2231 Fwd: Assignment 1.docx-palak: + nail/ O ?tab r #ir boo FMfcgowBWTGgTIC WQKGRO hCC DR BFD ?projector= 1 & messag Part Id:02 Question 1 [30 marks] Preparation of accounting records - using spreadsheets Flash Cleaning Services commenced operations on 1 July 2018. The company opened a cleaning business -providing cleaning services to local schools, preschools and childcare centres. During its first month of operations, the following transactions occurred: Date Transaction details 1 July 2018 Sally Flash invested $30,000 into the business, and the money was deposited into the bank account. Sally Flash operates the business as a sole-trader. 1 July 2018 Flash Cleaning Services borrowed $20,000 from the bank. The loan is interest-only, and interest is charged at 12% pa. 1 July 2018 Flash Cleaning Services purchased a motor vehicle - a van that will be used for the cleaning business. The motor vehicle cost $18,000, and Flash Cleaning Services paid for the vehicles from the bank account. The motor vehicle has an estimated useful life of six years, and an estimated residual value of $3,000. 1 July Flash Cleaning Services paid $3,600 for insurance for the period 1 July 2018 201830 June 2019. 1 July 2018 Flash Cleaning Services purchased cleaning equipment for $4,800, paid from the bank account. 9 July 2018 Flash Cleaning Services purchased supplies for $2,400, on credit terms. M Fwd: Assignment 1.docx-palak: + /?tab: rmr#inbox/FMf gxwBWTGgTJCWQKGROhCChDRiBFDx?projector 1 & messagef artid:02 13 July Flash Cleaning Services provided cleaning services to Rainbow Childcare 2018Centre for $500, and the Centre deposited this money into Flash Cleaning Services' bank account. 20 July 2018 Flash Cleaning Services paid wages of $1,600 to employees, for services to 20 July 25 July 2018 Flash Cleaning Services received $5,500 for cleaning services to be provided to ABC Public School between 25 July 2018 and 30 September 2018. 27 JulyFlash Cleaning Services paid $2,000 of the money owing to the supplier in 2018 relation the supplies purchased on 9 July 2018. 31 July 2018 Interest of $300 on tbe bank loan is charged, and it is paid from the bank account. 31 July 2018 Flash Cleaning Services paid advertising costs of $1,600 to the local newspaper, for July advertising. Additional information as at 31 July 2018: Flash Cleaning Services owes wages of S2,200 to employees. for services to 31 July .Flash Cleaning Services has invoiced a number of customers for cleanings services provided during July, and needs to accrue service revenue of $12,600. Accrued expenses as at 31 July include: fuel (S190) and telephone ($100) for the month of July Supplies on hand at 31 July 2018 amount to $2.100. Flash Cleaning Services provided cleaning services to ABC Public School on 28 July 2018, earning $500 of the $5,500 that was paid to Flash Cleaning Services on 25 July 2018. . Required: Page 28 a + the month of July Supplies on hand at 31 July 2018 amount to $2,100. lpuius as a s1 July include: fuel ($190) and telephone ($100) for .Flash Cleaning Services provided cleaning services to ABC Public School on 28 July 2018, earning $500 of the $5,500 that was paid to Flash Cleaning Services on 25 July 2018. Required: 1. 2. Prepare the journal entries for the twelve transactions listed above that occurred during July 2018. (6 marks) Prepare T-accounts and post all of the above journal entries to the T-accounts. Total all of the T-accounts to determine their balances at the end of the month. (3 marks) 3. Based on the balances in the T-accounts above, prepare the 'Unadjusted Trial 4. Explain what the five types of adjusting entries are. Prepare all of the 5. Using your Unadjusted Trial Balance' and adjusting entries prepared above. Balance' in an Excel spreadsheet. (2 marks) adjusting entries for Flash Cleaning Services as at 31 July 2018. (6 marks) prepare the ten column worksheet in Excel for the month ended 31 July 2018 Page 2 8 e 