New

Learn smart - Learn online. Upto 80% off on courses for a limited time. View Courses

Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

Stuck on Your Question?

Get 24x7 live help from our Top Tutors. All subjects covered.

loader
250 words

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Students Who Viewed This Also Studied

0 Page
The Cost of Living Index with the Consumer Price Index

...

Course

30C00355

Subject

Accounting

University

Aalto University

Season

Autumn

6 Pages
HI5019 Strategic Information Systems For Business and Enterprise

Task: Assignment SpecificationsBackgroundRainbow Illusion is a 30-store retail chain concentrated in New South Wales and Victoria that sells ready-to-wear clothes for young females. Each store has a ...

Course

HI5019

Type

Assignment

Subject

Accounting

University

Holmes Institute

Season

Fall

21 Pages
ACC702 Managerial Accounting

Task Assignment Description Rahela Manufacturing is a medium-sized company that manufactures and markets a range of products. The divisions of Rahela Manufacturing include whitegoods, kitchenware an ...

Course

ACC702

Type

Assignment

Subject

Accounting

University

Kings Own Institute

24 Pages
SENG6350 Systems Analysis and Design

Question: In this assignment, you must perform a system analysis and design for the Nuk Restaurant System (NRS) case study provided at the case study section.  Case Study: Nuk Restaurant Syst ...

