4.1 A physical stocktake of supplies revealed supplies on hand at 30 June totalling $1380.
4.2 Calculate and record the adjusting entry for rent for the end of the month given that June rent (2weeks) has been used up.
4.3 Calculate the amounts for depreciation expense for each of the three types of non-current Assets: equipment & tools; technology & security; vehicles (Estimate expense as though assets held for whole of month of June.)
4.4 Calculate and record the adjusting entry for insurance for the end of the month given that the June portion has been used up. (Estimate by weeks.)
4.5 Calculate and record the adjusting entry for wages payable for employee earnings not yet paid as at 30 June. Apportion weekly salary earners by day; B Heat & C McQueen both worked 5 hours each between Mon 26/6 and Fri 30/6.
4.6 Calculate the Provision for Doubtful Debts based on 4% of accounts receivable at the end of the year and make the necessary adjusting entry.
Accounting Requirements and Instructions
5.1 Spreadsheet software
The file on the course Blackboard site (ACC106 Task 2 Student Templates) contains a series of orksheets that you should use to complete the requirements below. Make changes as required including formulas and links.
5.2 Completing the Accounting Cycle
5.2.1 Record all the business transactions from section 3 above in the relevant special journals and post the Account totals to the relevant ledgers using EXCEL linking function. Use the accounts listed in the Chart of Accounts and enter names of the ledger accounts as required. In the ledgers, use formulas to create running totals. DO NOT POST ADJUSTMENTS yet.
5.2.2 Prepare an ‘Unadjusted’ Trial Balance as at 30 June 2017 by linking balances in the ledger accounts to the Trial Balance. It will be a ‘Live’ Trial Balance but at this point it is unadjusted as the Adjustments have not yet been posted. When completed, check the debit and credit columns are equal in the Trial Balance. Then copy and special paste (as values only) the Trial Balance into the Worksheet columns ‘Unadj Trial Balance’. These should not change now as they are raw figures. (Tip: Use Paste Special to paste in as values.)
5.2.3 Record the end of year Adjustments, listed above at section 4, in the Worksheet and complete the Worksheet by calculating balances in the Adjusted Trial Balance columns. Then complete the Income Statement and Balance Sheet columns in the Worksheet.
5.2.4 Record the Adjustments in the General Journal and post these adjustments to the General Ledger using new accounts as necessary. (This will change the figures in your Trial Balance which should now match the Adjusted Trial Balance figures in the Worksheet.)
5.2.5 Prepare the closing entries in the General Journal, and post these to the General Ledger. (As with adjustments, this will change your Trial Balance figures if you have linked correctly. NOW, your Adjusted Trial Balance figures in the Worksheet will NOT match the Trial Balance figures for the Revenue and Expense accounts and totals.)
Remember: for closing, close revenue and expense accounts to the P&L Closing Account, then close P&L Closing Account to the Capital account and finally, close drawings to the Capital account.
5.2.6 Finally, prepare the Financial Statements for 30 June 2017 by copying or linking the appropriate figures into your Financial Statements. Refer to your textbook or course Learning Materials for guidance on the format of these Statements. For Balance Sheet, use the Classified Balance Sheet in report form as demonstrated on p.184 of the text; and Income Statement and Statement of Changes in Equity as demonstrated on p.240 of the text. (Note, for the Income Statement, there will be three revenue streams including discount received.)
Additional Information
6.1 Number formats
All amounts should be rounded/truncated to two decimal places. Amounts can be displayed without $ sign. (Use $ sign for Financial Statements only).
6.2 Journals and Ledgers
Adjustment & closing entries should be posted from the General Journal to the respective General Ledger accounts at the end of the financial year (June 30)
Total columns in the special journals should be posted to the respective General Ledger accounts at June 30.
Note: In the special journals, all entries that do not belong in one of the account columns as listed in the template, should be included in the “Other Accounts” columns. These should then be posted on an individual basis to the respective ledger accounts. (Hint: the journal templates contain all the account columns as required for this business. However, not all accounts have been included in the general ledger template – please add as required.)
Remember: When special journals are used, do NOT also use the General Journal for the same transaction. Also, the subledgers for inventory, AR and AP are not linked to the General ledger but the balances should be checked.
6.3 Inventory
Record Inventory purchases and sales in the Subsidiary Ledger Inventory AS THEY OCCUR. As well, ecord purchases and sales in the relevant journals (using figures in the Inventory record) and post the Inventory totals from these journals to the General Ledger Inventory account at June 30.
