Accurals exercise

V 0 X its itslearnir X https://c X https://c x 3 https://c x 3 https://c x| Course| x * Courset X w Word X w Docume X + -> C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... LC . . . Excel accruals exer - Tallennettu 9 Hae (Alt + Q) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan v Kommentit 1 v Q v Arial 10 v By My Av ... Ev ab Yleinen ,00 00 E ATV OV ... AE24 " X V fx A B C D AB AC AD AE AF AG AH AK AM AN AO AP AQ AS AT AU January, 2021 Transactions during the accounting period: 1. Makela Oy will pay the invoice to bank account, value 1 2006. 2. Contract is signed with Rakerinus Oy concerning design work, value of the contract is GOODE 3. Rakerinus Oy will pay 2 0ODE to bank account as prepayment of the contract. rchase with a debit card, value 1206. 5. Company takes a bank loan that is posted to bank account, value 20 0006 T 6. Mikrotech oy invoice is paid from bank account, value 1 650 7. Rent is paid from bank account, value 6006. Payment includes rent for the Jan and Feb 0 8. Design work f invoiced, value 1 4006 11 9. Design work for customer Rakerinus Oy is ready and the rest of the contract is invoiced, value 4 0006 12 10. Karhula Oy will pay the invoice, value 400E Additional information available Depreciation for the fixtures is done based on reducing balance method, 25% depreciation bank loan has not been paid, value 306 Interest from the bank loan has no 19 Electricity invoice is unpaid, value 1406 20 Rent has been prepayed, value 300f 23 BS 31.12.2020 24 Fixtures 4200 25 A/R 1600 6 Cash 120 7Bank (opt 2780 8 Capital 7050 29 A/P 1650 30 Te 8700 8700 32 A/R balance includes receivables from Makela Qy 12006 and Karhula Oy 40DE 33 A/ alance includes payables to Mikrotech Oy 16506 34 37 Do the required postings, adjustments and accruals ja close the accounts. 39 = 1 2 3 4 5 6 Sheet1 + Tyokirjan tilastot Anna palautetta Microsoftille - 40 % + 16 . C Puolipilvista O L ENG 17.26 FI 06/05/2022V 0 X its itslearnir X https://c X https://c x 3 https://c x| https://c x| Course| x * Course| x w Word X w Docume X + -> C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... C * . .. Excel accruals exer - Tallennettu v 9 Hae (Alt + Q ) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan v Kommentit Arial 10 v B . . . =v ab Yleinen 00 [ APV OV ... R15 V X V fx B F G H K L M N O P Q S T U V w x Y Z AA total % Employee' Company's share 31.12. Hourly based wages are unpaid, value 640E. Calculate also health insurance expence Health insurance 1,53 % o 1,53 % and empoyer's share of pension insurance contribution as well as unemployment insurance contribution. Pension insurance 24,80 % 7,15 % 17,65 % o o C Do the needed accrual postings. Unemployment insur 1,90 % 1,40 % 0,50 % J 2 8 CO V G UI A W N - Note! When health insurance, pension insurance and unemployment insurance expences are accrued only employer's part will be caluculated because wages are not paid and withholdigns have not been done. WAGES EXP INSURANCE EXP INS EXP EXPENCES PAYABLE 31.12.2W = 1 2 3 4 5 6 Sheet1 + Tyokirjan tilastot Anna palautetta Microsoftille - 70% + 16 . C O L ENG 17.27 1 Puolipilvista FI 06/05/2022V 0 X its itslearnir X https://c X https://c x 3 https://c x| https://c x * Course| x * Course| x w Word X w Docume X + -> C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... C * . .. Excel accruals exer - Tallennettu v 9 Hae (Alt + Q ) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan Kommentit Arial 10 v B v vAv . . . E ab E V Yleinen APV OV ... A12 X fx DEF G H AA AB AC AD AE AF AG AH AL AM AN AO AP AQ AR AS AT AU AV AW AX AY 31.12 Record the following transferable items as accruals; b) Unpaid Interest from the bank loan for the c) Unpaid property tax. 5006. nik loan for the period August-December, value 1 5006 Close the accounts to P/L and BS accounts. accrued expenses, prepaid expenses, accrued income and drawings. Pet parade recounts based on previous financial statements. 31.1. Interest from the loan is paid for the period 1.8-31.1. 1 800E 1.2. Property tax is paid, 500 E. Liability account 12 Accrued expences EXPENCES INSURANCE EXP RENT EXP INTEREST EXP (880) DOD ) 15 31 ent postin 16 Unpaid -rent 18 - interest 19 - -property tax 20 Closing the accounts: 21 - -P/L 22 24 -BS 7 1.1. Opening accounts B Clearing accruals 29 - rent 30 - interest - property tax 33 P 15.1. Rent 35 31.1. Interest 36 5.4. property tax 37 38 39 C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... C * . .. Excel accruals exer - Tallennettu v 9 Hae (Alt + Q ) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan v Kommentit Arial 10 v B . . . E ab Yleinen HE HPV OV ... A24 X fx 1.1. Opening accounts C D E M N 0 Q R S v w X Z AA AB AC AD AE AF AG AH AI AI AK transferable items as accruals: 31.12 Record the following transferable b) Rent from November-December not received, value 500/month. c) Interest from loans to staff not received, value 756 Close the accounts to P/L and BS accounts. 