Course

BIS2002

Type

Home Work

Subject

Accounting

University

The University of Newcastle

General Ledger Accounts

Question

Answered

INSTRUCTIONS Task 2 Part B Requirements: Stage 1 Use the spreadsheet template provided to complete the following requirements. When using the spreadsheet you are required to provide the links from the General Ledger Accounts to the Live Trial Balance. 1. Link the balances of the General Ledgers to the Live Trial Balance 2. Enter the transactions into the appropriate Special Journals. 3. Important: After each transaction that particular journal should be in balance. If it is not, fix it before recording the next transaction. 4. Do the Bank Reconciliation and enter transactions as required. 5. Post (Link) the transactions from the Special Journals to the appropriate General Ledger Accounts the balances of which should flow to the Live Trial Balance. 6. Important: Posting should be done from the total of each column unless recorded in “Other Account” column. 7. Important: Post the entire journal and check that the Live Trial Balance is in balance before moving to the other journals. If it is not in balance, fix it before moving on. 8. Copy the Live Trial Balance and create a Fixed Trial Balance using Special Paste Values into your worksheet. 9. Do the adjustments into and complete the worksheet • Note well: the worksheet is a separate document. No linking is permitted from the worksheet to any of the financial statements. It is used as a checking mechanism that ensures your financial statements prepared in step 13 match the worksheet. 10. Journalise the adjustments in the General Journal and post to the General Ledgers. Check that the Live Trial Balance is in Balance  before moving to the next transaction. If it is not in balance, fix it before moving on. 11. After all adjustments have been posted the Live trial Balance should be the same as the adjusted trial balance of the worksheet. 12. Copy the Live Trial Balance worksheet and create a Fixed Trial Balance worksheet using Special Paste Values into the worksheet. 13. Use the Fixed Trial balance to help you complete a Profit & Loss statement, Statement of Partners Equity and a Balance Sheet for month of trading. Stage 2 Write a brief report to Julie and Katy commenting on the financial performance of the business: • Calculate the following financial ratios and provide comments – o Current ratio  Industry average is 5:1  Accounting Norm is 3:1 o Quick ratio  Industry average is 4 : 1  Accounting Norm is 1:1 • Calculate and provide a cash flow statement for the first month of trading. • Using academic references (recorded using Harvard Referencing style) list and briefly explain the registrations and legal requirements that Julie and Katy would have undertaken to establish the business name and partnership. Transactions begin on the following page As at the 1st June, Julie Jones and Katy Perry establish a new business JK Café & Catering (a partnership with 50% equal share in profits to both regardless of Proprietor's Contribution). They register the new business and open a new bank account with the local branch of Eastside Bank. Note the business is also registered for GST. JUNE TRANSACTIONS: FIRST WEEK • Monday 1sth June  Julie deposits cash of $15,000 into the new Bank Account and Katy contributes $2,000 cash and: • Café equipment with a book value of $7,200 • China glass silver and linen book value of $3,600 • Office Equipment book value of $2,200. Asset Method Expected Life Expected Salvage Café Equipment Straight Line 4 Years $0.00 China Glass silver Linen Straight Line 2 Years $0.00 Office Equipment Reducing Balance 3 Years $5.00 (Note as the equipment, china glass silver linen and office equipment have been used in a previous business there is no GST attributed to the contribution). Purchased $1,100 worth of General Café Supplies from Coco Suppliers – issued cheque # 0001. (Asset: 1010) Purchased a computer for $440 – issued cheque # 0002. (Office Equipment) Withdrew $50.00 cash from an ATM to establish a petty cash account. (No GST for this transaction) Katy has the telephone installed by Rossini Communications - the contract is for a monthly line rental of $44.00 plus charges for calls made. Cheque # 0003 for $132.00 is issued. Julie phoned Your Insurance Ltd and arranged for insurance of the new business and paid for one year’s coverage drew a cheque # 0004 amount $1,372.80. Purchased general supplies of $110.00 on credit from Coco Suppliers who offer no discounts for early payment. (Don’t forget subsidiary ledger) • Tuesday 2nd June  Katy drew a cheque # 0005 and paid (Use your own name) $440.00 rent for the first week. Katy provided catering services for Monty’s Cars on credit and invoiced them for $880.00 - invoice # JKCC 0001. A new policy offering discounts for early payment has been implemented – 2/7, n/30. (Don’t forger Subsidiary ledgers) • Wednesday 3rd June  Katy provided catering services for Sunshine Hospital on credit and invoiced them for $770.00 - invoice # JKCC 0002. A new policy offering discounts for early payment has been implemented – 2/7, n/30. (Don’t forger Subsidiary ledgers) • Friday 5thJune Katy provided catering services for Sippy Animal Rescue on credit and invoiced them for $330.00 - invoice # JKCC 0003. A new policy offering discounts for early payment has been implemented – 2/7, n/30. (Don’t forger Subsidiary ledgers) The café has revenue from daily sales of $4,400.00 Julie and Katy bank $2,400.00 and keep $1000.00 each as drawings. Paid half of the amount owing to Coco Suppliers using Cheque # 0006 Employed new staff (Herbert Smith & Vera Smith) to be paid later in the month. Mon Tue Wed Thu Fri Sat Sun 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SECOND WEEK Julie and Katy recognise that there is a market for the sales of gourmet coffee products and coffee machines through their café. They have been advised to split the gourmet products into three categories and use a periodic inventory system on a First in First out (FIFO) basis. The coffee machines will use a perpetual inventory system on a weighted average basis. Monday 8th June • Julie purchased the following products on credit from Vito suppliers: Product Quantity Cost (includes GST) Highland Coffee 10 $5.50 Lowland Coffee 10 $4.40 Exotic Teas 20 $8.80 Vito issued their invoice VS 0059 for $275.00 terms 2/7 n30. • Katy ordered the following coffee machines on credit from Power Suppliers Coffee Machine Quantity Cost (Includes GST) Rodger Mk2 3 $330.00 Samsang 4 $165.00 Riccardo Mk 3 4 $220.00 • Power Suppliers delivered the machines and issued invoice PS 0958for $2530.00 offering terms of 2/7 n30 as an incentive for early payment. Tuesday 9th • Paid remainder of the amount owing to Coco Suppliers using Cheque # 0007. • Monty’s Cars paid their account in full taking advantage of the discount on offer. • Paid rent using Electronic Funds Transfer JK 001. Thursday 11th • Sunshine Hospital paid their account in full taking advantage of the discount on offer. • Sippy Animal rescue paid their account in full taking advantage of the discount on offer. • Used $22.00 petty Cash for Postage Voucher 1 (Remember just use the petty cash book) Friday 12th • Katy provided catering services for Gration Enterprises on credit and invoiced them for $990.00 - invoice # JKCC 0004. Terms– 2/7, n/30 (Don’t forget the Subsidiary ledgers).  