6.4 Wages
There are two payroll worksheets that can be used to calculate wages. The payroll calculator from the ATO should be used to estimate weekly PAYG withholding tax for each employee.Use the table in the payroll template to relevant amounts for each employee each week.
6.5 Depreciation
There is a depreciation worksheet with a table that can be used to calculate depreciation for the non-current assets. (Tip: depreciation expense is based on the net cost of the asset.)
Chart of Accounts | ||||||||||||||||||
Account Name | Account Type | Usual Balance | Account Type | |||||||||||||||
Cash at Bank | Asset | Debit | Current Asset | |||||||||||||||
Accounts Receivable | Asset | Debit | Current Asset | |||||||||||||||
Provision for Doubtful Debts | Contra - Asset | Credit | Contra - Current Asset | |||||||||||||||
Supplies | Asset | Debit | Current Asset | |||||||||||||||
Inventory | Asset | Debit | Current Asset | |||||||||||||||
Prepaid Insurance | Asset | Debit | Current Asset | |||||||||||||||
Prepaid Rent | Asset | Debit | Current Asset | |||||||||||||||
GST Paid | Asset | Debit | Current Asset | |||||||||||||||
Equipment & Tools | Asset | Debit | Non Current Asset | |||||||||||||||
Accum Dep - Equip't & Tools | Contra - Asset | Credit | Contra - Non Current Asset | |||||||||||||||
Technology & Security | Asset | Debit | Non Current Asset | |||||||||||||||
Accum Dep - Tech & Security | Contra - Asset | Credit | Contra - Non Current Asset | |||||||||||||||
Vehicles | Asset | Debit | Non Current Asset | |||||||||||||||
Accum Dep - Vehicles | Contra - Asset | Credit | Contra - Non Current Asset | |||||||||||||||
Accounts Payable | Liability | Credit | Current Liability | |||||||||||||||
GST Collected | Liability | Credit | Current Liability | |||||||||||||||
PAYG Tax Payable | Liability | Credit | Current Liability | |||||||||||||||
Superannuation Payable | Liability | Credit | Current Liability | |||||||||||||||
Private health Payable | Liability | Credit | Current Liability | |||||||||||||||
Wages Payable | Liability | Credit | Current Liability | |||||||||||||||
I Hornet, Capital | Equity | Credit | Equity | |||||||||||||||
I Hornet, Drawings | Equity | Debit | Equity | |||||||||||||||
Sales Revenue | Revenue | Credit | Revenue | |||||||||||||||
Discount Received | Revenue | Credit | Revenue | |||||||||||||||
Interest Revenue | Revenue | Credit | Revenue | |||||||||||||||
Cost of Sales | Expenses | Debit | Cost of Goods Sold | |||||||||||||||
Electricity & Gas Expense | Expenses | Debit | Expenses | |||||||||||||||
Bad Debts expense | Expenses | Debit | Expenses | |||||||||||||||
Discount Allowed Expense | Expenses | Debit | Expenses | |||||||||||||||
Salary & Wages Expense | Expenses | Debit | Expenses | |||||||||||||||
Supplies Expense | Expenses | Debit | Expenses | |||||||||||||||
Rent Expense | Expenses | Debit | Expenses | |||||||||||||||
Insurance Expense | Expenses | Debit | Expenses | |||||||||||||||
Depreciation Expense | Expenses | Debit | Expenses | |||||||||||||||
Income Summary | Temporary only | N/A | Temporary only | |||||||||||||||
CASH RECEIPTS JOURNAL—JUNE | ||||||||||||||||||
Date | Particulars | Debits | Credits | |||||||||||||||
Cash at Bank | Cost of Sales | Discount Allowed Expense | Accounts Receivable (inc GST) |
Inventory | Sales Revenue | Interest Revenue | Other Accounts | GST Collected | ||||||||||
