow Cost of sales Advertising expense Depreciation expense Discount allowed 320 14980 1170 450 280 Insurance expense 320 Interest expense 160 150 Postage and stationery Superannuation expens 95 1000 Wages expense (To close expense accounts) Profit or loss summary 30V 10195 10195 Capital (To close profit to capital account)

No. 100 Debit Credit Cash at bank Date Details June 1 Capital 8 Sales revenue 13 Accounts receivable 27 Accounts receivable Date 32,000 June 550 5,320 4,160 Details 1 Shop equipment (cost) 2 Prepaid insurance 2 Advertising expense 11 Postage and stationery 14 Accounts payable 2,500 3,840 1,170 150 20,700 23 Accounts payable 4,100 30 Bank loan 1,000 30 Wages expense 970 $ 7600 $ July July No. 110 Debit Credit Accounts receivable Date Details June 8 Sales revenue 12 Sales revenue 17 Sales revenue 25 Sales revenue Date 5,600 June 7,990 4,480 8,200 Details 13 Cash at bank 13 Discount allowed 24 Sales returns and allowances 27 Cash at bank 5,320 280 320 4,160 16190 July July No. 120 Inventory Date June Debit Credit Details 5 Accounts payable 7 Accounts payable 24 Cost of sales 24 Accounts payable Date 24,000 June 23,000 270 8,900 Details 8 Cost of sales 8 Cost of sales 12 Accounts payable 12 Cost of sales 17 Cost of sales 270 2,300 180 4,900 3,780 25 Cost of sales 4,000 V 40740 이 $ $ July July

No. 130 Prepaid insurance Date Details June 2 Cash at bank Debit Credit Date 3,840 June Details 30 Insurance expense 320 $L 3520 $L July July No. 171 Debit Date Details Credit Shop equipment (cost) Date Details June 1 Bank loan 1 Cash at bank 33,500 2,500 $36,000 No. 172 Accumulated depreciation - shop equipment Date Details Debit Date Details Credit June 30 Depreciation expense 450 No. 200 Debit Credit Accounts payable Date Details June 12 Inventory 14 Cash at bank 14 Discount received 23 Cash at bank Date 180 June 20,700 2,300 Details 5 Inventory 7 Inventory 24 Inventory 24,000 23,000 8,900 4,100 V 28620 July July No. 210 PAYG withholding payable Date Details Debit Credit Date June Details 30 Wages expense 30 No. 220 Superannuation payable Date Details Debit Credit Date June Details 30 Superannuation expense 95 No. 230 Bank loan Date June Debit Credit Details 30 Cash at bank Date 1,000 June Details 1 Shop equipment (cost) 30 Interest expense 33,500 160 32660 July July

Capital Date No. 300 Details Debit Date Credit Details 1 Cash at bank June June 32,000 P/L Summagyu 10195 42195 $ Drawings No. 310 Date Details Debit Date Details Credit No. 320 Profit or loss summary Date Details June Debit Date Details Credit June 18925 to195 Revenue Expenses Capital 29120 No. 400 Sales revenue Date Details Debit Date Details Credit June P/L Summary 26820 June 8 Cash at bank 550 8 Accounts receivable 5,600 > > > >> V 12 Accounts receivable 7,990 17 Accounts receivable 4,480 25 Accounts receivable 8,200 s $ No. 410 Sales returns and allowances Date Details June 24 Accounts receivable Debit Date Details Credit 320 June Pll Summary 320 No. 420 Discount received Date Detal Debit Date Details Credit PL Summary June 2300 June 14 Accounts payable 2,300

No. 500 Cost of sales Date Details June 8 Inventory Debit Credit Date 270 June Details 24 Inventory 270 8 Inventory 2,300 ple Summary 14980 12 Inventory 4,900 17 Inventory 3,780 V 25 Inventory 4,000 $ No. 600 Advertising expense Date Details Debit Date Credit June 2 Cash at bank 1,170 June 11870 No. 610 Depreciation expense Date Details June 30 Accumulated depreciation - shop equipment Debit Date Details Credit 450 June PILS. PLS. P/LS.. 450 No. 620 Discount allowed Date Details Debit Details Credit Date 280 June June 13 Accounts receivable 280 No. 630 Electricity expense Date Details Debit Date Details Credit No. 640 Insurance expense Date Details Debit Date Details Credit June 30 Prepaid insurance 320 June 320 No. 650 Interest expense Date Details Debit Date Details Credit June 30 Bank loan 160 June 160 PILS. P/ LS. P/LS. PILS. Postage and stationery expense Date Details 11 Cash at bank No. 660 Debit Date Details Credit June 150 June 150 No. 670 Superannuation expense Date Details June 30 Superannuation payable Debit Date Details Credit 95 June 95

No. 680 Telephone expense Date Details Debit Date Details Credit No. 690 Wages expense Date Details June 30 Cash at bank Debit Date Details Credit 970 June PILU. 1000 30 PAYG withholding payable 30 V

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