ACC101 Introduction to Accounting
Major Assignment (Due on Friday 8 May at 5pm)
Below is an unadjusted Trial Balance prepared by Wendy Donald for her business. Wendy is a Financial Consultant.
Trial Balance of Wendy Donald
for the year ended 30 June, 2019
| Account | A/c No | Debit | Credit |
| Cash at Bank | 5 200 | ||
| Accounts Receivable | 9 260 | ||
| Office Supplies | 1 140 | ||
| Land | 60 000 | ||
| Building | 152 000 | ||
| Accumulated Depreciation – Building | 64 000 | ||
| Office Equipment | 23 400 | ||
| Accumulated Depreciation – Office Equipment | 6 420 | ||
| Accounts Payable | 7 960 | ||
| Unearned Consulting Fees | 1 560 | ||
| GST Collected | 2 000 | ||
| GST Paid | 920 | ||
| Mortgage Payable | 88 600 | ||
| W Donald, Capital | 71 490 | ||
| W Donald, Drawings | 52 780 | ||
| Consulting Fees Revenue | 156 860 | ||
| Salaries and Wages Expense | 87 940 | ||
| Telecommunications Expense | 1 740 | ||
| Electricity Expense | 760 | ||
| Insurance Expense | 1 660 | ||
| Interest Expense | 2 090 | ||
| $398 890 | $398 890 |
Catherine’s Chart of Accounts also includes the following additional account titles:
- Prepaid Insurance
- Accrued Expense Payable
- Office Supplies Expense
- Depreciation Expense – Buildings
- Depreciation Expense – Office Equipment
The following information is also available:
1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June.
2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June.
3. Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760.
4. A 12-month insurance policy was purchased on 1 April for $780.
5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest.
6. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.
7. Salaries of $980 were owing to employees at 30 June 2020.
Required
A. Prepare necessary adjusting entries and adjusted trial balance at the end of 30 June 2019.
B. Prepare the Statement of Profit or Los for the period ending 30 June 2019.
C. Prepare the Balance Sheet as of 30 June 2019.
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