GST Collected | Net | Account Name | Amt ex GST | |||||||||||||||
01-Jun | Est business | 2,25,000.00 | Capital | 2,25,000.00 | ||||||||||||||
07-Jun | SP & CC sale | 5,820.00 | 1,648.50 | 1,648.50 | 5,290.91 | 529.09 | ||||||||||||
08-Jun | CC sale | 2,200.00 | 1,037.25 | 1,037.25 | 2,000.00 | 200.00 | ||||||||||||
09-Jun | SP sale | 4,290.00 | 1,948.50 | 1,948.50 | 3,900.00 | 390.00 | ||||||||||||
13-Jun | CC & SP sale | 7,870.00 | 3,373.50 | 3,373.50 | 7,154.55 | 715.45 | ||||||||||||
20-Jun | RR sale | 3,790.00 | 1,728.57 | 1,728.57 | 3,445.45 | 344.55 | ||||||||||||
26-Jun | Hot Rot's Club | 5,241.50 | 2.59 | 25.91 | 5,270.00 | |||||||||||||
26-Jun | RR & CC sale | 8,600.00 | 3,999.78 | 3,999.78 | 7,818.18 | 781.82 | ||||||||||||
29-Jun | Receipt of Interest | 1,307.00 | 1,307.00 | |||||||||||||||
Total columns here | 2,64,118.50 | 13,736.10 | 2.59 | 25.91 | 5,270.00 | 13,736.10 | 29,609.09 | 1,307.00 | 2,25,000.00 | 2,960.91 | ||||||||
2,77,883.10 | 2,77,883.10 | |||||||||||||||||
CASH PAYMENTS JOURNAL—JUNE | ||||||||||||||||||
Date | Details | Cheq no | Credits | Debits | ||||||||||||||
Cash at Bank | Discount Received | Wages | Accounts Payable (inc GST) | Inventory | Prepaid Rent | Supplies | Wage Expense | Drawings | Prepaid Insurance | Elect & Gas | GST Paid | |||||||
GST Paid | Net | PAYG Tax Payable | Private Health Payable | Employer Super Payable | ||||||||||||||
05-Jun | RevCo supplies | 2,200.00 | 2,000.00 | 200.00 | ||||||||||||||
06-Jun | RevHeads Expo | 3,872.00 | 3,520.00 | 352.00 | ||||||||||||||
07-Jun | Totyota | 8,870.00 | 8,870.00 | |||||||||||||||
07-Jun | Salaries & Wages | 3,193.00 | 1,074.00 | 39.00 | 409.07 | 4,715.07 | ||||||||||||
07-Jun | Insurance | 9,100.00 | 8,272.73 | 827.27 | ||||||||||||||
12-Jun | Pro Power | 7,173.44 | 20.17 | 201.69 | 7,395.30 | |||||||||||||
12-Jun | Panorama | 4,730.00 | 4,300.00 | 430.00 | ||||||||||||||
13-Jun | Totyota | 8,870.00 | 8,870.00 | |||||||||||||||
14-Jun | Rent | 6,600.00 | 6,000.00 | 600.00 | ||||||||||||||
14-Jun | Salaries & Wages | 3,391.00 | 1,074.00 | 39.00 | 427.88 | 4,931.88 | ||||||||||||
21-Jun | Salaries & Wages | 3,495.00 | 1,136.00 | 39.00 | 443.65 | 5,113.65 | ||||||||||||
28-Jun | Salaries & Wages | 3,547.00 | 1,150.00 | 39.00 | 449.92 | 5,185.92 | ||||||||||||
29-Jun | Gas & Electricity | 290.00 | 263.64 | 26.36 | ||||||||||||||
30-Jun | Drawings | 920.00 | 920.00 | |||||||||||||||
Total columns here | 66,251.44 | 20.17 | 201.69 | 4,434.00 | 156.00 | 1,730.52 | 25,135.30 | 7,820.00 | 6,000.00 | 2,000.00 | 19,946.52 | 920.00 | 8,272.73 | 263.64 | 2,435.64 | |||
SALES JOURNAL—JUNE | ||||||||||||||||||
Credit | Debit | Credit | Debit | |||||||||||||||
Date | Invoice Number | Details | Sales Revenue | GST Collected | Accounts Receivable | Inventory | Cost of Sales | |||||||||||
17-Jun | Hot Rod's Club | 2,590.91 | 259.09 | 2,850.00 | 1,299.00 | 1,299.00 | ||||||||||||
21-Jun | Rob's Classic Cars | 7,090.91 | 709.09 | 7,800.00 | 3,578.00 | 3,578.00 | ||||||||||||
22-Jun | Hot Rod's Club | 2,200.00 | 220.00 | 2,420.00 | 2,212.42 | 2,212.42 | ||||||||||||
Total columns here | 11,881.82 | 1,188.18 | 13,070.00 | 7,089.42 | 7,089.42 | |||||||||||||
PURCHASES JOURNAL —JUNE | ||||||||||||||||||
Debit | Debit | Credit | ||||||||||||||||
Date | Details | Inventory | Vehicles | Tech & Security | Equip&Tools | GST Paid | Accounts Payable | |||||||||||