Cash sales for the week are identified as: Products # Sale Price/item Highland Coffee 4 $ 22.00 Lowland Coffee 5 $ 16.50 Exotic Teas 8 $ 33.00 Coffee Machines Sale Price/item Rodger Mk 2 1 $ 660.00 Samsang 2 $ 330.00 Riccardo Mk 3 2 $ 440.00 (Note: the Hair products are recorded using the Periodic FIFO method while the Electric Shavers are recorded using the Perpetual Moving Average method). • Total receipts for sales for the week amounts to $2,634.50. • Total receipts for Café Sales amounts to $3,850.00. • Julie & Katy bank $4,484.50.00 and keep $1000.00 each as drawings. • Paid Vito Suppliers for their invoice VS0059 with cheque # 0008 taking advantage of the discount. • Paid Power Suppliers for their invoice PS0958 with cheque # 0009 taking advantage of the discount. • Paid each of 2 employees (Herbert Smith & Vera Smith) using EFT (refs 0427A and 0427B) for five days (1 week) wages $700.00 (net) and withheld PAYG of $300.00 as well on behalf of each employee. Third Week Monday 15th June Mon Tue Wed Thu Fri Sat Sun 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 • Julie purchased the following products on credit from Vito suppliers: Product Quantity Cost (includes GST) Highland Coffee 4 $5.50 Lowland Coffee 4 $4.40 Exotic Teas 10 $8.80 • Vito issued their invoice VS 0079 for $127.60 terms 2/7 n30. • Katy ordered the following coffee machines on credit from Power Suppliers Coffee Machine Quantity Cost (Includes GST) Rodger Mk2 2 $330.00 Samsang 2 $154.00 Riccardo Mk 3 2 $198.00 • Power Suppliers delivered the machines and issued invoice PS 0978for $1,364.00 offering terms of 2/7 n30 as an incentive for early payment Tuesday 16th • Paid rent using Electronic Funds Transfer JK 002 Friday 19thJune  Cash sales for the week are identified as: Products # Sale Price/item Highland Coffee 6 $ 22.00 Lowland Coffee 4 $ 16.50 Exotic Teas 12 $ 33.00 Coffee Machines Sale Price/item Rodger Mk 2 2 $ 660.00 Samsang 3 $ 330.00 Riccardo Mk 3 3 $ 440.00 (Note: the Hair products are recorded using the Periodic FIFO method while the Electric Shavers are recorded using the Perpetual Moving Average method.)  Total receipts for sales for the week amounts to ????  Total receipts for Café Sales amounts to $4,840.00.  Julie & Katy bank $7,064.00.00 and keep $1000.00 each as drawings. • Paid Vito Suppliers for their invoice VS0079 with cheque # 0010 taking advantage of the discount. • Paid Power Suppliers for their invoice PS0978 with cheque # 0011 taking advantage of the discount • Paid each of 2 employees (Herbert Smith & Vera Smith) using EFT (refs 0428A and 0428B) for five days (1 week) wages $700.00 (net) and withheld PAYG of $300.00 as well on behalf of each employee. • Used $11.00 from petty cash for Office supplies (Voucher 2). Fourth Week Monday 22nd June Mon Tue Wed Thu Fri Sat Sun 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 • Julie purchased the following products on credit from Vito suppliers: Product Quantity Cost (includes GST) Highland Coffee 6 $6.60 Lowland Coffee 6 $5.50 Exotic Teas 10 $9.90 Vito issued their invoice VS 0099 for $171.60 terms 2/7 n30. • Katy ordered the following coffee machines on credit from Power Suppliers Coffee Machine Quantity Cost (Includes GST) Rodger Mk2 2 $330.00 Samsang 2 $154.00 Riccardo Mk 3 3 $198.00 • Power Suppliers delivered the machines and issued invoice PS 1078for $1,562.00 offering terms of 2/7 n30 as an incentive for early payment Tuesday 23rd • Paid rent using Electronic Funds Transfer JK 003 Wednesday 24th Katy provided catering services for Sunshine Hospital on credit $660.00 and sold them a Coffee machine (Rodger Mk2) for $550.00- invoice # JKCC 0005. Terms – 2/7, n/30.  Katy provided catering services for Sippy Animal Rescue on credit and invoiced them for $440.00 - invoice # JKCC 0006. Terms– 2/7, n/30 Friday 26thJune Cash sales for the week are identified as: Products # Sale Price/item Highland Coffee 8 $ 22.00 Lowland Coffee 8 $ 16.50 Exotic Teas 14 $ 33.00 Coffee Machines Sale Price/item Rodger Mk 2 2 $ 660.00 Samsang 3 $ 330.00 Riccardo Mk 3 3 $ 440.00 (Note: the Hair products are recorded using the Periodic FIFO method while the Electric Shavers are recorded using the Perpetual Moving Average method.) • Total receipts for sales for the week amounts to ???? • Total receipts for Café Sales amounts to $4,840.00. • Julie & Katy keep $1000.00 each as drawings and bank the rest. • Sippy Animal Rescue were unhappy with some of the service provided on the 24th Invoice JKCC 0006 so a refund of $55.00 is to be deducted from the invoice. • Paid Vito Suppliers for their invoice VS0099 with cheque # 0012 taking advantage of the discount. • Paid Power Suppliers for their invoice PS1078 with cheque # 0013 taking advantage of the discount. • Paid each of 2 employees (Herbert Smith & Vera Smith) using EFT (refs 0429A and 0429B) for five days (1 week) wages $700.00 (net) and withheld PAYG of $300.00 as well on behalf of each employee. • Used $11.00 from Petty Cash for a taxi fare (Voucher 3). Fifth Week Monday 29th June Mon Tue Wed Thu Fri Sat Sun 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 • Julie purchased the following products on credit from Vito suppliers: Product Quantity Cost (includes GST) Highland Coffee 4 $5.50 Lowland Coffee 4 $4.40 Exotic Teas 10 $8.80 • Vito issued their invoice VS 0119 for $275.00 terms 2/7 n30. • Katy ordered the following coffee machines on credit from Power Suppliers Coffee Machine Quantity Cost (Includes GST) Rodger Mk2 2 $330.00 Samsang 4 $154.00 Riccardo Mk 3 4 $198.00 • Power Suppliers delivered the machines and issued invoice PS 1278for $2530.00 offering terms of 2/7 n30 as an incentive for early payment Tuesday 30th June • Paid Rent using EFT JK 004 • Withdrew Cash from Bank tellers to reimburse Petty Cash • Returned a faulty Rodger Mk 2 Coffee Machine and was given a credit for $330.00 against invoice PS1278 • Gration Enterprises paid their account JKCC 0004 in full. Adjustments (See instructions 9-11 above) 1. Half of the General Café supplies have been used calculate and record the expense 2. Calculate the outstanding payroll liability 3. Calculate and record the insurance expense 4. Calculate and record the Telephone expense 5. Calculate and record the prepaid rent 6. Calculate and record the depreciation expense for the month 7. A stocktake of the products revealed that there were: • 6 Highland • 7 Lowland • 16 Tea

