30 June 2020
Account Name |
Debit ($) |
Credit ($) |
Cash at Bank |
6 820 |
|
|
20 000 |
|
Prepaid Insurance |
6 000 |
|
Property, Plant and Equipment (PP&E) |
270 000 |
|
|
|
50 000 |
Office Computers |
64 000 |
|
Accumulated depreciation – Office Computers |
|
10 000 |
Accounts Payable |
|
11 528 |
Unearned Sales Revenue |
|
16 000 |
Bank Loan |
|
48 000 |
P. Clayton, Capital (1 July 2019) |
|
188 142 |
P. Clayton, Drawings |
10 900 |
|
Sales Revenue |
|
319736 |
Other Revenue |
|
|
Inventory (1 July 2019) |
50 786 |
|
Purchases |
150 800 |
|
Purchases Returns and Discount |
|
26 890 |
Rent Expense |
34 050 |
|
Gas and Electricity Expense |
10 870 |
|
Office Cleaning Expense |
6 530 |
|
Wages and Salaries Expense |
25 900 |
|
Telephone Expense |
2 700 |
|
Insurance Expense |
8 440 |
|
Advertising Expense |
2 500 |
|
Totals |
670 296 |
670 296 |
(Continued next page)
The following information has not yet been recorded:
- The balance in the unearned sales revenue included an amount of $2 000 which had been earned by delivering goods to a customer on 30 June 2020.
- The business sold goods of $15 000 to a customer but issued no invoice until 3 July 2020.
- Accrued wages and salaries of $800 are to be paid on 2 July 2020.
- The Property, Plant and Equipment (PP&E) are expected to have a useful life of 10 years and will then be sold for an estimated amount of $20 000.
- The Office computers are expected to have a useful life of 6 years and will then be sold for an estimated amount of $4 000.
- The business paid an annual insurance premium of $6 000 for one year on 1 January 2020.
- It is estimated that 5% of the balance of Accounts Receivable on 30 June 2020 is unlikely to be received.
- A physical stock-take at 30 June 2020 revealed $50 000 of inventory on hand.
- The business has not paid an advertising invoice of $3 260 on 30 June 2020.
REQUIRED:
Based on the information provided above, record any necessary
Each
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