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Rooneys Sporting Equipment sells equipment and is owned and operated by Wayne Rooney. The following trial balance has been prepared at years end. ROONEYS SPORTING EQUIPMENT-TRIAL BALANCE AS AT 30 JUNE 2018 Debit (S Credit (S Cash Accounts Receivable Inventory (1 July 2017) Prepaid Insurance Supplies Furniture Accumulated Depreciation - Fumiture 10 400 45 600 43 000 5 400 310 12 000 5 880 23 000 Accumulated Depreciation Equipment Accounts Payable Capital (1 July 2017) Drawings Sales Sales Retums & Allowances Discount Allowed Purchases Discount Received Supplies Expense Freight In Expense Freight Out Expense Sales Staff Wages Expense Local Government Rates Expense Rent Expense Advertising Expense General Expense 4 500 32 250 72 370 12 500 212 650 2250 400 130 200 900 190 2 150 1 200 24 000 800 4 800 3 750 -6600 S328 550 328 550 (continued....
The following additional information is also provided at the 30 of June 2018: () The business has paid insurance of S450 per month for 12 months on the 1 of May 2018. (2) The owner of the business wants to repair the equipment. He has signed a contract with someone to repair the equipment. He will pay $400 cash for the repairs once the repairs have been finished. The repairs will begin on the 14h of June 2018 and will finish on the 30 of June. Payment will then be made on the 3 of July 2018. (3) Both the Furniture and Equipment are expected to be used evenly over their useful lives. The expected total useful lives and residual values of both assets is as follows: Estimated Useful life Estimated Residual Value 3 200 S2 700 Equipment 12 years Furniture 10 years 4) Rent for 12 months was paid on the 1 of March 2018 by the business. (5) One customer has paid $300 cash to the business for some equipment on the 21 of May 2018. The equipment will be delivered by the business to the customer on the 1S of July 2018. By the 30 of June 2018, nothing has been delivered to the customer yet. (6) The owner paid $2000 cash for 8 months advertising on the 30 of June 2018. The advertising will occur for the period July until the end of end of February 2019 (7 A bill for the electricity for S210 was received on the 20 of June. The bill for the water used was also received on the 21 of June for $380. The electricity bill was paid on the 30 of June and the water bill has not been paid yet. Nothing has been recorded yet relating to the telephone and electricity bill by the business. (8) The owner has paid the telephone bill for the business for S320 using cash from his personal bank account on the 28 of June. The $320 cash paid has not been recorded yet by the business. (9) A physical stock take of inventory at 30 June 2018 revealed $41 800 on hand (10) The owner checked how much supplies had been used for the year (that is what has been used so far). He checked and found that at the end of June 2018 a total of S330 of supplies had been used for the period
REQUIRED Prepare the journal entries to account for all of the items above. (20 marks)
business   accounting   
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