Posted: April 20th, 2018

ACF1100 – Assignment # 279, Paper help

College of Enterprise and Economics
Division of Accounting

ACF1100 – Job # 279 Semester 1 2018
N
Proprietor: Mr. M. Woodwin
Determine: Realtor21
Description: Precise Property Agent

The enterprise has the subsequent opening balances:
Promotional Supplies Gives $526
Furnishings $22,367
Monetary establishment Mortgage (due 2022) $27,023
Account Payable $7,120
Motor Vehicle $33,368
Account Receivable $19,220
Cash At Monetary establishment $18,346
Further Information:
Closing stock of promotional provides 30/6 ($) 765
Furnishings scrap price ($) zero
Furnishings useful life (years) Three
Rent paid for (months) Three
Insurance coverage protection paid for (months) 2
Motorcar scrap price ($) 4,484
Motorcar useful life (years) 2
Monetary establishment mortgage charges of curiosity (% per yr) 9

Transactions:
Date Description Amount Date Description Amount
1-Jun Public sale payment – Cash $1,875 1-Jun Paid Regular Insurance coverage protection $2,636
2-Jun Price to Account Payable $919 Three-Jun Rent of Enterprise Premises $4,278
Three-Jun Selling placement expenses – Cash $820 4-Jun Selling Expense – Cash $357
6-Jun Sundry Payments $211 6-Jun Selling placement expenses – Account $807
6-Jun Selling placement expenses – Cash $803 6-Jun Motor Vehicle Payments $287
7-Jun Purchase promotional provides $471 Eight-Jun Staff Wages $1,136
9-Jun Cash Withdrawals by Proprietor $482 10-Jun Receive Price from Account Prospects $1,370
12-Jun Purchase promotional provides $388 13-Jun Sundry Payments $129
13-Jun Motor Vehicle Payments $195 13-Jun Cash Withdrawals by Proprietor $475
14-Jun Public sale payment – Cash $1,753 15-Jun Selling Expense – Cash $311
15-Jun Staff Wages $1,136 17-Jun Receive Price from Account Prospects $1,484
17-Jun Public sale payment – Account $1,155 17-Jun Price to Account Payable $970
19-Jun Public sale payment – Account $1,066 22-Jun Staff Wages $1,136
22-Jun Selling Expense – Account $525 23-Jun Rental payment – Account $1,392
24-Jun Selling Expense – Account $569 24-Jun More cash contributed by proprietor $4,695
25-Jun Selling placement expenses – Account $958 25-Jun Rental payment – Cash $1,612
25-Jun Rental payment – Cash $1,696 28-Jun Rental payment – Account $1,208
29-Jun Staff Wages $1,136

Suggestions:

This enterprise was purchased on 1 June.

You are required to rearrange a traditional journal entry to incorporate the opening balances into the current interval, along with the balancing capital decide.

You’ll want to focus on with the Further Information half in your adjusting entries.

The rent and insurance coverage protection interval start on 1 June.

Current three sorts of earnings, notably rental payment, public sale payment and business placement expenses. All revenues acquired have been for the month of June.

Till in another case indicated, all transactions are on a cash basis. Use one regular Account Receivable for all debtors and one regular Account Payable for all collectors.

Your Stability Sheet should current belongings and liabilities divided into current and non-current.

Staff work a 7-day week and are paid on the eighth day.

Assume all prepayments are initially recognised as an asset.

Check Price Discount

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