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ManualAccountingPracticeSetHiFiWay,AustralasianEdition3

Feedback:Worksheet

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Nowthatyouhavecompletedtheendofmonthpostingprocedure,youareaskedtocompletetheworksheetforHiFiWay.

Theworksheetisaninternaldocumentthatexistsoutsidethejournalsandledgers.Itisoftenusedinthemanualaccountingsystemtohelprecordadjustingentriesandpreparefinancialstatements.Afteryouhavepreparedtheworksheet,inthenextsectionofthepracticesetyouwillbeaskedtousethecompletedworksheettohelpjournaliseandpostadjustingentriestogeneralledger.YouwillalsousethisworksheettoassistyouinpreparingthefinancialstatementsforHiFiWayinalatersectionofthispracticeset.

ThedetailsoftheendofmonthadjustmentsforJuneareasfollows:

CashRegistersownedbythebusiness:originalpurchasepricewas$9,000,estimatedusefullifewas6years,andestimatedresidualvaluewas$1,500attheendoftheusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciationexpensedividedbythenumberofmonthsinayear.StoreFixturesownedbythebusiness:originalpurchasepricewas$49,000,estimatedusefullifewas8years,andestimatedresidualvaluewas$5,500attheendoftheusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciationexpensedividedbythenumberofmonthsinayear.ElectricityexpenseforthemonthofJuneisestimatedtobe$968.ThewaterusageforthemonthofJuneisestimatedtobe$236.Salesstaffworkeverysingledayduringtheweekincludingweekendsandarenotpaiduntiltheendofeachtwoweeks.Wageswerelastpaiduptoandincluding28June.Wagesincurredafterthatday(from29Juneto30Juneinclusive)areestimatedtohavebeen$780perday.InterestexpenseincurredduringthemonthofJunebutnotyetpaidtoEarthBankforthebankloanis$265.InterestearnedfromshortterminvestmentsinBitiBankforthemonthofJuneis$105.Officesuppliestotalling$3,470arestillonhandat30June.2monthsofrentremainedprepaidatthestartofJune.3monthsofadvertisingremainedprepaidatthestartofJune.5monthsofinsuranceremainedprepaidatthestartofJune.

WhencalculatingtheportionofprepaymentsthatexpireduringthemonthofJune,youareaskedtoassumethatanequalamountofexpenseisincurredpermonth.

Instructionsforworksheet

Completeallcolumnsintheworksheet.Todothis,youneedtousetheunadjustedaccountbalancesprovidedinthegeneralledger.YouarealsorequiredtocalculatetheendofmonthadjustmentsforJuneandenterthemintotheworksheetbeforecompletingtheremainingcolumns.Notethatnotallboxesineachcolumnoftheworksheetwillneedtobefilled.

Afterperformingastocktake,thebalanceofinventoryonhandasat30Juneis$63,948.YouwillneedtousethisinformationtocompleteboththeIncomeStatementandtheBalanceSheetcolumnsoftheworksheet.Hint:Thisinformationwillassistyouincalculatingcostofsalesundertheperiodicinventorysystem.

Remembertoenterallanswerstothenearestwholedollar.

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Ifyouwanttoprintthispage,pleasereadandfollowthespecialprintinginformationtoensureyoucanprinttheworksheetinfull.

(Q=820.worksheetQuestion)

HiFiWay

Worksheet

Asat30/06/2014

Acct.No. AccountName

UnadjustedTrialBalance Adjustments AdjustedTrialBalance IncomeStatement BalanceSheet

