HA1020 The Foundation of Modern Accounting Practices - Accounting Assignment Help

Assignment Task

Task
Question 1()As at 30 June 2019, the unadjusted trial balance of Green Ltd was noted as follows:
Green Ltd
TRIAL BALANCE
AS AT 30 JUNE 2019
Accounts Debit ($) Credit ($)
Cash at bank 8 985 Account receivables 31 200 Prepaid insurance 3 900 Office Supplies 4 680 Office equipment 14 100 Accumulated depreciation - equipment 2 850
Accounts payable 315
Salary payable Unearned service revenue 1 230
Loan payable 10 500
Capital 33 300
Drawings 60 000 Service revenue 159 270
Salary expenses 66 000 Depreciation expenses - equipment Miscellaneous expenses 18 600 TOTAL 207 465 207 465
The following additional information is available at the end of June for adjustments:
A physical count of office supplies on 30 June shows $660 of unused supplies on hand
Depreciation of the office equipment is 10% each year (straight line method is used)
Of the $1230 unearned service revenue, $300 is still unearned
Of prepaid insurance, 60% expired this period
Salaries owed but not yet paid $1920
Provided consultancy service of $2000 on credit. This was not recorded for the month.
Required:
Prepare adjusting entries at the end of 30 June, 2019. (6 marks)
Calculate the balance of the total revenue of the company after adjustment. (2 marks)
Explain why accrual accounting adjustments are required? (3 marks)
ANSWER: ** Answer box will enlarge as you typeQuestion 2(11 marks)
The following information has been extracted from the records of Bradbury Pty Ltd, which is a retailer of office stationery and art supplies. The company uses the perpetual inventory system to record the inventory of its products. Its monthly reporting date is 30 April.
Required:
Ignoring GST, complete the inventory stock record below for one of Bradbury’s products – a specialty pen. All transactions occurred in the month of April. (8 marks)
Calculate the Cost of Sales (COS) for 30 April, assuming the FIFO Method. (1 mark)
Calculate the Ending Inventory at 30 April, assuming the FIFO Method. (1 mark)
Briefly define the term “FIFO” as an inventory method. (1 mark)
(Note: please write your answers in by completing the table, as provided below.)
Date Transaction Quantity $ Unit Cost
1/04 Beginning balance 600 5.00
6/04 Purchases 400 5.20
15/04 Sold @ $10(sales price per unit)) 800 ?
20/04 Purchases 600 4.75
25/04 Sold @$12(sales price per unit) 400 ?
30/04 Sales Return from 25/04 Sales 100 ?
COS Ending Inventory ANSWER:
Question 3
On 1 July 2019, Briarly Pty Ltd purchased a new printing machine for $152,000. The company expected the machine to be used for ten (10) years or 20,000 machine hours, with an estimated residual value of $2,000 at the end of its useful life. Actual usage of the machine for the first three (3) years was noted as follows:
Year 1: 400 hours
Year 2: 1200 hours
Year 3: 2000 hours
Required:
Calculate the depreciation expense for the second year using each of the methods below:
Straight-line
Units of production
Reducing balance method at the rate of 20% each year
If the straight – line method was used and the machine was sold at the end of year 2 for $110,000, calculate the carrying amount of the machine at the end of year 2. (2 marks)
Prepare the journal entry to record the sale of the machine. (2 marks)
ANSWER:
Question 4
As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows:
Cash in Bank $ 68,400 Accounts receivable $202,800
Supplies 79,200 Equipment 226,800
Accounts payable 101,100 Capital ?
Service income 1,158,000 Salary expense 483,000
Prepaid Insurance 24,000 Supplies expense 142,500
Bank loan 30,000
Advertising expense 15,000
Required:
Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019.

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