61091 – Xero Practice Set Company: Whadjuk DreamingOverviewYou

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Xero Set : are working for the temporary accounting employment agency known as Programmed. This month you have been asked to work at Whadjuk Dreaming, a medium-sized coffee supplies business that operates in Fremantle and is owned by Bindi Tjandamurra. Bindi requires your expertise to convert her existing manual accounting system over to a cloud-based computerised accounting system using the software provider Xero. Bindi also requires you to complete the first month’s transactions in Xero.Your task here is to set up Xero and to complete the July 2020 accounting cycle for Whadjuk Dreaming. To assist you in this task, Bindi asks you to read the businesses accounting policies and procedures and to make use of the supporting materials provided by the business’ accounting system, Xero Limited available at Xero Central. The accounting system information provided by Bindi is based on her existing manual accounting system. You should review carefully the information provided and modify and/or add to as appropriate to bring her accounting system over to Xero.You are required to follow these policies and procedures when completing the accounts for Whadjuk Dreaming in Xero.Key Points to Note• Whadjuk Dreaming financial year ends on June 30. The current financial year ends on June 30, 2021.• GST is exclusive unless advised otherwise. Ensure you set this correctly in Xero where applicable.• The supplied system information is based on the manual system and should be reviewed carefully for errors and/or missing details. This does not apply to the transactions are as given.Accounting PoliciesBusiness operationsWhadjuk Dreaming is set up as a private non-listed company based in Fremantle with Bindi Tjandamurra as the sole shareholder. The company derives its main source of revenue from sales of coffee supplies.To assist in selling the Whadjuk Dreaming rents warehouse space in Fremantle. Note that the business is required to pay for the rent of this space in advance.The electricity and water expenses incurred during the month are related to the running of the warehouse. Additional expenses include an insurance policy to protect the business against inventory items being damaged or lost during deliveries.All part-time employees in the business are sales staff who receive their wages every two weeks. Bindi is the only full-time employee and her role is to handle all administrative tasks. Bindi’s salary is paid at the end of each month.Accounting cycleThe business adopts a monthly accounting cycle.PurchasesPurchases are recorded when the business receives the goods. All items purchased are received on the same day as recorded in the transaction list, except for purchase orders which are received later. Note that the business uses the gross method of recording purchases and receives trade discounts and early payment discounts from some suppliers.All purchases are tax exclusive, that is GST is added to the price paid unless advised otherwise.Purchase returnsTo allow Bindi to separately track and analyse the value of goods returned to suppliers, all purchase returns are recorded in the Purchase Returns and Allowances account rather than directly in the Purchases account.Revenue recognitionThe business recognises revenue when goods sold and delivered to customers. All items sold are delivered on the same day as recorded in the transaction list except for sales orders, which are delivered at a later date. Note that the business uses the gross method of recording sales and sometimes grants trade discounts to customers.Experience has shown that offering settlement discounts did not increase the likelihood of accounts receivable being paid promptly. Therefore, settlement discounts are not normally offered to credit customers except in exceptional circumstances. Payment is expected within 14 days of the invoice date.All sales are tax exclusive, that is GST is added to the price charged to the customer unless advised otherwise.Sales returnsSo that the business can easily track the level