02-Jun | Tools R Us purchases | 26,363.64 | 2,636.36 | 29,000.00 | ||||||||||||||
02-Jun | Pro Power | 6,723.00 | 672.30 | 7,395.30 | ||||||||||||||
04-Jun | Digital sys | 28,627.27 | 2,862.73 | 31,490.00 | ||||||||||||||
04-Jun | Toyota | 32,254.55 | 3,225.45 | 35,480.00 | ||||||||||||||
07-Jun | Pro Power | 3,150.00 | 315.00 | 3,465.00 | ||||||||||||||
19-Jun | Pro Power | 9,050.00 | 905.00 | 9,955.00 | ||||||||||||||
23-Jun | Pro Power | 4,660.00 | 466.00 | 5,126.00 | ||||||||||||||
Total columns here | 23,583.00 | 32,254.55 | 28,627.27 | 26,363.64 | - | 11,082.85 | 1,21,911.30 | |||||||||||
1,21,911.30 | 1,21,911.30 | |||||||||||||||||
GENERAL JOURNAL | ||||||||||||||||||
Date | Details | Debit | Credit | |||||||||||||||
ADJUSTING ENTRIES | ||||||||||||||||||
June | 30 | Supplies Expense | 620.00 | |||||||||||||||
Supplies | 620.00 | |||||||||||||||||
Supplies used up during the year | ||||||||||||||||||
June | 30 | Bad Debts expense | 312.00 | |||||||||||||||
Provision for Doubtful Debts | 312.00 | |||||||||||||||||
Provision made @ 4% for doubtful debts | ||||||||||||||||||
June | 30 | Insurance Expense | 477.27 | |||||||||||||||
Prepaid Insurance | 477.27 | |||||||||||||||||
One month insurance expensed off | ||||||||||||||||||
June | 30 | Rent Expense | 1,000.00 | |||||||||||||||
Prepaid Rent | 1,000.00 | |||||||||||||||||
One month rent expensed off | ||||||||||||||||||
June | 30 | Depreciation Expense | 2,033.03 | |||||||||||||||
Accum Dep - Equip't & Tools | 615.15 | |||||||||||||||||
Accum Dep - Tech & Security | 477.12 | |||||||||||||||||
Accum Dep - Vehicles | 940.76 | |||||||||||||||||
Depreciation charge for the month | ||||||||||||||||||
June | 30 | Salary & Wages Expense | 3,378.86 | |||||||||||||||
PAYG Tax Payable | 654.00 | |||||||||||||||||
Superannuation Payable | 293.14 | |||||||||||||||||
Private health Payable | 27.86 | |||||||||||||||||
Wages Payable | 2,403.86 | |||||||||||||||||
Wages payable for 6 days from 24th to 30th June | ||||||||||||||||||
7,821.16 | 7,821.16 | |||||||||||||||||
CLOSING ENTRIES | ||||||||||||||||||
June | 30 | Sales Revenue | 41,490.91 | |||||||||||||||
Discount Received | 201.69 | |||||||||||||||||
Interest Revenue | 1,307.00 | |||||||||||||||||
Income Summary | 42,999.60 | |||||||||||||||||
Amount transferred to Income statement | ||||||||||||||||||
June | 30 | Income Summary | 48,882.74 | |||||||||||||||
Cost of Sales | 20,825.52 | |||||||||||||||||
Electricity & Gas Expense | 263.64 | |||||||||||||||||
Bad Debts expense | 312.00 | |||||||||||||||||
Discount Allowed Expense | 25.91 | |||||||||||||||||
Salary & Wages Expense | 23,325.38 | |||||||||||||||||
Supplies Expense | 620.00 | |||||||||||||||||
Rent Expense | 1,000.00 | |||||||||||||||||
Insurance Expense | 477.27 | |||||||||||||||||
Depreciation Expense | 2,033.03 | |||||||||||||||||
Amount transferred to Income statement debited. | ||||||||||||||||||
June | 30 | Capital | 5,883.14 | |||||||||||||||
Income Summary | 5,883.14 | |||||||||||||||||
Loss debited to capital. | ||||||||||||||||||
June | 30 | Capital | 920.00 | |||||||||||||||
Drawings | 920.00 | |||||||||||||||||
Drawings closed to Capital. | ||||||||||||||||||
98,685.49 | 98,685.49 | |||||||||||||||||
Schedule of Accounts Receivable | Schedule of Accounts Payable | |||||||||||||||||
as at 30 June 2017 | as at 30 June 2017 | |||||||||||||||||
