Manual Accounting Practice Set Hi-Fi Way, Australasian Edition 3
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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)
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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