of sales returns in relation to overall sales, all sales returns are recorded using a contra revenue account (Sales Returns and Allowances) rather than being recorded directly in the Sales Revenue account.CashThe business accepts cash and cheques and uses cheques to pay for most of its expenses. On the day cheques are received, Bindi deposits them at the bank. It may take several days for the cheques to be cleared by the bank. The business holds its cheque account with Bank Australia.Short-term investmentsThe business holds a six-month term deposit account with Bank Australia. Interest is calculated monthly and received at the end of the deposit term. Note that when the deposit matures, Bindi usually rolls over the principal. The term deposit account was last rolled over on June 30, 2020.InventoriesThe business uses the periodic inventory system and records all purchases of inventory in the Purchases account, rather than recording them directly in an inventory account.It does, however, keep an inventory record and it marks up its inventory prices by 100%.PrepaymentsThe business has a policy of recording prepayments, including office supplies, as assets. At the end of the month, adjustments are made to the relevant accounts to recognise the expense incurred during the accounting period.Property, plant, vehicles and equipment (Fixed assets)Property, plant, vehicles and equipment items are depreciated over their estimated useful life using the straight-line method to calculate the depreciation charge.Long-term liabilitiesThe business obtained an interest-only loan from Bank Australia Bank on July 1, 2020. The first interest payment is due at the end of September 2020 and the principal on the loan is due at the beginning of July four years later.Accounting ProceduresWhadjuk Dreaming has previously utilised a manual accounting system, however from July 1, 2020 in the current financial year it is moving over to using the cloud-based accounting software program, Xero. You are required to set up Xero for the business and record the first month’s transactions in Xero, i.e., July 2020.You should set up Xero following the sequence as given here.SettingsOrganisation detailsDisplay name: Whadjuk Dreaming your student number family name Ltd,e.g., Whadjuk Dreaming 0123456 Ong LtdLegal/Trading Name: As per the display name – information as aboveWhat is your line of business: Cafe & Coffee RoasteryAustralian Business Number: Leave blankOrganisation : A private non-listed company with Bindi Tjandamurra as the sole shareholder. The company derives its main source of revenue from the sales of coffee supplies.Contact Details – Postal Address Enter your Australian address as showing in SIMO.Attention field should be your name.Contact Details – Physical Address Enter your Australian address as showing in SIMO.Attention field should be your name.Telephone Should be your phone number as shown in SIMOEmail Your ECU Student email addressWebsite Leave blankAll other settings should be left at their defaults.Bank AccountBank: Bank AustraliaAccount Name: Cash at BankAccount Type: Everyday (day-to-day)BSB: 313140Account No. Your student numberIn the screen headed “Let your bank send transactions to Xero” click the button, “I got a form”, on the next screen click “I’ll do it later” when asked to upload your form.Your bank account should now be set up and you should be ready to enter your conversion balances as given below.Chart of AccountsYou are required to set up the following Chart of Accounts in Xero. Note that this is your initial Chart of Accounts based on the existing manual accounting system. You may need to add or amend this Chart of Accounts to reflect the transition to a computerised accounting system.Where a matching existing account exists in Xero, you must use that account, but modify the account name and/or code to reflect Whadjuk Dreaming’s chart of accounts. This includes locked system accounts. All other accounts provided by Xero but not required should be archived.Account Type Code NameBank 100 Cash at Bank – Bank Australia(This is already set up – instructions on bank account on