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Task 1: (5 marks) (Word limit: 500 words) On 31 March, Padbury Publishers received a subscription of $480 for the supply of twelve monthly magazines, beginning in April. At the end of the reporting period, 30 June, the accountant suggested that the owner make an adjusting entry to defer the revenue on nine issues until the New Year. The owner of the business was reluctant to do so, claiming that he had already received the subscriptions in cash and could see no reason for the delay in recognising the revenue. Do you agree with the owner or the accountant? Respond to the owner, explaining the accountant’s position. Ignore GST. Task 2: (5 marks) (Word limit: 500 words) Recently, a new student of accounting was overheard making the following remarks: ‘Why are we learning how to use the double-entry system of recording in the accounting cycle? Surely there are good computer packages available these days which can handle all of these details.’ Provide a suitable reply. ACC 2000 Business Accounting 2 Trimester 2015 - ASSIGNMENT Page 3 of 5 Task 3: (30 marks) The unadjusted trial balance of Helena’s Hire Cars is shown below: HELENA'S HIRE CARS Unadjusted Trial Balance as at 30 June 2016 Debit Credit Cash at bank $7,330 Accounts receivable $11,580 GST receivable $1,350 Office supplies $580 Land $22,500 Hire cars $84,240 Accumulated depreciation – hire cars $35,460 Office equipment $5,580 Accumulated depreciation – office equipment $3,150 Accounts payable $9,720 Wages payable $6,950 Mortgage on Land $17,000 Unearned hire fees $2,040 GST payable $2,920 H. Savva, Capital $59,940 H. Savva, Drawings $18,540 Hire fees revenue $88,860 Bank charges $300 Interest expense $710 Utilities expense $440 Insurance expense $7,370 Wages expense $45,560 Advertising expense $3,500 Maintenance expense $6,840 Fuel and oil expense $9,620 $226,040 $226,040 ACC 2000 Business Accounting 2 Trimester 2015 - ASSIGNMENT Page 4 of 5 Additional information 1. Petrol purchased on credit for $780 plus GST of 10% and used during the last week in June has not been paid for or recorded. 2. A physical count showed office supplies totalling $240 were still on hand at 30 June. 3. Depreciation for 1 year on the hire cars is $12 400. Depreciation on the office equipment is $980. 4. The balance in the Advertising Expense account includes $600 prepayment (net of GST) for an advertising campaign beginning in July. 5. The balance in the Unearned Hire Fees account includes $1800 received in May for hire services completed in June. 6. The June insurance premium of $900 plus GST is overdue and has not been recorded. A tax invoice has not been received. 7. Wages earned but not paid amounted to $2150. Required A. Prepare the necessary adjusting entries. B. Prepare a 10-column worksheet for the year ended 30 June 2016. C. Prepare the income statement for the business for the year ended 30 June 2016. D. Prepare a statement of changes in equity for the year ended 30 June 2016. E. Prepare a balance sheet as at 30 June 2016. (7 + 6 + 6 + 5 + 6 = 30 marks)

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More Accounting: Questions & Answers

Q

Project

 Approximately 4000 words, including charts, pictures or tables (but excluding references).   The formal assignment is to produce a report according to the story above.   Choose any relatively small service company, but it is suggested that you should make your selection car ...

View Answer
Q

Case analyse

Which organisations and industries/sectors does it relate to? Is the organisation doing well or badly and how has it performed in the past? Is it an organisation that has an unbroken record of success or has it fallen on hard times? Look at the development of the organisation over time. What str ...

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Q

Case Study

Joseph is a 39 year old man who currently lives in a community care residential unit (CCU). Joseph has a long history of schizophrenia with diagnosis at the age of 24. On his first presentation Joseph was acutely unwell and had a traumatic first admission to mental health services and was bought ...

View Answer
Q

Corporate accounting

From the attached, my part is only on the Case Study part 2&3 (below). The company we chose for the case study is Aoxing Pharmaceutical AXN NYSE Amex 2) Since the completion of reverse acquisition, has the company you choose above raised any capital from the equity market? If so, provide some de ...

View Answer

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