Account Name | Amount | 4% | Account Name | Amount | ||||||||||||||
Hot Rod's Club | 0.00 | TOOLS R US | 29,000.00 | |||||||||||||||
Rob's Classic Cars | 7,800.00 | PRO POWER | 18,546.00 | |||||||||||||||
DIGITAL SYS | 31,490.00 | |||||||||||||||||
TOYOTA | 17,740.00 | |||||||||||||||||
0.00 | ||||||||||||||||||
Total | 7,800.00 | 312.00 | Total | 96,776.00 | ||||||||||||||
Amount showing in Accounts Receivable General Ledger Trial Balance | 7,800.00 | Amount showing in Accounts Payable General Ledger Trial Balance | 96,776.00 | |||||||||||||||
Difference between Schedule total and General Ledger balance | 0 | Difference between Schedule total and General Ledger balance | 0 | |||||||||||||||
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER | ACCOUNTS PAYABLE SUBSIDIARY LEDGER | |||||||||||||||||
Hot Rod's Club | TOOLS R US | |||||||||||||||||
Date | Details | Invoice No. | Debit | Credit | Balance | Date | Details | Invoice No. | Debit | Credit | Balance | |||||||
17-Jun | 2x Sports SP | xx | 2,850.00 | 2,850.00 | 02-Jun | tools & other equipt | xx | 29,000.00 | 29,000.00 | |||||||||
22-Jun | 2x Racer CC | xx | 2,420.00 | 5,270.00 | 29,000.00 | |||||||||||||
26-Jun | Cash received | 5,270.00 | 0.00 | 29,000.00 | ||||||||||||||
0.00 | 29,000.00 | |||||||||||||||||
0.00 | 29,000.00 | |||||||||||||||||
Rob's Classic Cars | PRO POWER | |||||||||||||||||
Date | Details | Invoice No. | Debit | Credit | Balance | Date | Details | Invoice No. | Debit | Credit | Balance | |||||||
21-Jun | 4x Sports SP & 1x RR | xx | 7,800.00 | 7,800.00 | 02-Jun | Inventory purchased | xx | 7,395.30 | 7,395.30 | |||||||||
7,800.00 | 07-Jun | Inventory purchased | xx | 3,465.00 | 10,860.30 | |||||||||||||
7,800.00 | 12-Jun | Cash paid | 7,395.30 | 3,465.00 | ||||||||||||||
7,800.00 | 19-Jun | Inventory purchased | xx | 9,955.00 | 13,420.00 | |||||||||||||
7,800.00 | 23-Jun | Inventory purchased | xx | 5,126.00 | 18,546.00 | |||||||||||||
18,546.00 | ||||||||||||||||||
ACCOUNTS PAYABLE SUBSIDIARY LEDGER | ||||||||||||||||||
Date | Details | Invoice No. | Debit | Credit | Balance | DIGITAL SYS | ||||||||||||
Date | Details | Invoice No. | Debit | Credit | Balance | |||||||||||||
04-Jun | Computer and security system | xx | 31,490.00 | 31,490.00 | ||||||||||||||
31,490.00 | ||||||||||||||||||
31,490.00 | ||||||||||||||||||
31,490.00 | ||||||||||||||||||
31,490.00 | ||||||||||||||||||
ACCOUNTS PAYABLE SUBSIDIARY LEDGER | ||||||||||||||||||
TOYOTA | ||||||||||||||||||
Date | Details | Invoice No. | Debit | Credit | Balance | |||||||||||||
04-Jun | Vehicle purchased | xx | 35,480.00 | 35,480.00 | ||||||||||||||
07-Jun | Repayment | 8,870.00 | 26,610.00 | |||||||||||||||
13-Jun | Repayment | 8,870.00 | 17,740.00 | |||||||||||||||
17,740.00 | ||||||||||||||||||
17,740.00 | ||||||||||||||||||
ACCOUNTS PAYABLE SUBSIDIARY LEDGER | ||||||||||||||||||
Date | Details | Invoice No. | Debit | Credit | Balance | |||||||||||||
Inventory Reconciliation | ||||||||||||||||||
30-Jun-17 | ||||||||||||||||||
Item Number | On Hand $ | |||||||||||||||||
SP | MAGIC SPORTS SP | 2,035.29 | ||||||||||||||||
RR | MAGIC RETRO RR | 1,728.57 | ||||||||||||||||
CC | MAGIC RACER CC | 6,813.63 | ||||||||||||||||
Total | 10,577.48 | |||||||||||||||||
Link to General Ledger Inventory | 10,577.48 | |||||||||||||||||
Difference | - | |||||||||||||||||
MAGIC SPORTS SP | Purchases | Cost of Goods Sold | Inventory on Hand | |||||||||||||||
