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How to Schedule Loan Payment Data for Student Assignment
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Assignment Task
Trial Balance as at 31 May 2024
| Account | Debit ($) | Credit ($) |
| Agronomist fees - Retainer | 40,000 | |
| Agrnomist fees - Other | 36,650 | |
| Consulting, Accounting and legal fees | 5,310 | |
| Computer program subscription (AgWorld - $3,995 Office 365) | 4,111 | |
| Depreciation | 14,070 | |
| Insurance expense/Business insurance | 3,750 | |
| Interest expense | 263 | |
| Office supplies expense | 563 | |
| Motor Vehicle expenses - Fuel | 1,890 | |
| Motor Vehicle expenses - Registration | 650 | |
| Motor Vehicle expenses - Third party insurance | 375 | |
| Motor Vehicle expenses - Comprehensive insurance | 745 | |
| Motor Vehicle expenses - Services and other maintenance | 960 | |
| Wages and Salaries expense | 1,449 | |
| Soil testing | 7,650 | |
| Postage | 590 | |
| Rent | 4,840 | |
| Telephones and internet | 2,476 | |
| Website expenses | 1,020 | |
| Workers Insurance expense | 300 | |
| Cash trading account | 22,176 | |
| Accounts Receivable | 7,045 | |
| Office furniture | 5,520 | |
| Accumulated depreciation – office furniture | 1,012 | |
| Computers and mobile phones | 8,520 | |
| Accumulated depreciation –computers & mobile phones | 380 | |
| Motor Vehicles | 46,800 | |
| Accumulated depreciation - motor vehicles | 6,200 | |
| Accounts payable | 1,770 | |
| Bank Loan | 19,560 | |
| Capital - owner contribution | 60,000 | |
| Retained earnings | ||
| Drawings | 24,500 | |
| Total | 165,572 | 165,572 |
| Date | June transactions | $ |
| 03-Jun | Paid Agworld monthly subscription | 333 |
| 03-Jun | Paid monthly subnsrition for office 365 | 56 |
| 03-Jun | Paid monthly rent | 440 |
| 13-Jun | Payments received for money owed from May as follows: | |
| Clients on retainer | 3,500 | |
| Other agronomy clients | 3,545 | |
| 13-Jun | Paid the May fuel bill | 645 |
| 17-Jun | Paid May's soil testing bill | 1,125 |
| 20-Jun | Purchased office supplies | 169 |
| 20-Jun | Paid accountant's bill for June | 210 |
| 20-Jun | Paid mobile telephone bill | 144 |
| 20-Jun | Paid Internet bill | 140 |
| 25-Jun | Made loan payment (payments includes the interest of $127) | 627 |
| 27-Jun | Paid Rachel's monthly drawing | 4,000 |
| 27-Jun | Paid website maintenance bill for June | 61 |
| 27-Jun | Postage paid during the month | 90 |
| 27-Jun | Received bill for soil testing | 1,350 |
| 27-Jun | Received invoice for June's fuel | 590 |
| 27-Jun | Invoiced retainer clients | 10,000 |
| 27-Jun | Invoiced other agronomy clients | 6,350 |
| 27-Jun | Paid monthly salary | 920 |
| 30-Jun | End of month/year adjustments | |
| Motor vehicle deprecition | 1,300 | |
| Office furniture depreciation | 92 | |
| Computer depreciation | 140 | |
| Mobile phone depreciation | 50 | |
| Total depreciation | 1,582 |
| Equipment Loan Schedule | |||||
| Original loan | 20000 | ||||
| Term | 36 | months | Interest rate | 0.0799 | |
| Month | Opening balance | Monthly payment | Monthly Interest | Principle reduction | Closing Bal |
| Apr-24 | 20000 | 627 | 133 | 494 | 19506 |
| May-24 | 19506 | 627 | 130 | 497 | 19009 |
| Jun-24 | 19009 | 627 | 127 | 500 | 18509 |
| Jul-24 | 18509 | 627 | 123 | 504 | 18005 |
| Aug-24 | 18005 | 627 | 120 | 507 | 17498 |
| Sep-24 | 17498 | 627 | 117 | 510 | 16987 |
| Oct-24 | 16987 | 627 | 113 | 514 | 16473 |
| Nov-24 | 16473 | 627 | 110 | 517 | 15956 |
| Dec-24 | 15956 | 627 | 106 | 521 | 15435 |
| Jan-25 | 15435 | 627 | 103 | 524 | 14911 |
| Feb-25 | 14911 | 627 | 99 | 528 | 14383 |
| Mar-25 | 14383 | 627 | 96 | 531 | 13852 |
| Apr-25 | 13852 | 627 | 92 | 535 | 13317 |
| May-25 | 13317 | 627 | 89 | 538 | 12779 |
| Jun-25 | 12779 | 627 | 85 | 542 | 12237 |
| Jul-25 | 12237 | 627 | 81 | 546 | 11692 |
| Aug-25 | 11692 | 627 | 78 | 549 | 11142 |
| Sep-25 | 11142 | 627 | 74 | 553 | 10590 |
| Oct-25 | 10590 | 627 | 71 | 556 | 10033 |
| Nov-25 | 10033 | 627 | 67 | 560 | 9473 |
| Dec-25 | 9473 | 627 | 63 | 564 | 8909 |
| Jan-26 | 8909 | 627 | 59 | 568 | 8341 |
| Feb-26 | 8341 | 627 | 56 | 571 | 7770 |
| Mar-26 | 7770 | 627 | 52 | 575 | 7195 |
| Apr-26 | 7195 | 627 | 48 | 579 | 6615 |
| May-26 | 6615 | 627 | 44 | 583 | 6033 |
| Jun-26 | 6033 | 627 | 40 | 587 | 5446 |
| Jul-26 | 5446 | 627 | 36 | 591 | 4855 |
| Aug-26 | 4855 | 627 | 32 | 595 | 4260 |
| Sep-26 | 4260 | 627 | 28 | 599 | 3662 |
| Oct-26 | 3662 | 627 | 24 | 603 | 3059 |
| Nov-26 | 3059 | 627 | 20 | 607 | 2452 |
| Dec-26 | 2452 | 627 | 16 | 611 | 1842 |
| Jan-27 | 1842 | 627 | 12 | 615 | 1227 |
| Feb-27 | 1227 | 627 | 8 | 619 | 608 |
| Mar-27 | 608 | 612 | 4 | 608 | 0 |
| 22557 | 2557 |
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