Reference no: EM132599572

Ivan Maric opened a crane hire business in June 2016. The following transactions occurred during the ?rst month of the business (ignore GST).

June

1 Maric invested $60,000 cash and a $20,000 crane into the business.

2 Purchased an additional crane costing $27,000 with $3,000 cash and a $24,000 loan.

5 Purchased supplies costing $400 cash.

18 Hired out a crane at a fee of $3,000 and invoiced the customer, Dane Swan, on the 18th(The crane was used and returned on the 18th). Credit terms were 2/10, n/30.

21 Received payment in full from Dane Swan.

30 The two employees of the business had worked for the entire month at a salary of $4,000 per month each. This has not yet been recorded or paid.

Question (a) Journalise the above transactions. Narrations not required.

Question (b) In 2021, Ivan Maric receives a salary of $100,000. Prepare the journal entry that would record the weekly accrual of sick leave assuming in the last five years, Ivan has taken 40% of his sick leave accrued and is entitled to 10 days sick leave a year. Show your calculations.