page 4. Just add account number 100 to ‘Code’) BAS ExcludedCurrent Asset 101 Uncleared Deposits BAS ExcludedCurrent Asset 102 Term deposit account no. 1 BAS ExcludedCurrent Asset 110 ARC – Accounts Receivable Control BAS ExcludedCurrent Asset 112 Interest Receivable BAS ExcludedCurrent Asset 120 Inventory BAS ExcludedCurrent Asset 130 Office Supplies BAS ExcludedCurrent Asset 140 Prepaid Rent BAS ExcludedCurrent Asset 141 Prepaid Advertising BAS ExcludedCurrent Asset 142 Prepaid Insurance BAS ExcludedFixed Assets 150 Cash Registers GST on ExpensesFixed Assets 151 Accum. Depn: Cash Registers BAS ExcludedFixed Assets 160 Store Fixtures GST on ExpensesFixed Assets 161 Accum. Depn: Store Fixtures BAS ExcludedFixed Assets 170 Delivery Bicycles GST on ExpenseFixed Assets 171 Accum. Depn: Delivery Bicycles BAS ExcludedCurrent Liability 201 Unpaid Expense Claims BAS ExcludedCurrent Liability 202 GST BAS ExcludedCurrent Liability 203 Uncleared Cheques BAS ExcludedCurrent Liability 210 APC – Accounts Payable Control BAS ExcludedCurrent Liability 220 Wages and Salaries Payable BAS ExcludedCurrent Liability 221 Electricity Payable BAS ExcludedCurrent Liability 222 Water Payable BAS ExcludedCurrent Liability 225 Interest Payable BAS ExcludedCurrent Liability 246 Tracking Transfers BAS ExcludedCurrent Liability 247 Rounding BAS ExcludedCurrent Liability 248 Suspense BAS ExcludedCurrent Liability 249 Historical Adjustment BAS ExcludedNon-current Liabilities 250 Loan – Interest Only No. 01 BAS ExcludedEquity 300 Share Capital BAS ExcludedEquity 301 Retained Earnings BAS ExcludedRevenue 400 Sales GST on IncomeRevenue 401 Sales Returns and Allowances GST on IncomeRevenue 402 Discount Received GST on IncomeRevenue 403 Interest Income GST Free IncomeExpense 500 Purchases GST on ExpenseExpense 501 Purchase Returns and Allowances GST on ExpenseExpense 511 Advertising Expense GST on ExpenseExpense 516 Wages and Salary Expense BAS ExcludedExpense 540 Rent Expense GST on ExpenseExpense 541 Electricity Expense GST on ExpenseExpense 542 Water Expense GST on ExpenseExpense 543 Insurance Expense GST on ExpenseExpense 544 Office Supplies Expense GST on ExpenseExpense 560 Depreciation Expense GST on ExpensesExpense 571 Interest Expense GST Free ExpenseExpense 572 Bank Fees GST Free ExpenseExpense 573 Discount Allowed GST on ExpenseExpense 574 Dishonoured Payments GST Free ExpenseAdditional Information• Enter conversion balances by ‘Accounting’ ‘Advanced’ ‘Conversion balances’.• Conversion date – 30/06/20• Note that accumulated depreciation has a credit balance, so a negative sign will be required.Conversion BalancesConversion date must be set to July of the current financial year.Your company nameClosing Trial Balanceas at June 30, 2020Account Number Account Name Debit ($) Credit ($)100 Bank Australia $160,910101 Uncleared Deposits 24,475102 Term deposit account no. 1 100,000110 ARC – Accounts Receivable Control 62,850112 Interest Receivable 0120 Inventory 366,610130 Office Supplies 35,415140 Prepaid Rent 30,000141 Prepaid Advertising 45,000142 Prepaid Insurance 14,750150 Cash Registers 45,000151 Accum Depn: Cash Registers $4,500160 Store Fixtures 215,000161 Accum Depn: Store Fixtures 10,750170 Delivery Bicycles 0171 Accum Depn: Delivery Bicycles 0201 Unpaid Expense Claims 0202 GST 0203 Uncleared Cheques 38,000210 APC – Accounts Payable Control 81,824.37220 Wages Payable 0221 Electricity Payable 0222 Water Payable 0225 Interest Payable 0247 Rounding 0248 Suspense 0250 Loan – Interest Only No. 01 0300 Share Capital 410,000301 Retained Earnings 554,935.63Total $1,100,010 $1,100,010* See the July 31 instruction related to the bank reconciliation for details on uncleared deposits and uncleared cheques. You need to account for both to have your conversion balances balancing.CustomersAdding pre-conversion accounts receivable balancesTo: Enter the customer’s nameDate: June 30Due Date: July 31Invoice #: DefaultReference: Leave blankAmounts are Tax InclusiveItem: Leave blankDescription: Pre-conversion saleQuantity: 1Unit price: Amount owedAccount: 400 – SalesTax Rate: GST on IncomeAccount Number Contact Name