Date | Unit No. | Unit Cost | Total | Unit No. | Unit Cost | Total | Unit No. | Unit Cost | Total | |||||||||
Cost | Cost | Cost | ||||||||||||||||
02-Jun | 7 | 675 | 4,725.00 | 7 | 675.00 | 4,725.00 | ||||||||||||
06-Jun | 3 | 590 | 1,770.00 | 10 | 649.50 | 6,495.00 | ||||||||||||
07-Jun | 1 | 649.50 | 649.50 | 9 | 649.50 | 5,845.50 | ||||||||||||
09-Jun | 3 | 649.50 | 1,948.50 | 6 | 649.50 | 3,897.00 | ||||||||||||
13-Jun | 2 | 649.50 | 1,299.00 | 4 | 649.50 | 2,598.00 | ||||||||||||
17-Jun | 2 | 649.50 | 1,299.00 | 2 | 649.50 | 1,299.00 | ||||||||||||
19-Jun | 5 | 690 | 3,450.00 | 7 | 678.43 | 4,749.00 | ||||||||||||
21-Jun | 4 | 678.43 | 2,713.71 | 3 | 678.43 | 2,035.29 | ||||||||||||
29-Jun | 3 | 678.43 | 2,035.29 | |||||||||||||||
3 | 678.43 | 2,035.29 | ||||||||||||||||
3 | 678.43 | 2,035.29 | ||||||||||||||||
3 | 678.43 | 2,035.29 | ||||||||||||||||
3 | 678.43 | 2,035.29 | ||||||||||||||||
3 | 678.43 | 2,035.29 | ||||||||||||||||
MAGIC RETRO RR | Purchases | Cost of Goods Sold | Inventory on Hand | |||||||||||||||
Date | Unit No. | Unit Cost | Total | Unit No. | Unit Cost | Total | Unit No. | Unit Cost | Total | |||||||||
Cost | Cost | Cost | ||||||||||||||||
06-Jun | 2 | 875 | 1750.00 | 2 | 875.00 | 1,750.00 | ||||||||||||
12-Jun | 5 | 860 | 4,300.00 | 7 | 864.29 | 6,050.00 | ||||||||||||
20-Jun | 2 | 864.29 | 1,728.57 | 5 | 864.29 | 4,321.43 | ||||||||||||
21-Jun | 1 | 864.29 | 864.29 | 4 | 864.29 | 3,457.14 | ||||||||||||
26-Jun | 2 | 864.29 | 1,728.57 | 2 | 864.29 | 1,728.57 | ||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
2 | 864.29 | 1,728.57 | ||||||||||||||||
MAGIC RACER CC | Purchases | Cost of Goods Sold | Inventory on Hand | |||||||||||||||
Date | Unit No. | Unit Cost | Total | Unit No. | Unit Cost | Total | Unit No. | Unit Cost | Total | |||||||||
Cost | Cost | Cost | ||||||||||||||||
02-Jun | 2 | 999 | 1,998.00 | 2 | 999.00 | 1,998.00 | ||||||||||||
07-Jun | 1 | 999.00 | 999.00 | 1 | 999.00 | 999.00 | ||||||||||||
07-Jun | 3 | 1,050 | 3,150.00 | 4 | 1037.25 | 4,149.00 | ||||||||||||
08-Jun | 1 | 1,037.25 | 1,037.25 | 3 | 1037.25 | 3,111.75 | ||||||||||||
13-Jun | 2 | 1,037.25 | 2,074.50 | 1 | 1037.25 | 1,037.25 | ||||||||||||
19-Jun | 5 | 1,120 | 5,600.00 | 6 | 1106.21 | 6,637.25 | ||||||||||||
22-Jun | 2 | 1,106.21 | 2,212.42 | 4 | 1106.21 | 4,424.83 | ||||||||||||
23-Jun | 4 | 1165 | 4,660.00 | 8 | 1135.60 | 9,084.83 | ||||||||||||
26-Jun | 2 | 1135.60 | 2,271.21 | 6 | 1135.60 | 6,813.63 | ||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
6 | 1135.60 | 6,813.63 | ||||||||||||||||
ASSETS | LIABILITIES | OWNERS' EQUITY | ||||||||||||||||
Cash at bank | Accounts Payable | Capital | ||||||||||||||||
Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | ||||
30-Jun | Cash Receipts Journal | 2,64,118.50 | 2,64,118.50 | 30-Jun | Purchase Journal | 1,21,911.30 | 1,21,911.30 | 01-Jun | Cash Receipts Journal | ######## | ######## | |||||||
30-Jun | Cash Payments Journal | 66,251.44 | 1,97,867.06 | 30-Jun | Cash Payments Journal | 25,135.30 | 96,776.00 | 30-Jun | General Journal | 5,883.14 | ######## | |||||||
1,97,867.06 | 96,776.00 | 30-Jun | General Journal | 920.00 | ######## | |||||||||||||
1,97,867.06 | 96,776.00 | ######## | ||||||||||||||||
1,97,867.06 | 96,776.00 | ######## | ||||||||||||||||
1,97,867.06 | 96,776.00 | ######## | ||||||||||||||||
1,97,867.06 | 96,776.00 | ######## | ||||||||||||||||
