School of Enterprise and Economics
Division of Accounting
ACF1100 – Task # 279 Semester 1 2018
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Proprietor: Mr. M. Woodwin
Identify: Realtor21
Description: Actual Property Agent
The enterprise has the next opening balances:
Promotional Materials Provides $526
Furnishings $22,367
Financial institution Mortgage (due 2022) $27,023
Account Payable $7,120
Motor Automobile $33,368
Account Receivable $19,220
Money At Financial institution $18,346
Extra Data:
Closing inventory of promotional supplies 30/6 ($) 765
Furnishings scrap worth ($) zero
Furnishings helpful life (years) Three
Hire paid for (months) Three
Insurance coverage paid for (months) 2
Motorcar scrap worth ($) Four,484
Motorcar helpful life (years) 2
Financial institution mortgage rates of interest (% per yr) 9
Transactions:
Date Description Quantity Date Description Quantity
1-Jun Public sale fee – Money $1,875 1-Jun Paid Normal Insurance coverage $2,636
2-Jun Fee to Account Payable $919 Three-Jun Hire of Enterprise Premises $Four,278
Three-Jun Promoting placement charges – Money $820 Four-Jun Promoting Expense – Money $357
6-Jun Sundry Bills $211 6-Jun Promoting placement charges – Account $807
6-Jun Promoting placement charges – Money $803 6-Jun Motor Automobile Bills $287
7-Jun Buy promotional supplies $471 Eight-Jun Employees Wages $1,136
9-Jun Money Withdrawals by Proprietor $482 10-Jun Obtain Fee from Account Prospects $1,370
12-Jun Buy promotional supplies $388 13-Jun Sundry Bills $129
13-Jun Motor Automobile Bills $195 13-Jun Money Withdrawals by Proprietor $475
14-Jun Public sale fee – Money $1,753 15-Jun Promoting Expense – Money $311
15-Jun Employees Wages $1,136 17-Jun Obtain Fee from Account Prospects $1,484
17-Jun Public sale fee – Account $1,155 17-Jun Fee to Account Payable $970
19-Jun Public sale fee – Account $1,066 22-Jun Employees Wages $1,136
22-Jun Promoting Expense – Account $525 23-Jun Rental fee – Account $1,392
24-Jun Promoting Expense – Account $569 24-Jun More money contributed by proprietor $Four,695
25-Jun Promoting placement charges – Account $958 25-Jun Rental fee – Money $1,612
25-Jun Rental fee – Money $1,696 28-Jun Rental fee – Account $1,208
29-Jun Employees Wages $1,136
Feedback:
This enterprise was bought on 1 June.
You’re required to arrange a normal journal entry to include the opening balances into the present interval, together with the balancing capital determine.
You will want to discuss with the Extra Data part in your adjusting entries.
The hire and insurance coverage interval begin on 1 June.
Present three varieties of income, particularly rental fee, public sale fee and commercial placement charges. All revenues acquired have been for the month of June.
Until in any other case indicated, all transactions are on a money foundation. Use one normal Account Receivable for all debtors and one normal Account Payable for all collectors.
Your Stability Sheet ought to present belongings and liabilities divided into present and non-current.
Employees work a 7-day week and are paid on the eighth day.
Assume all prepayments are initially recognised as an asset.
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