Perdisco Manual Accounting Practice Set Week 8 worksheet PDF

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Perdisco Manual Accounting Practice Set Week 8 worksheet ...

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Worksheet

https://www.perdisco.com/elms/qsam/html/qsam.a

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Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Tech Head. 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 and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Tech Head in a later 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 $10,000, estimated useful life was 5 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 $46,000, estimated useful life was 9 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. The water usage for the month of June is estimated to be $116. The estimated electricity payable as at the end of June is $473. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $1,870 per day. Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $230. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totalling $2,264 are still on hand at 30 June. 15 days 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. Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Complete all columns in the worksheet. To do this, you need to use the unadjusted account balances provided in the general 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. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality 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)

Worksheet

https://www.perdisco.com/elms/qsam/html/qsam.a Tech Head Worksheet As at 30/06/2019

Acct. No.

Account Name

Unadjusted Trial Balance Debit

Credit

Adjustments Debit

Credit

Adjusted Trial Balance Debit

Credit

Income Statement Debit

Credit

Balance Sheet Debit

100 Cash at Bank

166333

166333

166333

102 Short-term Investments

23000

23000

23000

110 ARC - Accounts Receivable Control

107925

107925

107925

112 Interest Receivable 120 Inventory 130 Office Supplies

115 53460 3101

837

115

115

53460

53460

2264

2264

18562

18562

135 GST Outlays

18562

140 Prepaid Rent

3600

2640

960

960

141 Prepaid Advertising

6000

2000

4000

4000

142 Prepaid Insurance

2950

590

2360

2360

10000

10000

150 Cash Registers

10000

151 Accum Depn: Cash Registers 160 Store Fixtures

2267

142

46000

2409

46000

161 Accum Depn: Store Fixtures

27000

210 APC - Accounts Payable Control

19437

375

220 Wages Payable 221 Electricity Payable

2409

Credit

46000 27375

27375

19437

19437

11220

11220

11220

86

387

473

473

222 Water Payable

113

3

116

116

225 Interest Payable

230

230

460

460

240 GST Collections

41373

41373

41373

250 Bank Loan Payable

46000

46000

46000

300 Share Capital

45000

45000

45000

301 Retained Earnings

177686

177686

177686

400 Sales Revenue

292590

292590

401 Sales Returns and Allowances

15750

15750

402 Discount Received

190

403 Interest Revenue

782

500 Cost of Sales

115

143570

292590 15750

190

190

897

897

143570

143570

2000

2000

2000

11220

57012

57012

2640

2640

2640

387

387

387

3

3

3

543 Insurance Expense

590

590

590

544 Office Supplies Expense

837

837

837

511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense

45792...