Amount Owed110-1 Fremantle Coffee $14,220110-2 Mod Coffee 19,405110-3 ChillZone 10,720110-4 Freewheelin Coffee 18,505110-5 Revamp Coffee Carts 0110-6 Sarah’s Hot Spot 0110-7 Fothergill Bed and Breakfast 0Total $62,850Enter the contact name and account number in Xero. Leave all other fields at their default values.SuppliersAdding pre-conversion accounts payable balancesAdd billFrom: Enter the supplier’s nameDate: June 30Due date: July 31Reference: Leave blankTotal: Amount owedAmounts are: Tax InclusiveItem: Leave blankDescription: Pre-conversion purchasesQuantity: 1Unit Price: Amount owedAccount: 500 – PurchasesTax Rate: GST on ExpensesAccount Number Contact Name Amount Owed Terms210-1 Crop Del Monte $17,160 Net 30210-2 FTA Speciality Coffee 18,716 1/15, n/30210-3 Olam Specialty Coffee 23,340 2/10, n/30210-4 Kolibri Kofe6,888.37 2.5/15, n/30210-5 Moledina Commodities 15,720 Net 30210-6 Honduras Gourmet Coffee 0 2/12, n/30Total $81,824.37Enter the contact name and account number in Xero. Leave all other fields at their default values.Fixed Assets RegisterFor this activity you have two existing fixed assets which must be registered in the assets register plus one new asset to be registered on purchase date. The following information is all that is needed initially. As Whadjuk Dreaming is not accounting for tax in Xero, in the asset type section set the depreciation method under tax value as “no depreciation.”Start Date: July 1, 2020Asset Name: Same as asset type, e.g., vehiclesAsset Number: Default valuePurchase Date: See table belowPurchase Price: See table belowWarranty expire: Leave blankSerial Number: Leave blankAsset type: See table belowDescription: Leave blankDepreciation method: Straight-lineDepreciation start date: The purchase dateResidual value: See table belowEffective life: See table belowExisting Fixed AssetsAsset Name / Asset Type Purchase Date Purchase Price Residual Value Effective LifeCash Registers Jan 1, 2019 $45,000 $5,000 Five yearsStore Fixtures Jan 1, 2019 $215,000 $0.00 Ten yearsProducts and Services (Select ‘• Enter the following list of products by ‘Business’ ‘Products and Services’ ‘New item’.• Select both ‘I purchase this item’ and ‘I sell this item’ and enter the details of both purchase price and selling price accordingly.• Do not tick ‘I track this item’.Item Number Initial Unit Cost Initial Sell Price4301 Medium Roast Arabica Coffee $7.18 $14.354302 Dark Horse Blend $26.00 $52.004303 Crompton Road Blend $26.00 $52.004304 Risaralda Decaf $27.50 $55.004305 Leonid Ramirez $31.00 $62.004306 Ardi $26.00 $52.004307 Tightrope Blend $26.00 $52.004308 Cleanskin Blend $21.00 $42.004309 Organic Blend $29.00 $58.004310 Panama Geisha $134.50 $269.004311 Colombian Reserve $68.00 $136.004312 Rwandan Single Orgin $29.00 $58.004313 Honduras Blue $18.20 $36.405001 Chocolate Sprinkles $30.25 $60.505002 CSR Gourmet Sugar Cubes $25.90 $51.805003 Bannister Downs Gourmet Cream (24) $83.88 $167.765004 Organic Cream Liquer $27.50 $55.005005 Premium Drinking Chocolate $9.00 $18.005006 Chai Latte Powder 1 kg $11.00 $22.005007 Raw Sugar Sticks [Box 2000] $15.00 $30.005008 White Sugar Sticks [Box 2000] $18.00 $36.006001 8oz Takeaway Lids (Box 1000) $51.70 $103.406002 12oz Takeaway Lids (Box 1000) $54.45 $108.906003 Whadjuk Dreaming KeepCup [Box 12] $72.60 $145.206004 Whadjuk Dreaming KeepCup Brew [Box 12] $130.68 $261.367001 Le Marzocco Linea Mini Coffee Machine $2,995.00 $5,990.007002 Isomac Tea Coffee Machine $1,089.00 $2,178.007003 Baratza Forte Grinder $544.50 $1,089.007004 Mazzer Mini Grinder $412.50 $825.007005 Baratza Sette 270WI Grinder $335.50 $671.008001 Acaia Lunar Scale $165.83 $331.658002 Corner Tamper Mat $10.45 $20.908003 Knock Tube Bags $14.30 $28.608004 Pullman Chisel $92.40 $184.808005 Knock Tube $37.95 $75.908006 Chocolate Shaker $6.60 $13.208007 Aillio Knockbox – Black $33.00 $66.008008 Thermometer $7.70 $15.408009 Pallo Grindmaster Brush $13.20 $26.408010 Pallo Coffeetool $11.00 $22.008011 Synesso Naked Portafilter $55.00 $110.008012 Blind Portafilter Basket $3.85 $7.708013 Milk Jug Rinser $212.85 $425.709001 Expresso Machine Descaler $9.35 $18.709002 