2231 Fwd: Assignment 1.docx-palak: + nail/ O ?tab r #ir boo FMfcgowBWTGgTIC WQKGRO hCC DR BFD ?projector= 1 & messag Part Id:02 Question 1 [30 marks] Preparation of accounting records - using spreadsheets Flash Cleaning Services commenced operations on 1 July 2018. The company opened a cleaning business -providing cleaning services to local schools, preschools and childcare centres. During its first month of operations, the following transactions occurred: Date Transaction details 1 July 2018 Sally Flash invested $30,000 into the business, and the money was deposited into the bank account. Sally Flash operates the business as a sole-trader. 1 July 2018 Flash Cleaning Services borrowed $20,000 from the bank. The loan is interest-only, and interest is charged at 12% pa. 1 July 2018 Flash Cleaning Services purchased a motor vehicle - a van that will be used for the cleaning business. The motor vehicle cost $18,000, and Flash Cleaning Services paid for the vehicles from the bank account. The motor vehicle has an estimated useful life of six years, and an estimated residual value of $3,000. 1 July Flash Cleaning Services paid $3,600 for insurance for the period 1 July 2018 201830 June 2019. 1 July 2018 Flash Cleaning Services purchased cleaning equipment for $4,800, paid from the bank account. 9 July 2018 Flash Cleaning Services purchased supplies for $2,400, on credit terms. M Fwd: Assignment 1.docx-palak: + /?tab: rmr#inbox/FMf gxwBWTGgTJCWQKGROhCChDRiBFDx?projector 1 & messagef artid:02 13 July Flash Cleaning Services provided cleaning services to Rainbow Childcare 2018Centre for $500, and the Centre deposited this money into Flash Cleaning Services' bank account. 20 July 2018 Flash Cleaning Services paid wages of $1,600 to employees, for services to 20 July 25 July 2018 Flash Cleaning Services received $5,500 for cleaning services to be provided to ABC Public School between 25 July 2018 and 30 September 2018. 27 JulyFlash Cleaning Services paid $2,000 of the money owing to the supplier in 2018 relation the supplies purchased on 9 July 2018. 31 July 2018 Interest of $300 on tbe bank loan is charged, and it is paid from the bank account. 31 July 2018 Flash Cleaning Services paid advertising costs of $1,600 to the local newspaper, for July advertising. Additional information as at 31 July 2018: Flash Cleaning Services owes wages of S2,200 to employees. for services to 31 July .Flash Cleaning Services has invoiced a number of customers for cleanings services provided during July, and needs to accrue service revenue of $12,600. Accrued expenses as at 31 July include: fuel (S190) and telephone ($100) for the month of July Supplies on hand at 31 July 2018 amount to $2.100. Flash Cleaning Services provided cleaning services to ABC Public School on 28 July 2018, earning $500 of the $5,500 that was paid to Flash Cleaning Services on 25 July 2018. . Required: Page 28 a + the month of July Supplies on hand at 31 July 2018 amount to $2,100. lpuius as a s1 July include: fuel ($190) and telephone ($100) for .Flash Cleaning Services provided cleaning services to ABC Public School on 28 July 2018, earning $500 of the $5,500 that was paid to Flash Cleaning Services on 25 July 2018. Required: 1. 2. Prepare the journal entries for the twelve transactions listed above that occurred during July 2018. (6 marks) Prepare T-accounts and post all of the above journal entries to the T-accounts. Total all of the T-accounts to determine their balances at the end of the month. (3 marks) 3. Based on the balances in the T-accounts above, prepare the 'Unadjusted Trial 4. Explain what the five types of adjusting entries are. Prepare all of the 5. Using your Unadjusted Trial Balance' and adjusting entries prepared above. Balance' in an Excel spreadsheet. (2 marks) adjusting entries for Flash Cleaning Services as at 31 July 2018. (6 marks) prepare the ten column worksheet in Excel for the month ended 31 July 2018 Page 2 8 e