1,97,867.06 | 96,776.00 | ######## | ||||||||||||||||
Accounts Receivable | GST Collected | Drawings | ||||||||||||||||
Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | ||||
30-Jun | Sales Journal | 13,070.00 | 13,070.00 | 30-Jun | Cash Receipts Journal | 2,960.91 | 2,960.91 | 30-Jun | Cash Payments Journal | 920.00 | 920.00 | |||||||
30-Jun | Cash Receipts Journal | 5,270.00 | 7,800.00 | 30-Jun | Cash Receipts Journal | 2.59 | 2,958.32 | 30-Jun | General Journal | 920.00 | - | |||||||
7,800.00 | 30-Jun | Sales Journal | 1,188.18 | 4,146.50 | - | |||||||||||||
7,800.00 | 4,146.50 | - | ||||||||||||||||
7,800.00 | 4,146.50 | - | ||||||||||||||||
7,800.00 | 4,146.50 | - | ||||||||||||||||
7,800.00 | 4,146.50 | - | ||||||||||||||||
7,800.00 | 4,146.50 | - | ||||||||||||||||
Provision for Doubtful Debts | PAYG Tax Payable | |||||||||||||||||
Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | |||||||||
30-Jun | General Journal | 312.00 | 312.00 | 30-Jun | Cash Payments Journal | 4,434.00 | 4,434.00 | |||||||||||
30-Jun | 312.00 | 30-Jun | General Journal | 654.00 | 5,088.00 | |||||||||||||
312.00 | 5,088.00 | |||||||||||||||||
312.00 | 5,088.00 | |||||||||||||||||
312.00 | 5,088.00 | |||||||||||||||||
312.00 | 5,088.00 | |||||||||||||||||
312.00 | 5,088.00 | |||||||||||||||||
312.00 | 5,088.00 | |||||||||||||||||
Supplies | Superannuation Payable | |||||||||||||||||
Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | |||||||||
30-Jun | Cash Payments Journal | 2,000.00 | 2,000.00 | 30-Jun | Cash Payments Journal | 1,730.52 | 1,730.52 | |||||||||||
30-Jun | General Journal | 620.00 | 1,380.00 | 30-Jun | General Journal | 293.14 | 2,023.66 | |||||||||||
1,380.00 | 2,023.66 | |||||||||||||||||
1,380.00 | 2,023.66 | |||||||||||||||||
1,380.00 | 2,023.66 | |||||||||||||||||
1,380.00 | 2,023.66 | |||||||||||||||||
1,380.00 | 2,023.66 | |||||||||||||||||
1,380.00 | 2,023.66 | |||||||||||||||||
Inventory | Private Health Payable | |||||||||||||||||
Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | |||||||||
30-Jun | Cash Payments Journal | 7,820.00 | 7,820.00 | 30-Jun | Cash Payments Journal | 156.00 | 156.00 | |||||||||||
30-Jun | Purchase Journal | 23,583.00 | 31,403.00 | 30-Jun | General Journal | 27.86 | 183.86 | |||||||||||
30-Jun | Cash Receipts Journal | 13,736.10 | 17,666.90 | 183.86 | ||||||||||||||
30-Jun | Sales Journal | 7,089.42 | 10,577.48 | 183.86 | ||||||||||||||
10,577.48 | 183.86 | |||||||||||||||||
10,577.48 | 183.86 | |||||||||||||||||
10,577.48 | 183.86 | |||||||||||||||||
10,577.48 | 183.86 | |||||||||||||||||
Prepaid Insurance | Wages Payable | |||||||||||||||||
Date | Details | Debit | Credit | Balance | Date | Details | Debit | Credit | Balance | |||||||||
30-Jun | Cash Payments Journal | 8,272.73 | 8,272.73 | 30-Jun | General Journal | 2,403.86 | 2,403.86 | |||||||||||
30-Jun | General Journal | 477.27 | 7,795.45 | 2,403.86 | ||||||||||||||
7,795.45 | 2,403.86 | |||||||||||||||||
7,795.45 | 2,403.86 | |||||||||||||||||
7,795.45 | 2,403.86 | |||||||||||||||||
7,795.45 | 2,403.86 | |||||||||||||||||
7,795.45 | 2,403.86 | |||||||||||||||||
7,795.45 | 2,403.86 | |||||||||||||||||
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2020). Business Scenario And Instructions. Retrieved from https://myassignmenthelp.com/free-samples/acc106-business-scenario-and-instructions/closing-entries.html.
