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Required: Prepare General Journal Entries to record the Balance-Day Adjustments.
Outlook all - 00:04 1 0 7% 351(2).pdf O CROWN Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870D . GB North Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888 Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888 FROM POSSIBILITYTO ACTUALITY Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184 The Balance-Day Adjustments as at 30 June 2019 are: Stock on hand - $11,800 Office salaries owing - $400 Commission revenue received in advance - $1,200 Depreciation for plant and machinery at 20 per cent per annum using the reducing- balance method Depreciation for motor vehicles at 10 per cent per annum using the straight-line method Rent revenue earned but not received - $1,400 (GST exclusive) Unpaid interest - $160 Advertising paid in advance - $400 (GST exclusive) Provision for long service leave to be five per cent of all salaries Increase provision for annual leave to $2,200 Additional bad debt to be written off - $440 (the original sales included GST) Required: Prepare General Journal Entries to record the Balance-Day Adjustments. BSBFIA401 Assessment Task 02 v1.4 Page 7 of 7 7 OCrown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870D North Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888 Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888 ACTUALITY Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184 Question 02: SEGO Imports provides you with the following Trial Balance and list of Balance-Day Adjustments as at 30 June 2019. SEGO Imports - Trial balance as at 30 June 2019 Account name Debit $ Credit $ Bank 12,350 Trade debtors control 24,000 Provision for doubtful debts 1,126 Bad debts 600 Commission revenue 6,200 Cartage inwards 2,640 Trade creditors control 16,250 Plant and machinery ( Purchased on 1st October, 2017) 28,000 Accumulated depreciation - plant and machinery 4,200 Capital 41,333 Drawings 3,500 Input tax credits 1,255 Sales 226,500 Office salaries 28,300 Salesperson's salary 35,000 GST payable 1,680 Provision for annual leave 1,800 Provision for long service leave 2,500 Stock (as at 01/07/2018) 12,420 Discount expense 1,455 Sales returns and allowances 2,985 Purchases 168,120 Rent received 9,800 Office expenses 3,460 Freight outward 800 Interest on loan 6,400 Advertising 2,800 Motor vehicles 36,000 Accumulated depreciation - motor vehicles 10,800 Stationery 1,520 Insurance 2,330 Loan from ASC Finance Co. 63,000 Customs and wharfage 11,254 385,189 385,189 BSBFIA401 Assessment Task 02 v1.4 Page 6 of 7 Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870D North Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888 Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888 Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184