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

100 CashatBank 94700 94700 94700

102 ShorttermInvestments 21000 21000 21000

110 ARCAccountsReceivableControl 5785 5785 5785

112 InterestReceivable 0 105 105 105

120 Inventory 75233 75233 75233 63948 63948

130 OfficeSupplies 7886 4416 3470 3470

140 PrepaidRent 6000 3000 3000 3000

141 PrepaidAdvertising 12000 4000 8000 8000

142 PrepaidInsurance 3000 600 2400 2400

150 CashRegisters 9000 9000 9000

151 AccumDepn:CashRegisters 2292 104 2396 2396

160 StoreFixtures 49000 49000 49000

161 AccumDepn:StoreFixtures 17672 453 18125 18125

210 APCAccountsPayableControl 880 880 880

220 WagesPayable 0 1560 1560 1560

221 ElectricityPayable 0 968 968 968

222 WaterPayable 0 236 236 236

225 InterestPayable 0 265 265 265

250 BankLoanPayable 53000 53000 53000

300 ShareCapital 80000 80000 80000

301 RetainedEarnings 106215 106215 106215

400 SalesRevenue 46326 46326 46326

401 SalesReturnsandAllowances 3504 3504 3504

402 DiscountReceived 66 66 66

403 InterestRevenue 217 105 322 322

500 Purchases 4550 4550 4550

501 PurchaseReturnsandAllowances 1876 1876 1876

511 AdvertisingExpense 4000 4000 4000

516 WagesExpense 10732 1560 12292 12292

540 RentExpense 3000 3000 3000

541 ElectricityExpense 968 968 968

542 WaterExpense 236 236 236

543 InsuranceExpense 600 600 600

544 OfficeSuppliesExpense 4416 4416 4416

545 SalaryExpense 5900 5900 5900

560 DepnExpense:CashRegisters 104 104 104

561 DepnExpense:StoreFixtures 453 453 453

571 InterestExpense 265 265 265

572 BankCharges 6 6 6

573 DiscountAllowed 248 248 248

Totals 308544 308544 15707 15707 312235 312235 115775 112538 260408 263645

Profit/loss 3237 3237

Totals 115775 115775 263645 263645

Feedback

HiFiWay

Worksheet

Asat30/06/2014

Acct.No. AccountNameUnadjustedTrial

Balance AdjustmentsAdjustedTrial

Balance IncomeStatement BalanceSheet

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

100 CashatBank 94,700 94,700 94,700

102 ShorttermInvestments 21,000 21,000 21,000

110 ARCAccountsReceivableControl 5,785 5,785 5,785

112 InterestReceivable 105 105 105

120 Inventory 75,233 75,233 75,233 63,948 63,948

130 OfficeSupplies 7,886 4,416 3,470 3,470

140 PrepaidRent 6,000 3,000 3,000 3,000

141 PrepaidAdvertising 12,000 4,000 8,000 8,000

142 PrepaidInsurance 3,000 600 2,400 2,400

150 CashRegisters 9,000 9,000 9,000

151 AccumDepn:CashRegisters 2,292 104 2,396 2,396

160 StoreFixtures 49,000 49,000 49,000

161 AccumDepn:StoreFixtures 17,672 453 18,125 18,125

210 APCAccountsPayableControl 880 880 880

220 WagesPayable 1,560 1,560 1,560

221 ElectricityPayable 968 968 968

222 WaterPayable 236 236 236

225 InterestPayable 265 265 265

250 BankLoanPayable 53,000 53,000 53,000

300 ShareCapital 80,000 80,000 80,000

301 RetainedEarnings 106,215 106,215 106,215

400 SalesRevenue 46,326 46,326 46,326

401 SalesReturnsandAllowances 3,504 3,504 3,504

402 DiscountReceived 66 66 66

403 InterestRevenue 217 105 322 322

500 Purchases 4,550 4,550 4,550

501 PurchaseReturnsandAllowances 1,876 1,876 1,876

511 AdvertisingExpense 4,000 4,000 4,000

516 WagesExpense 10,732 1,560 12,292 12,292

540 RentExpense 3,000 3,000 3,000

541 ElectricityExpense 968 968 968

542 WaterExpense 236 236 236

543 InsuranceExpense 600 600 600

544 OfficeSuppliesExpense 4,416 4,416 4,416

545 SalaryExpense 5,900 5,900 5,900

560 DepnExpense:CashRegisters 104 104 104

561 DepnExpense:StoreFixtures 453 453 453

571 InterestExpense 265 265 265

572 BankCharges 6 6 6

573 DiscountAllowed 248 248 248

Totals 308,544 308,544 15,707 15,707 312,235 312,235 115,775 112,538 260,408 263,645

Profit/loss 3,237 3,237

Totals 115,775 115,775 263,645 263,645

ManualAccountingPracticeSetHiFiWay,AustralasianEdition3(VBA3p)2010Perdisco/latin/.v.,learnthoroughlyhttp://www.perdisco.comTermsOfUse|PrivacyPolicy|Tuesday,June10,2014,13:49