General Ledger Accounts

Answer in Detail

Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

57 More Pages to Come in This Document. Get access to the complete answer.

MyAssignmenthelp.com boasts highly qualified and experienced coursework experts who know the art of writing best quality coursework assignments on any given topic. With a decade experience in this industry, we have become one of the most recognized coursework help services providers in USA. Our coursework writing services include essay writing help, dissertation writing services, term paper writing help, case study help, etc. Our experts are well acquainted with all types of coursework assignments and help students with writing any type of coursework assignment effortless. This is why numerous students prefer to buy coursework online from us.

More General Ledger Accounts: Questions & Answers

Q
icon

We aren't endorsed by this University

The Cost of Living Index with the Consumer Price Index

...

View Answer
Q
icon

We aren't endorsed by this University

HI5019 Strategic Information Systems For Business and Enterprise

Task: Assignment SpecificationsBackgroundRainbow Illusion is a 30-store retail chain concentrated in New South Wales and Victoria that sells ready-to-wear clothes for young females. Each store has a full-time manager and an assistant manager, both of whom are paid a salary. The cashiers and sales p ...

View Answer
Q
icon

We aren't endorsed by this University

ACC702 Managerial Accounting

Task Assignment Description Rahela Manufacturing is a medium-sized company that manufactures and markets a range of products. The divisions of Rahela Manufacturing include whitegoods, kitchenware and outdoor furniture. The senior management team oversees the budgeting process. This includes the ma ...

View Answer
Q
icon

We aren't endorsed by this University

SENG6350 Systems Analysis and Design

Question: In this assignment, you must perform a system analysis and design for the Nuk Restaurant System (NRS) case study provided at the case study section.  Case Study: Nuk Restaurant System (NRS)  The Nuk is a restaurant that opened in 2020 after its owners, Mala and Ashli, gradua ...

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

Choose Our Best Expert to Help You

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?