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Required:
Using the details supplied in the following pages:
1. Prepare the Trial Balance as at 31 May 2003.
2. Prepare a Chart of Accounts, suitable for the business as recorded at 31 May 2003, in good form allowing for expansion in the account numbers. Ensure that all accounts used throughout the assignment are in the Chart of Accounts. You will find information on the meaning and use of a ‘Chart of Accounts’ in Chapter 3 of your textbook.
3. Set up the General Ledger in T-Account format for all accounts in the Chart of Accounts. Enter the opening balances as at 1 June 2003, using the closing balances from the Trial Balance you constructed at (1) above.
4. Journalise the June transactions in the General Journal (GJ) and post to the General Ledger (GL).
5. Prepare the adjusting entries and correcting entries in the GJ and post to the GL (You may use a worksheet to assist you, but ultimately you must show journal entries).
6. Prepare the closing entries in the GJ and post to the GL.
7. Prepare the Financial Statements for the year ended 30 June 2003. The Financial Statements required are the:
· Statement of Financial Performance, in detailed retail business format
· Statement of Owner’s Equity, for a sole trader (alternately, this information may be included at the end of the Statement of Financial Performance)
· Statement of Financial Position, in classified narrative format
8. Prepare the post-closing trial balance as at 30 June 2003
9. Submit your work from the above nine tasks in a neat, well laid-out and readable manner. If the markers cannot read any part of your work, then no marks will be given for that part. This assignment can be hand-written (not in pencil) and/or typed using Microsoft WORD and/or Microsoft EXCEL. If you use software tools to prepare the assignment, then please provide it in hardcopy and include the disk containing the file(s).
Goods-4-Everyone.
Account balances at 31 May 2003
There are two account balances (A** & B**) and two account names to be changed by each student according to the rules specified at the bottom of this page
Account Name Balance
Accumulated Depreciation-Equipment 5472
Accounts Payable 16018
Accounts Receivable 21092
Allowance for Doubtful Debts 2753
Cash at Bank A**
Discount Allowed 3108
Discount Received 3735
Electricity Expense 2810
Equipment 24407
Freight Inwards 2827
Freight Outwards 426
Deposits Received 47925
Short Term Securities (asset) 36594
Interest Expense 842
Inventory 20962
Loan Payable 9610
Office expenses 974
Prepaid Advertising 2108
Prepaid rent 2450
Purchases 383943
Purchases Returns & Allowances. 4207
Rent Expense(office) 8102
Rent Expense(sales) 18506
Salaries Expense(office) 12304
Salaries Expense(sales) 29502
Sales 489274
Sales Returns & Allowances 8634
Services Revenue B**
Student name***, Capital 25615
Student name***, Drawings 18500
Telephone expense(office) 1878
Telephone expense(sales) 2805
Water rates expense 1835
** Use the last four digits of your Student ID plus 5000 for the opening balances in Cash at Bank (A above) and Services Revenue (B above). For example
:- if Student Id is 124321 then calculate (4321+5000=5321) and use 9321 for A and B
:- if Student Id is 000432 then calculate (0432+5000=1432) and use 5432 for A and B
:- if Student Id is 980004 then calculate (0004+5000=1004) and use 5004 for A and B
:- if Student Id is 879543 then calculate (9543+5000=10543) and use 14543 for A and B
*** Put your own name in the Capital and Drawing account names as owner.
June 2003 Transactions
June 2 Purchased inventory on credit, $11990.
4 Received payment within the discount period from customers for sales made in May, which cleared $1650 of the amount recorded as due to the business
5 Received a payment of $3960 for services expected to be supplied in June, record as revenue
6 Trade discount of 15% allowed on a large credit sale of 200 items with normal retail price of $55 each.
7 Paid out a debt of $2200 within the discount period for inventory purchased by the business in May
10 Received $16390 payment from customers for credit sales made in April
11 Bad Debts written off amount to $825
12 Recorded cash sales for the first half of the month of $18425.
14 Trade discount of 20% received on a large credit purchase of 225 items with normal retail price of $33 each
15 Paid two months interest of $360 on the Loan, for the period 16 June to 15 August 2003, recorded as expense
16 Paid $13585, outside of the discount period, towards inventory purchased on credit.
18 Recorded sales on credit of $8140
19 Received $275 for payment of a debt which had been written off in a prior year
21 Customer returned goods purchased on credit on 18 June for $495
22 Return goods to supplier which were purchased on credit on 2 June for $385
23 Owner extracts $600 cash intended to buy stationery, recorded as Office expenses
24 Paid salaries of $4300 to sales staff and $1400 to office staff.
26 Made a voluntary payment of principal on the loan of $1480
30 Recorded cash sales of $8635.
30 Paid July rent on business premises of $2695
Terms of trade:
Sales on credit: 2/10, n/30
Purchases on credit: 1/15, n/45
Periodic inventory system used.
After stocktake, the 30 June 2003 closing balance of inventory was $13 800.
The Allowance Method is used in accounting for bad debts.
End-of-Period adjustments and corrections:
1. $620 of the amount in Prepaid Advertising has expired.
2. Record June rent expense, 60% relates to Sales the rest is attributable to the Office
3. Depreciation on the equipment was $3540 for the year.
4. New equipment was purchased for $10800 on 1 February 2003 but was recorded incorrectly as an inventory purchase. Useful life is 10 years. Correct the error and calculate the additional depreciation.
5. The Allowance for Doubtful Debt is estimated using the aging method. The total amount of Accounts Receivable determined as doubtful and expected to become bad is $4829.
6. The sales and office staff have accrued one week’s salary to 30 June 2003, of $975 and $250 respectively
7. Only a quarter of the interest paid on 15 June is relevant to the reporting period.
8. Only 40% of the services paid for on 5 June were delivered to customers.
9. The business has used telephone, electricity and water services during June but invoices have not yet been received. The average monthly utilities cost is $900, with 50% related to telephones, 30% to electricity and 20% for water.
10. Of the amount withdrawn on 22 June, the owner used $100 for office stationery, but the rest was used to buy personal gifts. Make the necessary correction.
11. Sales includes an amount of $4000 pertaining to a payment received from a customer on 27 May for goods that our firm have not yet provided to the customer.
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