"Business Scenario And Instructions." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/acc106-business-scenario-and-instructions/closing-entries.html.
My Assignment Help (2020) Business Scenario And Instructions [Online]. Available from: https://myassignmenthelp.com/free-samples/acc106-business-scenario-and-instructions/closing-entries.html
[Accessed 27 January 2021].
My Assignment Help. 'Business Scenario And Instructions' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/acc106-business-scenario-and-instructions/closing-entries.html> accessed 27 January 2021.
My Assignment Help. Business Scenario And Instructions [Internet]. My Assignment Help. 2020 [cited 27 January 2021]. Available from: https://myassignmenthelp.com/free-samples/acc106-business-scenario-and-instructions/closing-entries.html.
For years now, MyAssignmenthelp.com is providing affordable essay help to millions of students worldwide. Our essay assistance services have helped us in assisting students with even the toughest essay assignments. We take pride in the fact that we cater the best assistance to search terms like help me with my essay. We offer affordable services in the fastest way possible. For our fast delivering services, students trust us with their urgent essay assignment needs. Two of our most popular essay writing services are maths essay help and English essay help.
Answer: The primary purpose of this paper is to analyse the applicability of a ruling made in the High Court on the Northern Territory Supreme Court in the case of Kakavas v Crown Melbourne Ltd [2013] HCA. The paper also reviews situations where the ruling made by the high court can be overruled. In doing so the paper throws light upon the role of High Court in the development of law in Australia. In this case it had been ruled by the co...
Read MoreAnswer: Does a partnership between Todd and Zac exist? Issue The question whether a partnership between Todd and Zac exist depends on whether the engagement was procedurally entered. Rule According to the Australian partnership Act[1], a partnership exists when persons come together to do business with a purpose of getting a monetary gain[2]. The coming together can be express through formal document or implied through conduct or actions...
Read MoreAnswer: New Luggage Handling Fees At Muscat Airport The aviation law refers to the branch of the law that concerns travelling in air and flights. The aviation law associates the business concerns and the legal concerns. The aviation law solves all the legal matters related to the functions of airport and aircraft operations. It covers the aircraft direction-finding, maintenance of aircraft, managing the air traffic, responsibility related...
Read MoreAnswer: Summary of the total sales The total sales ranges from a minimum of $ 81,450 per day to a maximum of $ 294,840. The expected value of sales per day is $ 134,660, this value does vary with standard deviation of $ 25340. From the descriptive statistics the total sales is skewed to the right indicating that most of the sales per day are over the expected sales. Analysis of the sales data per month indicate that most of the sales are...
Read MoreAnswer Issue 1 The issue is whether Weitao has to pay the replacement fee as given under the contract? Rule 1 While forming a contract, the parties have the right to include an exclusion clause in the contract. Based on such clause, the party can eliminate his/her liability which is raised in case of breach of contractual terms. However, parties have to comply with the general rule of exclusion clause which provides that they must bring the...
Read MoreJust share requirement and get customized Solution.
Orders
Overall Rating
Experts
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Thanks for doing it on time...great work...fingers crossed for the grades...i hope i get good grades...its a great website to do assignments and all the exams
Australia
Satisfied with the writing style. The writer responded immediately for the revisions which were requested.
Australia
did not have time to start on my assignment and randomly googled for people to do it for me. To my surprise, i found myassignmenthelp and they did it for me just on time for my submission with even time to spare. My first time, but definitely not my ...
Australia
Thank you, thank you, thank you very much. It is one of the most beautiful and highest levels of the solution that I have seen in my life. In all honesty, the expert is very distinguished and he was at the heart of the solution to answer all the poin...
Australia