Cafetto Commercial Expresso Clean $21.45 $42.90Bank Reconciliation StatementWhadjuk DreamingBank Reconciliation Statementas at June 30, 2020Balance as per bank statement $160,910Add:Deposit in transit from Freewheelin Coffee $18,425Deposit in transit from Fremantle Coffee 6,050 24,475185,385Less:Unpresented cheque 909 34,500Unpresented cheque 910 3,500 38,000Adjusted bank balance 147,385Balance as per ledger account 147,385Bank Statement as at July 31Account No.Page number 1Whadjuk Dreaming7/24 Mews RoadFremantle WA 6160Date Particulars Debit Credit Balance160,910.00 crJuly 1 909 34,500.00 126,410.00 crJuly 2 910 3,500.00 122,910.00 crJuly 4 Loan 275,000.00 397,910.00 crJuly 4 Deposit – Freewheelin Coffee 18,425.00 416,335.00 crJuly 4 911 38,919.38 377,415.62 crJuly 5 Deposit – Fremantle Coffee 6,050.00 383,465.62 crJuly 5 912 18,716.00 364,749.62 crJuly 6 913 6,888.37 357,861.25 crJuly 6 Deposit – Cash Sales 32,806.88 390,668.13crJuly 9 914 1,107.22 389,560.91 crJuly 10 Deposit – Fremantle Coffee 14,220.00 403,780.91 crJuly 11 Deposit – Cash Sales 47,106.16 450,887.07 crJuly 14 915 15,720.00 435,167.07 crJuly 18 Deposit – Cash Sales 61,801.52 496,968.59 crJuly 20 916 25,515.00 471,453.59 crJuly 21 Deposit – ChillZone 43,222.63 514,676.22 crJuly 26 Deposit – Sarah’s Hot Spot 1,500.00 516,176.22 crJuly 26 Cheque returned – Sarah’s Hot Spot 1,500.00 514,676.22 crJuly 26 Deposit – Cash sales 70,566.38 582,242.60 crJuly 29 917 17,234.92 568,007.68 crJuly 30 Deposit – Freewheelin Coffee 18,745.24 586,752.92 crJuly 30 918 27,910.00 558,842.92 crJuly 31 Transaction fee 25.00 558,817.92 cr191,535.89 589,443.81Transactions for JulyOnce you have completed the setting up of Xero, you can now enter the following transactions. The values given here do not include GST unless you are told otherwise.Date DetailsJuly 1 Purchased 16 boxes of Item no. 6001 8oz Takeaway Lids (Box 1000) from Olam Specialty Coffee, terms net 30Purchased 38 boxes of Item no. 5002 CSR Gourmet Cubed Sugar from Crop Del Monte, 2/10, n/30.Obtained a $275,000 loan from Bank Australia at a simple interest rate of 5% per year. The first interest payment is due at the end of September 2020 and the principal of the loan is to be repaid at the beginning of July four years later.Purchased for cash five Dutch Cargo Urban Arrow Cargo L electric bicycles from Captain Walker’s Bicycles as part of a plan to provide an eco-delivery service in the local area. The bicycles have a useful life of three years, are depreciated on a straight-line basis and have no residual value. The unit price of the bicycles was $8,325 each but as this was a significant order, the supplier provided a 15% trade discount. Reference 9112 Paid the full amount owing to FTA Speciality Coffee. Reference 912.Paid the full amount owing to Kolibri Kofe. Reference 913.3 Purchased with cash, 12 boxes of Item no. 5003 Bannister Downs Gourmet Cream from North Street Bakery. Reference 914.4 Made cash sales during the first four days of the month. The following inventory was sold. No reference applies…• 2 x 7001 Le Marzocco Linea Mini Coffee Machine @ $5,990.00• 5 x 7003 Baratza Forte Grinder @ $1,089.00 each• 10 kg x 4302 Dark Horse Blend 1kg @$52 per kg• 20 kg x 4305 Leonid Ramirez Beans @ 62.00 per kg• 5 kg of 4310 Panama Geisha beans at $269.00 per kg• 48 tubs of 5003 Bannister Downs Gourmet Cream at $167.76 per box of 24 tubs.• 20 boxes x 5005 Premium Drinking Chocolate at @18.00 per box.• 10,000 6001 8oz Takeaway lids. The sell price is $103.40 per 1,000 lids• 30,000 6002 12oz Takeaway lids. The sell price is $108.90 per 1,000 lids.• 8 boxes of 6003 Whadjuk Dreaming KeepCups. Each box contains 12 cups and the sell price of a single cup is $12.10. The cups are sold as a single unit.