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 any further end-of-month adjustments for PhoneBea Solutions for 30th April here, based on all the information provided and your knowledge of accrual accounting principles.

Select the appropriate accounts from the drop-down menus. If you cannot find the accounts that you want in one set of menus, check the menus for a different adjustment number.

Enter your amounts as whole numbers (round if necessary) 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).

• Once you have entered all of your adjustments, select No transaction has occurred from the drop-down menus for any remaining boxes and enter 0 in the corresponding amount boxes

Transactions/Events for April 2021 # 1 2 2 3 4 5 6 7 NIN Date Transaction/Event 1 Bea took out a loan of $60,000 from the bank to help finance her growing business (interest rate of 4% per annum, interest payable on the 1st of each month, principal repayable at the end of 5 years). 1 Paid $8,400 for a 12-month business insurance policy. 1 Bea contributed her personal motor vehicle, valued at $22,000, for exclusive use by the business (useful life 5 years, residual value $4,000). 1 Paid $24,000 of rent for a business premises for the next 12 month period. 1 Paid $19,200 for fixtures and fittings for the shop (useful life 10 years, residual value $0). 2 Paid $1,500 for advertising being carried out this week. 2 Credit purchase of 15 laptops @$920 each and 30 smartphones @$460 each. 3 Cash sales of 8 laptops @$1,460 each. 4 Credit sales of 18 smartphones @$820 each. 6 Attended a training seminar - paid $200 for a ticket at the door. 7 Cash purchase of 15 tablets @$320. 9 Bea hired Carly, a new staff member, whose wages will be $1,500 per fortnight. 10 Credit purchase of 20 smartphones @$480 each. 14 Received payments of $8,200 from customers. 15 Cash sales of 16 smartphones @$820 each. 18 Bea withdrew $5,000 cash from the business. 8 9 10 11 12 14 3 4 15 16 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 Adj#5 Account Amount $ > Account Amount $ Adj#6 Account Amount $ Account Amount $ Adj#7 Account Amount $ Account Amount $ Adj#8 Account Amount $ Account Amount $ Adj#9 Account Amount $ Account Amount $ Adj#10 Account Amount $