Bea Wise is a budding entrepreneur and has a strong technological background. On 1 April 2021, she starts her own business, PhoneBea Solutions, which is a retailer of laptops, tablets and smartphones. Bea believes that her expert knowledge and ability to translate technical concepts into everyday terms for her customers will provide her with a competitive advantage over the competition, who focus more heavily on price than on providing individualised service. You used to live near Bea and you both went to the same school. At a recent school reunion, you met up with Bea and she tells you about her new venture. Bea mentions she is worried about the large amount of cash she has spent during the first month of trading. You tell her about how you are studying an accounting topic now and explain the difference between the cash and accrual basis of accounting. Bea asks you to help her by preparing accrual-based accounting information for her business. She supplies you with a list of transactions and events relating to her first month of trading, April 2021, and some additional information about the business.

Record transactions #16-20 for PhoneBea Solutions from the 16th - 24th of April here.

Select the appropriate accounts from the drop-down menus. Within each transaction, the accounts are split between these menus, so if you cannot find the account you want on one menu, check the other menu(s).

Enter your amounts as whole numbers without a dollar symbol.

• Increases should be entered as a positive number (e.g. 2000).

• A negative sign should be used for decreases (e.g. -2000), including all drawings and all expenses (which are a decrease in equity) and all contra-asset accounts (which decrease the value of their corresponding assets).

• Possible options on accounts:

  Accounts Payable Electricity Expense Accounts Receivable Fixture & Fittings Accrued Expenses Insurance Expense Accum. Depn - Fixture and Fittings Interest Expense Accum. Depn - Motor Vehicle Interest Payable Accum. Depn - Office Equipment Inventory Advertising Expense Loan Allowance for Doubtful Debts Maintenance & Repairs Expense Bad Debt Expense Motor Vehicles Bank Overdraft Office Equipment Capital Prepaid Advertising Cash Prepaid Insurance Cleaning Expense Prepaid Rent Computers Principle Repayment Contributed Capital Rent Expense Cost of Goods Sold Sales Credit Card Expense Telecommunications Expense Depreciation Expense Training Expense Doubtful Debts Expense Wages Expense Drawings Wages Payable

#16 Account Amount $ Account Amount $ #17 Account Amount $ Account Amount $ #18 Account Amount $ Account Amount $ Account Amount $ Account Amount $ #19 Account Amount $ Account Amount $ #20 Account Amount $ Account Amount $ 16 18 Bea withdrew $5,000 cash from the business. Page 3 of 6 # 17 18 19 20 21 22 Date Transaction/Event 21 Paid $360 to a maintenance service for repairs to a damaged shop fixture. 22 Credit sales of 5 laptops @$1,540 each and 9 tablets @$540 each. 23 Paid fortnightly wages of $1,500 to Carly. 24 Credit purchase of 20 laptops @$950 each and 10 tablets @$320. 25 Bea used $4,100 from the business bank account to pay her personal credit card. 26 Bea arranged a bank overdraft facility for her business bank account, with an available credit limit of $20,000. 27 Paid $20,000 to suppliers. 28 Booked an office cleaner for a same-day express cleaning service. Paid $180. 29 Credit sales of 10 smartphones @$830 each and 11 tablets @$550 each. 30 Took a laptop computer from inventory to use in the business' operations from 1st May (useful life 3 years, residual value $0). 23 24 25 26