• 12 boxes of 6004 Whadjuk Dreaming KeepCup Brew . The sell price of a single box of 12 cups is $261.36. The cups are kept in inventory as a single unit.6 Today was a trade promotion day and the following credit sales of Item no. 4313 Honduras Blue coffee beans occurred:• 10 bags to Fothergill Bed and Breakfast• 20 bags to Sarah’s Hot Spot• 5 bags to Revamp Coffee Carts• 6 bags to Freewheelin Coffee• 9 bags to ChillZone• 6 bags to Mod Coffee• 4 bags to Fremantle Coffee• 140 bags to a new customer who owns several cafes in schools and provides industrial catering services. The new customer is Mio Sapore Foods.7 Sold 100 bags of Item no. 4301 Medium Roast Arabica Coffee Beans to ChillZone on account.9 Fremantle Coffee paid the full amount owing on their account as of June 30.9 Made a significant sale to ChillZone for an upcoming catering contract. Given the size of the order, a trade discount of 10% was given. The discount is to be applied to the retail prices as recorded in the inventory system. The items purchased where …10 x Panama Geisha20 x Colombian Reserve100 x Rwandan Single Origin10 x Chocolate sprinkles10 x CSR Gourmet Sugar Cubes100 x Premium Drinking Chocolate200 x Raw Sugar Sticks [Box of 2000]300 x White Sugar Sticks [Box of 2000]1 x Le Marzocco Linea Mini Coffee Machine10 Purchased 257 replacement bags of 4313 Honduras Blue beans on credit from Honduras Gourmet Coffee. The roastery has increased the price to $18.50 per bag. The inventory records will need to be updated to reflect this.11 Made the following cash sales during the week.10 x Leonid Ramirez beans23 x Ardi Beans106 x Cleanskin Blend – On special for the week – 10% discount27 x Organic Blend11 x Panama Geisha18 x Colombian Reserve37 x Honduras Blue – On special @$36 each41 x Chocolate Sprinkles1 x Bannister Downs Gourmet Cream (Box of 24)32 x Premium Drinking Chocolate2 x Whadjuk Dreaming KeepCup Brew [Box of 12]4 x Isomac Tea Coffee Machines2 x Le Marzocco Linea Mini Coffee Machines10 x Milk Jug RinserChillZone returned product to the value of $5,990 including GST which had been purchased before June 30 and which was not suitable for them. A credit note was issued.12 Sold 40 boxes of Item No. 5001 Chocolate Sprinkles to Sarah’s Hot Spot on credit.13 Paid the full amount owing to Moledina Commodities, reference 91515 Paid sales staff wages for the two weeks up to and including yesterday, reference 916. The wages expense is $25,515.17 Sold 10 boxes of 8oz Takeaway Lids (Box of 1000) to Revamp Coffee Carts on account.18 The following items were sold during the week for cash:10 x Tightrope Blend123 x Rwanda Single Origin206 x Cleanskin Blend – On special for the week – 20% discount54 x Organic Blend38 x Colombian Reserve36 x Medium Roast Arabica Coffee67 x Crompton Road Blend23 x Panama Geisha41 x Raw Sugar Sticks [Box of 2000]33 x White Sugar Sticks [Box of 2000]18 x Premium Drinking Chocolate5 x Whadjuk Dreaming KeepCup [Box of 12]4 x Isomac Tea Coffee Machines1 x Le Marzocco Linea Mini Coffee Machines6 x Mazzer Mini Grinder18 Returned a faulty product which is no longer carried in inventory, which was purchased before June 30 to Olam Specialty Coffee. Received a credit note for $7,015 GST inclusive.19 Sarah’s Hot Spot paid a portion of their account. The payment was for $1,500.21 ChillZone paid the full amount owing on their account.21 Received a purchase order from Sarah’s Hot Spot for 12 Bannister Downs Gourmet Cream [Box of 24]. Created a corresponding sales order [quote] to deliver gourmet cream.24 Completed the July 21 order for gourmet cream [credit sale] made by Sarah’s Hot Spot.25 The following items were sold during the week for cash:13 x Dark Horse Blend57 x Risaralda Decaf92 x Leonid Ramirez65 x Organic Blend76 x Cleanskin Blend24 x Panama Geisha37 x Colombian Reserve36 x Rwandan Single Origin95 x Honduras Blue – On special @$35.03 each41 x CSR Gourmet Sugar Cubes33 x Chai Latter Powder39 x 12oz Takeaway Lids [Box of 1000]8 x Whadjuk Dreaming KeepCup Brew [Box of 12]2 x Le Marzocco Linea Mini Coffee Machines4 x Baratza Forte Grinder6 x Mazzer Mini Grinder1 x Acaia Lunar Scale26 Paid the full amount owing to Crop Del Monte, reference 91727 Paid the full amount owing to Olam Specialty Coffee, reference 91828 Ordered 28 x 5004 Organic Chocolate Cream Liqueur from Kolibri Kofe. Agreed terms with Kolibri Kofe are 2/10, n/30. This is a new inventory item. It is purchased for $27.50 per item.Week 529 Paid sales staff wages $27,910 for the two weeks up to and including