6 7 8 1.1. Open next period accounts based on previous financial statements. 9 5.1. Rent payment received from the period November-January, total value 1500E 10 7.1. Interest income paid by staff, value 75E. 11 Asset account ACCRUED 13 RENT INCOME INTEREST INCOME RECEIVABLES P /L BS 14 (5 200) (1 100) 15 31.12. Adjustment postings 16 - rent 17 - interest 18 Closing the accounts 19 - P/L 20 - BS 1.1. Opening accou 25 Clearing accruals 26 - rent 27 - interest 28 29 Payments Bank 30 5.1. Rent payment 31 7.1. Interest payment 32 C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... LC . . . Excel accruals exer - Tallennettu v 9 Hae (Alt + Q) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan v Kommentit Arial 10 v By M Av . . . E ab Yleinen ,00 00 E BrV OV ... G12 X fx C DE F G H IM | AC AD AE AG AH AK AL AM AN AO AP AQ AR AS AT AU 31.12 Record the following transferable items as accruals: b) January rent has been paid in December value 1 0006 period is 1st of November - end of October next year c) Temporary loan includes interest of 706. Due date for the loan is 15th of February, next year. Half of the interes Close the accounts to P/L and BS accounts. osted as an expence to the year to be closed. 1.1. Open next period accounts based on previous financial statements. Asset account PREPAID INSURANCE EXP RENT EXP INTEREST EXP P/L (13 (880 090) (70 #1.12. Adjustm = 1 2 4 5 6 Sheet1 + Tyokirjan tilastot Anna palautetta Microsoftille - 40 % + 16 . C O L ENG 17.24 Puolipilvista FI 06/05/2022V 0 https://c X w Word X its itslearnir X https://c x 3 https://c x 3 https://c x| Course| x * Courset X X w Docume X + -> C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... LC . . . Excel accruals exer - Tallennettu v 9 Hae (Alt + Q) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan v Kommentit 1 v Q v Arial 10 BY My Av ... E ap Yleinen ,00 00 [ fv OV ... A26 V X V fx B CDE G H K L N P Q R S U V W X Z AA AB AC AD AE AF AG AH A 31.12 Record the following transferable items as accruals: a) January rent of 400 euros was received from the tenant already in December. 4 b) Interest income of EUR 320 was received in advance. 5 Close the accounts to P/L and BS accounts. 6 7 1.1. Open next period accounts based on previous financial statements. 8 Clear adjustments 9 Liability account 10 RENT INCOME INTEREST INCOME UNEARNED REVENUE P /L BS 11 12 31.12. Adjustment postings 13 -rent 14 - interest 15 Closing the accounts: 16 - P/L 17 18 - BS 19 20 21 1.1. Opening accounts Clearing accruals - rent Interest 27 28 29 = 1 2 3 4 5 6 Sheet1 + Tyokirjan tilastot Anna palautetta Microsoftille - 60% + 16 . C O L ENG 17.25 Puolipilvista FI 06/05/2022 1V X https://c X w Word 0 its itslearnir X https://c x 3 https://c x 3 https://c x| Course| x * Courset X X w Docume X + -> C centria.itslearning.com/CustomActivity/Proxy/MediaPreviewHandler.ashx?CustomActivityld=89528&Childld=0&fileRepold=gbzSbF13sk2QNUsKH2... LC . . . Excel accruals exer - Tallennettu v 9 Hae (Alt + Q) Priya Aryal Tiedosto Aloitus Lisaa Piirra Sivun asettelu Kaavat Tiedot Tarkista Nayta Ohje Naytetaan v Kommentit Arial 10 v By M Av . . . ab Yleinen ,00 00 [ Arv OV ... 132 X V fx D AD AF AG AH AM AN | AO AP AQ AR AT Do postings related to accruals as of December 31, 202X- -interest on the bank loan from September to December has not been paid, value EUR 800 interest on loans granted to staff has not been received, value EUR 72 an insurance of EUR 420 was paid for the period 1.10.202X-30.9.2027 in December 202X, January 2027 warehouse rent was paid, value 450 euros. Close the accounts in the table below. Open new financial period and d nd do the following posti 1.1. Mark the opening balances in the accounts receivable and accounts payable. Perform the necess 31.1. Interest will be received of a loan to the staff, value 90 eur. 28.2. Paid interest on the bank loan from the period September 202X- February 2027, value 1200 cur. INTEREST EXPENCE INTEREST INCOME EXPENCE RENT EXPENCE RECEIVABLES EXPENCES PAYABLE PREPAID EXPENCES (500] 15 850 e loan to st france payment warehouse rent Closing the accounts interest exp accrued receivable expences payable prepaid expences unearned revenue 1. Opening ac insurance payment warehouse rent 31.1. Staff will pay the interest 28.2. interest payment of the bar = 1 2 3 4 5 6 Sheet1 + Tyokirjan tilastot Anna palautetta Microsoftille - 40 % + 16 . C Puolipilvista O L ENG 17.26 FI 06/05/2022