Teena Spagetti buys and sells shoes in bulk lots. Her business trading name is Footsies Co.

Part D 1) Teena Spagetti buys and sells shoes in bulk lots. Her business trading name is Footsies Co. Teena is in her first year of business, so is not yet registered for GST, and uses a perpetual inventory accounting system. Assume transactions are on credit, unless stated as ‘paid’ or for ‘cash’. Teena’s transactions for November 20X1 were as follows: $ ▪ Teena commenced business by depositing cash into her business account 30,000 Owners Equity and Asset ▪ Teena also invested: inventory valued at 14,000 : equipment valued at 27,000 ▪ Land and buildings costing $240,000 were purchased with a cash deposit of 110,000 ▪ The balance was raised by a mortgage with the BNZ Bank 130,000 ▪ Purchased shoes (inventory) on credit from Don Givup Ltd 40,000 ▪ Paid for a patent on a shoe design 6,000 ▪ Delivery expenses on the shoes purchased by Teena were 2,000 ▪ Wages paid were 9,000 ▪ Sold shoes for cash (cost price was 26,000) 91,000 ▪ Paid business insurance 500 ▪ Paid personal insurance 700 ▪ Sold goods on behalf of Glasson’s and received cash commission of 4,000 ▪ Paid Don Givup Ltd in cash and received discount; cash paid was 38,000 ▪ Advertising invoice was received from Dominion Post newspaper 3,000 ▪ Purchased shoes for cash 35,000 ▪ Returned shoes over-ordered and received cash refund 3,400 ▪ Sold shoes on credit to Freda Wales (cost price was 22,000) 77,000 ▪ Delivery expenses of the shoes sold to Freda Wales were paid 2,500 ▪ Paid office expenses of 8,500 ▪ Sold shoes on credit to Elsi Ulatar (cost 16,000) 56,000 ▪ Bad debt to write off (Elsi Ulatar disputed part of her account) 2,100 ▪ Goods returned by customer (cost $400) who was given a cash refund of 1,400 ▪ Teena withdrew cash for personal use 7,000 ▪ Freda Wales paid her account, less discount; cash received was 73,500 ▪ Teena took a pair of shoes home for personal use; cost price was 200 ▪ Interest was paid on the bank loan 400 ▪ Bank fees for the month were paid 60 ▪ Purchased shares in Telecom for cash 5,000 ▪ Received an invoice from Telecom for phone use in November 600 ▪ Received an invoice for power used in November from Genius Energy 850 ▪ Wages paid were 9,000 ▪ Teena borrowed cash for the business from her sister Cana, repayable in 2 months 6,000 ▪ Purchased debentures in Ajax Ltd for cash 12,000 ▪ Teena won cash at Lotto (lottery), and invested it in the business Read less .cms-body-content{ overflow-x: auto; width: 100%;} Solutions Get Answer OR Add in library MyAssignmenthelp.com is worldwide-recognised legit online assignment help service. 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