Anya is the owner of Hair Boutique Salon. She has difficulty doing the accounting for her business and needs your help. Answer the following questions and specify which accounting assumption(s) is(are) relevant to your answer. Required: Answer the following questions in the spaces provided in the answer template below: 1. Hair Boutique Salon borrowed $10,000 from the bank. Anya used $6,000 to pay the rent for her store and the rest to pay for a holiday trip. How much should she record as a business loan on the balance sheet of the business? (2 marks) 2. Anya sold a $500 gift card to her customer on 29 June 2019. The customer used the gift card on 3 July 2019. In which financial year (2018-19 or 2019-20) should Anya recognise the service revenue? (2 marks) 3. Anya ordered supplies from Dave and the delivery arrives today in her shop. Anya gets a credit term of 1 month from Dave and has not made the payment yet. Should Anya record the supplies? (2 marks) 4. There is a massage chair in Anya's shop for clients to use while they are waiting for their hair to be done. Anya paid $4,500 for the chair and the accumulated depreciation amounts to $1,500. The market value of the chair is $2,000. Which amount should be recorded as the net book value of the massage chair on the balance sheet? (2 marks) If you accidentally delete the answer template, you may undo the deletion using "Ctrl + Z" (for Windows) or "Command + Z" (for Mac). If that does not work, please click on this link Answer Template. You may copy and paste the answer template to the answer box. 7 i BI- Anya is the owner of Hair Boutique Salon. She has difficulty doing the accounting for her business and needs your help. Answer the following questions and specify which accounting assumption(s) is (are) relevant to your answer. Required: Answer the following questions in the spaces provided in the answer template below: 1. Hair Boutique Salon borrowed $10,000 from the bank. Anya used $6,000 to pay the rent for her store and the rest to pay for a holiday trip. How much should she record as a business loan on the balance sheet of the business? (2 marks) Amount to be recorded as a business loan Accounting Assumption(s) 2. Anya sold a $500 gift card to her customer on 29 June 2019. The customer used the gift card on 3 July 2019. In which financial year (2018-19 or 2019-20) should Anya recognise the service revenue? (2 marks) The financial year to recognise revenue Accounting Assumption(s) (2018-19 or 2019-20) 3. Anya ordered supplies from Dave and the delivery arrives today in her shop. Anya gets a credit term of 1 month from Dave and has not made the payment yet. Should Anya record the supplies? (2 marks) Should Anya record the supplies? (Yes/No) Accounting Assumption(s)
