BUSN1001 Accounting Principles Assignment Questions and Answers

 

 

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BUSN1001 Accounting Principles

 

Part A

 

The following transactions (1-11) occurred during June 2022, which have not yet been recorded. There are also several adjusting entries to be recorded at the end of the financial year (see Part B below).

1. Repair fees totaling $4,800 were earned during the month. Of those fees, $1,600 was received in cash. The balance consisted of transactions on credit.

2. Office Supplies costing $1,200 were purchased on credit

3. Received $2,560 from customers for payment on account.

4. Paid $280 for petrol (delivery van expense) for the delivery van.

5. purchased a one-year insurance policy for the van for $2,880.

6. Irwin withdrew $2,800 to pay for a holiday.

7. Wages of $2,400 were paid.

8. Paid $3,360 to creditors for amounts owing.

9. Paid rent for the month for $2,000.

10. Purchased some repair equipment. Paid cash of $1,600 and increased the bank lo and by $6,400 to pay for it.

11. Repaired a customer’s machinery to the value of $3,200. The customer is to pay in 30 days.

 

 

Required: Prepare journal entries to record all the above transactions completed on 30 June 2022. Narrations are required. Where you would normally show the date, you can use the number of each transaction. If adding new accounts, add a new hypothetical account number as required.

 

Enter your answers into the Journal Template below. Please do NOT add or delete cells.

 

Date	Details	Account Number	Debit	Credit

 

Part B

 

The following information relates to adjusting entries at the end of June 2022:

12. A physical count on the 30 June 2022 of the Office Supplies on hand came to $520.

13. Interest accrued on the bank loan came to $960.

14.Insurance costing $240 expired during the year.

15. Depreciation on the Delivery Van is $2,400.

16. Wages accrued but not yet paid were $1,200.

17. Performed repairs worth $3,200, which the customer had previously paid in advance.

18. Performed repairs for $4,320. Customers have not yet been invoiced.

19. A telephone account for $240, due in July was received.

 

Required: Prepare journal entries to record all the above adjusting entries. Narrations are required. Where you would normally show the date, you can use the number of each transaction. If adding new accounts, add a new hypothetical account number as required.

 

Enter your answers into the Journal Template below. Please do NOT add or delete lines.

 

Date	Details	Account       Number	Debit	Credit

 

Part C

 

Required: Open T-accounts for the business. Post the entries from both parts A and B above to the accounts, and then balance the accounts. You will need to balance all of the T- accounts as part of your workings. For your submission, only show properly balanced T-accounts for the accounts below (a) to (e) – enter your answers into the T-Account templates below. Please do not add or delete cells in the templates:

 

(a) Cash at Bank

 

                             Cash at Bank                                        Account No.

Date	Details	Debit	Date	Details	Credit

 

(b) Accounts Receivable

 

                         Accounts Receivable                              Account No.

Date	Details	Debit	Date	Details	Credit

 

 

(c) Prepaid Insurance

 

            Prepaid Insurance                                           Account No.

Date	Details	Debit	Date	Details	Credit

 

 

(d) Fee Revenue

 

                                  Fee Revenue                                          Account No.

Date	Details	Debit	Date	Details	Credit

 

 

 

 

                                 Wages Expense                            Account No.

Date	Details	Debit	Date	Details	Credit

 

Part D

Required: Prepare an adjusted Trial Balance. Enter your answer in the Template below. Please do NOT add or delete cells in the template.

 

Account      Title	Account      Number	Debit	Credit

 

 

Part E

 

Required: Prepare an Income Statement, Statement of Changes in Equity, and Classified Balance Sheet using the Templates provided below. Please do not add or delete cells in the Templates:

 

(a) Income Statement

 

 

 

(b) Statement of Changes in Equity

 

 

 

 

 

 

 

(c) Classified Balance Sheet