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Transactions completed during the year ended 30 June 2013 for Johnson & Co are summarised as follows:

Johnson & Co

Trial Balance

As at 30 June, 2013

Account

Account no

Debit ($)

Credit ($)

Cash at    bank

1100

9240

 

Accounts receivable

1101

5900

 

Prepaid rent

1102

760

 

GST outlays

1105

1400

 

Office supplies

1106

820

 

Furniture and equipment

1110

17950

 

Accum Dep-furniture & equip

1111

 

6080

Accounts payable

2200

 

3400

Salaries payables

2201

 

260

GST collections

2203

 

3200

Johnson, capital

3000

 

23 130

 

 

$36070

$36070

 

Transactions completed during the year ended 30 June 2014 are summarised below (ignore GST):

  1. Consulting fees of $55 720 were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay.
  2. Rent paid in advance was $9120
  3. Office supplies were purchased during the year for 240 in cash & 260 on credit
  4. Johnson withdrew $16000 for private use
  5. Salary payments amounted to $19 960, of which $260 was for salaries accrued to the end of the year ending 30 June 2011
  6. Electricity expense of $2250 was paid
  7. Accounts payable of $1800 were paid
  8. Collections on accounts receivable totalled $51 820

 

 

 

The following additional information should be considered for adjusting entries:

  1. Unused office supplies on hand at the end of the year totalled $400
  2. Depreciation on the furniture and equipment is $2000
  3. Salaries are not paid and recorded amount to $700
  4. Rent paid in advance in transaction 3. Rent for 6 months of $4560 was paid in advance on     1 August and 1 February.
  5. Interest earned but not yet received $240.
  6. Electricity expense was outstanding $240

 

Required:

I)        Prepare journal entries to record the transactions (1-8) completed in the year to 30 June, 2014                                                                                                                                                         Marks 4

II)      Post the entries to Accounts                                                                                                              Marks 2

III)    Prepare and post the adjusting entries                                                                                         Marks 3

IV)   Prepare a 10-column worksheet for the year ended 30th June, 2014                                Marks 5

V)     Prepare an Income Statement, a statement of changes in Owners’ Equity and a balance-

sheet for the year ended 30th June, 2014                                                                                     Marks 4

VI)   Prepare the closing entries                                                                                                                 Marks 1

VII) Comment on the performance of the business based on their financial statements (600 words).                                                                                                                                                                      Marks 6

 

 

 

 

 

 

 

 

 

Financial Accounting Practice (BBAC301)

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