Académique Documents
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Culture Documents
Obtained a loan of $59,000 from ZNZ Bank at a simple interest rate of 6% per year.
The first interest payment is due at the end of August 2015 and the principal of the
loan is to be repaid on 1 June 2018.
Purchased 15 The Oblique References CDs with cash for $16 each, Cheque No.
603.
Paid the full amount owing to Black label, Cheque No. 604. Payment fell within
discount period.
Paid the full amount owing to Mac records, Cheque No. 605. Payment fell within
discount period.
Purchased 70 AC/BC T-shirts from Shack records for $29 each, terms 2/10, n/30.
Sold 70 Evan Handed and the Handymen CDs to KB Lo-Fi for $27 each, Invoice No.
201.
Made cash sales of $5,873 during the first 4 days of the month.
Purchased 300 Cray-Z Albums from Pony OMC records for $16 each, terms net 30.
Week 2
8
KB Lo-Fi returned $2,207 worth of product. Issued a Credit Note for $2,207.
Sold 35 The Oblique References CDs to Dan Soul for $22 each, Invoice No. 202.
11 Mira Ball Records paid the full amount owing on their account. Since Mira Ball
Records has been a loyal customer from the day the business commenced, a 10%
discount was given for this early repayment.
11 Made cash sales of $11,649 during the week.
1
3
Paid the full amount owing to Shadow records, Cheque No. 606.
Week 3
1
5
Sold 80 AC/BC T-shirts to Carrie O'Key for $39 each, Invoice No. 203.
1
5
Paid sales staff wages of $5,204 for the two weeks up to and including yesterday,
Cheque No. 607.
1
6
Returned $3,293 worth of faulty product to Pony OMC records. Received a Credit
Note for $3,293.
1
8
1
8
1
9
2
0
Received a purchase order from Dan Soul. Created a corresponding sales order to
deliver 260 Boony & the Noobs CDs to this customer for $25 each, Invoice No. 204.
Week 4
2
4
Paid the full amount owing to Shack records, Cheque No. 608.
2
5
2
6
Paid the full amount owing to Pony OMC records, Cheque No. 609.
2
7
Delivered 260 Boony & the Noobs CDs to Dan Soul for $25 each, Invoice No. 204,
which was ordered on the 20th.
2
8
Ordered 45 My Chemical Imbalance T-shirts from Mac records for $12 each, agreed
terms with Mac records are 2/10, n/30.
Week 5
2
9
Paid sales staff wages of $5,335 for the two weeks up to and including yesterday,
Cheque No. 610.
3
0
Received 45 My Chemical Imbalance T-shirts for $12 each, which were ordered on
the 28th, agreed terms with Mac records are 2/10, n/30.
3
0
Brashs world records paid the full amount owing on their account.
3
0
Made cash sales of $7,114 during the last 5 days of the month.
3
0
Interest expense incurred during the month of June but not yet paid to
ZNZ Bank for the bank loan is $295.
Interest earned from short-term investments in BitiBank for the month of
June is $100.
Office supplies totalling $2,321 are still on hand at 30 June.
2 months of rent remained pre-paid at the start of June.
3 months of advertising remained pre-paid at the start of June.
5 months of insurance remained pre-paid at the start of June.
When calculating the portion of prepayments that expire during the month of
June, you are asked to assume that an equal amount of expense is incurred per
month.