| MAA103 Assessment 2: Balance Day Adjustments & Financial Statements | ||
| Student ID | 219586296 | |
| Student Username | aesha | @deakin.edu.au |
| Date | Description |
| 31/01/2020 | Received $18480 (including GST) from a client at the start of the month for providing catering services. The amount was initially recorded as unearned revenue and GST Collected on the 10 Jan 2020. The business provided the catering service on the 31 Jan 2020. |
| 31/01/2020 | On 1 Jan 2020, the business paid $18018 (including GST) for 9-months worth of business insurance. This was recorded at the time as Prepaid Insurance and GST Paid. |
| 31/01/2020 | The motor vehicle is depreciated using the straight line method. It has a useful life of 13 years and a zero residual value. |
| 31/01/2020 | The business employs 13 kitchen and wait staff. Each employee is paid a GROSS wage of $1500 per fortnight [PAYG withheld of $212]. At the end of the month, the business owed 1-week worth of wages to their kitchen and wait staff that has yet to be recorded. |
| 31/01/2020 | On 1 Jan 2020, the business deposited $28800 into a fixed deposit at ABC Bank. The interest offered was at 6% per annum and is paid once per annum.The interest earned on the $28800 has yet to be recorded. |
| 31/01/2020 | On 1 Jan 2020, the business paid $9240 (including GST) for 7-months worth of rent for the office. This was recorded at the time as Prepaid Rent and GST Paid. |
| 31/01/2020 | The office furniture is depreciated using the straight line method. It depreciates at 20% per annum and is assumed to have a zero residual value. |
| 31/01/2020 | The business hires 6 general office assistants. Each assistant is paid a NET wages of $968 per week [PAYG withheld of $166]. At the end of the month, the business owed its the office assistants 2-week of wages that has yet to be recorded. |
| 31/01/2020 | On 13 Jan 2020, the business purchased 15 notebooks worth of $495 (including GST) and recorded the amounts as Office Supplies and GST Paid. Georgina counted the notebooks on 31 Jan 2020 and found that 9 of these notebooks have been consumed. |
| Relevant information: | |
| 1. Adjusting Items: |
| Acc. No. | Account | Dr | Cr |
| 101 | Cash | 268,818 | |
| 102 | Accounts receivable | 41,246 | |
| 103 | Inventory | 76,518 | |
| 104 | Office Supplies | 8,614 | |
| 111 | GST Paid | 11,674 | |
| 141 | Prepaid Insurance | 16,380 | |
| 142 | Prepaid Rent | 29,712 | |
| 143 | Interest Receivable | 4,800 | |
| 155 | Office Furniture | 51,480 | |
| 156 | Accum. Depreciation – Office Furniture | 10,296 | |
| 158 | Motor Vehicle | 163,800 | |
| 159 | Accum. Depreciation – Motor Vehicle | 12,600 | |
| 201 | Accounts Payable | 19,130 | |
| 222 | GST Collected | 25,200 | |
| 240 | Interest Due | 5,054 | |
| 241 | Unearned Revenue | 29,436 | |
| 242 | Wages Payable | 2,670 | |
| 243 | Utilities Payable | 3,560 | |
| 244 | Consulting Fees Payable | 5,380 | |
| 251 | Bank Loan | 63,963 | |
| 261 | PAYG Withheld | 6,780 | |
| 301 | Capital | 362,327 | |
| 302 | Drawings | 12,850 | |
| 401 | Sales Revenue | 219,112 | |
| 402 | Service Revenue | 32,890 | |
| 403 | Interest Revenue | 4,800 | |
| 501 | Cost of Good Sold | 43,822 | |
| 601 | Computer Expense | 2,164 | |
| 602 | Office Supplies Expense | ||
| 603 | Interest Expense | 5,054 | |
| 604 | Consulting Expense | 10,760 | |
| 605 | Insurance Expense | ||
| 606 | Rent Expense | ||
| 607 | Sales Commission Expense | 10,956 | |
| 608 | Utilities Expense | 8,900 | |
| 609 | Wage Expense | 26,700 | |
| 610 | Advertising Expense | 8,950 | |
| 651 | Depreciation Expense – Motor Vehicle | ||
| 655 | Depreciation Expense – Office Furniture | ||
| TOTAL | 803,198 | 803,198 | |
| Unadjusted Trial Balance | |||
| “For Month Ending 31/1/2020” |
| Business Name: Ms. Georgina Orwell Trading As ‘Café Nineteen Eighty-Four’ |
| Café Nineteen Eighty-Four’ is owned and operated by Ms. Georgina Orwell. Georgina opened the business some time ago and has had some training in basic bookkeeping. Georgina has been keeping a pretty good record of her business so far and has even managed to do some of the needed balance day adjustments already. There are a few balance day adjustment items remaining that she was unsure on and so she has enlisted your help and has provided you with her unadjusted trial balance for Jan 2020. Your task is to record the adjusting entries in the “Journal”, post these entries to the “Ledger”, and finally help fill out the “Income Statement” and “Balance Sheet” based on the “Adjusted Trial Balance”. Note all the bank loans the business has obtained are due in 2025. You can assume all other balance day adjustments not listed have already been accounted for. |
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