yesterday, reference 919.30 Received Organic Chocolate Cream Liqueur, which was ordered on the 28th, agreed terms with Kolibri Kofe are 2/10, n/30.Freewheelin Coffee paid the full amount owing on their account.The following items were sold during the week for cash:6 x Medium Roast Arabica Coffee12 x Dark Horse Blend36 x Crompton Road Blend29 x Leonid Ramirez43 x Ardi42 x Panama Geisha73 x Colombian Reserve14 x CSR Gourmet Sugar Cubes93 x 8oz Takeaway Lids [Box of 1000]1 x Whadjuk Dreaming KeepCup [Box of 12]2 x Le Marzocco Linea Mini Coffee Machines2 x Acaia Lunar ScalePaid Bindi a monthly salary of $26,000, reference 92031 Complete the bank reconciliation in Xero. You will need to create and upload the bank statement using the template provided by Xero. For reconciliation purposes use your conversion cash at bank balance as the opening balance.To account for uncleared cheques, see the relevant additional help files in Xero Central. The applicable information is:• Uncleared Deposits account number is 101• Uncleared Cheques account number is 252There are possible bank error(s). Items which are possible bank errors will remain unreconciled. Possible bank errors are normally reported to the bank. Posting in the discussion board is our equivalence of doing the same.31 Record the following adjusting entries for July.Depreciation expense using Xero’s Fixed Assets featureEstimated electricity payable to Synergy Ltd for the month is $4,370Estimated water usage payable to the Water Corporation for the month is $1,175Wages incurred during the month but not yet paid to sales staff is $6,600Interest expense incurred during the month but not yet paid to Bank Australia is $1,145Interest earned from short-term investments with Bank Australia during the month but not yet paid amount to $165The value of office supplies used during the month are $20,185During the month, prepaid rent to the value of $15,000 expiredDuring the month, prepaid advertising to the value of $15,000 expiredDuring the month, prepaid insurance to the value of $2,950 expired31 Prepare and submit any reports as specified including your month end report (memo) to Bindi Tjandamurra.Note:• Invoice and credit note numbers are as allocated by Xero.• Reference refers to cheque number. Enter this number in the applicable reference field.Additional Help FilesFor further assistance with Xero, refer to Xero Central at https://central.xero.com. Some additional guidance/suggested search terms are provided below. For other help topics please refer to Xero Central and/or ask in the Discussion Board in Blackboard.Applying early payment discounts:Xero is not configured to account for early payment discounts (Discount Received) so you need to do a work around, that is apply the discount as a negative unit price. Guidance on applying a discount received can be found in Xero Central. Search for “Add a discount to transactions, contacts and inventory items.” The relevant section is headed, “Apply a discount to a supplier bill or credit note”.Bank Account SetupSee the topic, “Add a bank account or credit card account” in Xero CentralBank accounts with uncleared chequesSee the topic, “Enter uncleared cheques when converting to Xero” in Xero CentralBank Loans:See the topic, “Add a receive money transaction” in Xero CentralCredit NotesSee the topic “Credit notes explained” in Xero Central.Customer payment is dishonouredSee the topic, “Record dishonoured and reversed payments” in Xero CentralEntering opening balances [conversion balances]See the topic, “Enter conversion balances” in Xero CentralEntering uncleared cheques when converting to XeroSee the topic “Entering uncleared cheques when converting to Xero” in Xero CentralFixed assets register setupSee the topic, “Fixed assets” in Xero CentralPayment of more than one invoice by a customerSee the topic, “How to create a batch deposit” in Xero CentralReporting and TrackingSee the topic, “Reporting and Tracking” in Xero Central.Setting up and working with contacts [customers and suppliers]See the topic, “Contacts in Xero” in Xero Central

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