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BUSN1001 Accounting Principles
Questions:
Ted Thorn owns TT’s Bike Repairs. The business has been operating for some time. The current financial year is 1 July 2020 to 30 June 2021. A trial balance at 31st of May 2021 has been prepared and is shown below. Ignore GST.
TTS Bike Repairs: –
Trial Balance as at 31 May 2021 Account
Number Debit Credit
Cash at Bank 100 $ 53 720
Accounts Receivable 110 61,200
Office Supplies 120 1,620
Prepaid Advertising 130 5,880
Delivery Van 140 42,000
Accumulated Depreciation – Van 150 25,200
Accounts Payable 200 27,540
Unearned Fees 210 7,240
Bank Loan 220 22,000
B Benz – Capital 300 45,580
B Benz – Drawings 310 22,000
Fee Revenue 400 132,000
Delivery Van Expenses 500 3,400
Rent Expense 510 26,300
Wages Expense 520 30,000
Telephone Expense 530 1,040
Rates and Taxes Expense 540 12,400
259,560 259,560
1.Repair fees totaling $28,000 were earned during the month. Of those fees, $12,000 were received in cash. The balance consisted of transactions on credit.
2. Office Supplies costing $3,000 were purchased on credit.
3. Received $14,400 from customers for payment on account.
4. Paid $700 for petrol (delivery van expense) for the delivery van.
5. Purchased a one-year insurance policy for the van for $2,400. This was purchased on the 1st of the month.
6. Bert withdrew $7,000 to pay for a holiday.
7. Wages of $6,000 were paid.
8. Paid $8,400 to creditors for amounts owing
9. Paid rent for the month for $5,000
10. Purchased some repair equipment. Paid cash of $4,000 and increased the bank loan by $16,000 to pay for it.
11. Repaired customer’s bikes to the value of $5,000. Customer to pay in 30 days.
The following information relates to adjusting entries at the end of June 2021:
12. A physical count on the 30 June 2021 of the Office Supplies on hand came to $1,300.
13. Interest accrued on the bank loan came to $800.
14. Insurance expired during the month.
15. Depreciation on the Delivery Van is $2,000.
16. Wages accrued but not yet paid were $4,400.
17. Performed repairs worth $6,000 where the customer had previously paid in advance.
18. Performed repairs for $4,000. Customers have not yet been invoiced.
19. A telephone account for $240, due in July was received.
Required:
A. Prepare journal entries to record all transactions completed to 30 June 2021 (including the adjusting entries). Narrations are required. Where you would normally show a date, you can use the number of each transaction. 80 marks
B. Open T-accounts for the business. Post the entries from part A to the accounts and balance the accounts. You will need to balance all of the accounts as part of your workings. However, for your submission, only show properly balanced T-accounts for the following accounts:
– Cash at Bank
-Accounts Receivable
– Prepaid Insurance
-Fee Revenue
-Wages Expense 20 marks
C. Prepare an adjusted Trial Balance 10 marks
D. Prepare an Income Statement, Statement of Changes in Equity and a classified Balance Sheet for the year ending 30 June 2021 20 marks
E. Prepare closing entries for the year ending 30 June 2021. You are not required to post these to the ledger accounts. 10 marks
The purpose of this assignment is to give you practice at preparing general journal entries, adjusting entries and financial statements.
• It is not acceptable to share files, templates, or electronic versions of assignment questions with other students – this is an individual assignment and must be all your own work. Up to a 10% penalty may be applied for poor Presentation
BUSN1001 Accounting Principles
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