Worksheet

Transcript

Manual Accounting Practice Set Hi-Fi Way, Australasian Edition 3 Feedback:   Worksheet Feedback: This is a feedback page.  page.  Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue  Continue  at the bottom  bottom  of this page to  to  move on to the next page of your practice set. Your progress Your grading  Your gradin grading g outcome (still in progress) Awarded Awarded Total Poin Points ts (prio priorr to this this page page)) Points (on this page) 734 734 747 747 82 82 − 207 Points (after  (after tt his page) Tot al Completed: 816 1, 036 68% (approximately) Remaining pages will take:   up to 5.5 hours The time frames we provide are a guide only. It may take you more or less time to complete each step. Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Hi-Fi Way. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help  journalise  journalise and post adjusting entries to general ledger. ledger. You will also use this worksheet t o assist you in preparing preparing the financial financial statements for Hi-Fi Way in a later section section of  this practice set. The details of the end of month adjustments for June are as follows: Cash Registers owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,500 at the end of  the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Store Fixtures owned by the business: original purchase price was $49,000, estimated useful life was 8 years, and estimated residual value was $5,500 at the end of  the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Electricity expense for the month of June is estimated to be $968. The water usage for the month of June is estimated to be $236. Sales staff work every single day during the week including weekends and are not paid until the end of each two weeks. Wages were last paid up to and including 28 June. Wages incurred after that day (from 29 June to 30 June inclusive) are estimated to have been $780 per day. Interest expense incurred during the month of June but not yet paid to Earth Bank for the bank loan is $265. Interest earned from short-term investments in BitiBank for the month of June is $105. Office supplies totalling $3,470 are still on hand at 30 June. 2 months of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. Instructions for worksheet Complete all columns  columns  in the worksheet. To do this, you need to use the unadjusted account balances provided in the general ledger. ledger. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. After performing a stocktake, the balance of inventory on hand as at 30 June is $63,948. $63,948. You will need to use this information to complete both the Income Statement and the Balance Sheet columns of the worksheet. Hint:  Hint:  This information will assist you in calculating cost of sales under the periodic inventory system. Remember to enter all answers to the nearest whole dollar. dollar. Back-On-Track fun ctionality ctionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information   to ensure you can print the worksheet in full. (Q=820.worksheetQuestion) Hi-Fi Way Worksheet As at 30/06/2014 Acct. Account Name No. Unadjusted Trial Balance Debit 100 Cash at Bank Bank 94700 Credi t Adj djus ustm tmen ents ts Debit Credit Adj djus uste ted d Tr Tria iall Bal alan ance ce Debit 94700 Credit Inco In come me St Stat atem emen entt Debi t Credit Bal alan ance ce Sh Shee eett Debi t 94700 Credit 102 Short-term Investments 110 ARC - Accounts Receivable Control 112 Interest Receivable 21000 21000 21000 5785 5785 5785 105 105 0 120 Inventory 105 75233 75233 75233 63948 63948 130 Office Supplies 7886 4416 3470 3470 140 Prepaid Rent 6000 3000 3000 3000 12000 4000 8000 8000 142 Prepaid Insurance 3000 600 2400 2400 150 Cash Registers 9000 9000 9000 141 Prepaid Advertising 151 Accum Depn: Cash Registers 160 Store Fixtures 2292 104 49000 161 Accum Depn: Store Fixtures 2396 49000 17672 210 APC - Accounts Payable Control 2396 453 880 49000 18125 18125 880 880 220 Wages Payable 0 1560 1560 1560 221 Electricity Payable 0 968 968 968 222 Water Payable 0 236 236 236 225 Interest Payable 0 265 265 265 250 Bank Loan Payable 53000 53000 53000 300 Share Capital 80000 80000 80000 106215 106215 106215 46326 46326 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 3504 402 Discount Received 3504 66 403 Interest Revenue 217 500 Purchases 105 4550 501 Purchase Returns and Allowances 3504 66 66 322 322 4550 1876 511 Advertising Expense 46326 4550 1876 1876 4000 4000 4000 1560 12292 12292 3000 3000 3000 541 Electricity Expense 968 968 968 542 Water Expense 236 236 236 543 Insurance Expense 600 600 600 4416 4416 4416 5900 5900 516 Wages Expense 10732 540 Rent Expense 544 Office Supplies Expense 545 Salary Expense 5900 560 Depn Expense: Cash Registers 104 104 104 561 Depn Expense: Store Fixtures 453 453 453 571 Interest Expense 265 265 265 6 6 6 248 248 248 572 Bank Charges 573 Discount Allowed Totals   308544 308544 15707 15707 312235 312235 115775 Profit/loss Totals   115775 112538 260408 3237 3237 115775 263645 263645 263645   Feedback Hi-Fi Way Worksheet As at 30/06/2014 Acct. No. Unadjusted Trial   Balance Account Name Debit Credit Adjusted Trial Balance Adjustments Debit Credit Debit Income Statement Credit Debit Credit Balance Sheet Debit Credit 100 Cash at Bank 94,700 94,700 94,700 102 Short-term Investments 21,000 21,000 21,000 110 ARC - Accounts Receivable Control 5,785 5,785 112 Interest Receivable 105 105 120 Inventory 130 Office Supplies 7,886 4,416 3,470 3,470 140 Prepaid Rent 6,000 3,000 3,000 3,000 141 Prepaid Advertising 12,000 4,000 8,000 8,000 142 Prepaid Insurance 3,000 600 2,400 2,400 150 Cash Registers 9,000 151 Accum Depn: Cash Registers 160 Store Fixtures 161 Accum Depn: Store Fixtures 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 968 968 968 222 Water Payable 236 236 236 225 Interest Payable 265 265 265 250 Bank Loan Payable 53,000 53,000 300 Share Capital 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 402 Discount Received 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Cash Registers 561 571 572 Bank Charges 573 Discount Allowed 5,785 105 75,233 75,233 75,233 9,000 2,292 104 49,000 453 880 1,560 53,000 9,000 2,396 49,000 18,125 18,125 880 880 1,560 1,560 80,000 80,000 80,000 106,215 106,215 106,215 46,326 46,326 3,504 3,504 66 217 105 4,550 10,732 46,326 3,504 66 66 322 322 4,550 1,876 4,550 1,876 1,876 4,000 4,000 4,000 1,560 12,292 12,292 3,000 3,000 3,000 968 968 968 236 236 236 600 600 600 4,416 4,416 4,416 5,900 5,900 104 104 104 Depn Expense: Store Fixtures 453 453 453 Interest Expense 265 265 265 6 6 6 248 248 248 5,900 308 ,5 44 30 8, 544 15, 707 15 ,70 7 31 2, 235 3 12, 235 115, 77 5 Profit/loss Totals Manual Accounting Practice Set  Hi-Fi Way, Australasian Edition 3 (VBA3p) © 2010 Perdisco  / latin /. v., learn thoroughly  http://www.perdisco.com Terms Of Use | Privacy Policy | Tuesday, June 10, 2014, 13:49 63,948 2,396 49,000 17,672 T ot als 63,948 115,775 112 ,5 38 2 60, 408 3,237 3,237 115,775 263,645 263, 645 263,645