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Posted: November 30th, 2022
Introduction To Accounting Assignment | Homework For You
worksheet of Bright Learning
Question No. 1 (45 Marks)
The trial balance of Bright Learning as at 30 June 2018 is as follows:
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| Bright Learning Trial Balance As at 30.6.2018 | ||
| Balance | ||
| Account | Debit | Credit |
| Cash | $4,300 | |
| Accounts Receivables | 15,100 | |
| Prepaid Rent | 2,300 | |
| Supplies | 1,000 | |
| Equipment | 30,600 | |
| Accumulated Depreciation - Equipment | 3,900 | |
| Accounts Payable | 6,400 | |
| Salary Payable | ||
| Unearned Service Revenue | 9,800 | |
| Bright, beginning capital | 23,000 | |
| Bright, drawings | 4,100 | |
| Service Revenue | 17,300 | |
| Salary Expense | 3,000 | |
| Rent Expense | ||
| Depreciation Expense | ||
| Supplied Expense | ||
| Total | $60,400 | $60,400 |
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Adjusted data as at 30.6.2018:
- Unearned service revenue still unearned, $500
- Prepaid Rent still in force, $2,000
- Supplies used during the period, $800
- Depreciation for the period, $400
- Accrued Salary expense, $600
Required: (all calculations must be shown)
- a) Journalise adjusting entries (explanations are not required) (2.5 marks)
- b) Enter the trial balance on a worksheet & complete the worksheet of Bright Learning for the period ending 30.6.2018. (13 Marks)
- c) Prepare the income statement (3 marks)
- d) Prepare statement of changes in equity (3 marks)
- e) Prepare classified balance sheet in report format (5.5 marks)
- f) Using the worksheet data that you prepared, journalise the closing entries and post the adjusting & closing entries to T- accounts. Use dates and show the ending balance of each account. (12.5 marks)
- g) Prepare a post-closing trial balance. (5.5 marks)
Question 2 (25 Marks)
Spotless Cleaning completed the following transactions during the month of October 2018:
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| Oct 1 | Prepaid insurance for October 2018 to December 2018, $90 |
| Oct 4 | Performed cleaning services on credit, $350 |
| Oct 5 | Purchased cleaning equipment on credit, $280 |
| Oct 8 | Paid repair expenses $10 |
| Oct 11 | Purchased office equipment for cash, $200 |
| Oct 19 | Collected $35 on account |
| Oct 24 | Performed cleaning services & collected cash $75 |
| Oct 26 | Paid account payables from 5 Oct |
| Oct 29 | Paid salary expense, $100 |
| Oct 31 | Recorded adjusting entry for October insurance expense |
| Oct 31 | Debited unearned revenue and credited revenue in an adjusting entry, $115 |
Required: (All Calculations Must Be Shown)
- a) Prepare journal entries for each transaction (5.5 marks)
- b) By completing the following table, show whether each transaction would be handled as a revenue or an expense for the month of October 2018, using both the cash and accrual basis. (12 marks)
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| Amount of Revenue /(expense) for the month of October | |||
| Date | Cash Basis revenue /(expense) | Accrual Basis revenue /(Expense) | |
| Oct-01 | |||
- c) Calculate the amount of profit or loss for the business under the accrual and cash bases for October 2018? (4 marks)
- d) Which method gives the best picture of the true earnings for Spotless Cleaning? Give reasons for your decision. (3.5 marks)
Question 3 (10 Marks)
Assume you are hired as an accountant by a store that is going to start operations from next month. This store will be holding a high value inventory. This business also needs $450,000 loan to buy some equipment.
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Required:
- a) Which type of inventory system would you suggest? Perpetual or periodic? Explain why. (2 marks, max 80 words)
- b) Show how to calculate net purchases and net sales. How will you treat the cosy of fright in? (3 marks)
- c) How often do you plan to do a physical count of inventory on hand? What will the physical count accomplish? (2.5 marks, max 50 words)
- d) Inventory costs are rising. Which inventory costing method would have the effect of maximizing net profit? Which inventory costing method would you suggest if the business wants to minimize the income tac payments? Explain why. (2.5 marks, max 50 words) Get >Accounting homework help
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