Explain how they get 2 200 in the Supplies T
Ims.latrobe.edu.au 1. Chapter 2: Debit Credit l.. YouTube Salvad: Chapter 3 Problem 10PSA Solution Finan. Subject: 2019-ACCIAMD-BU-Sam2 - Accounting f.. https://ims. Latrobe.edu.au/plugintile.php/4902845... + 7 matches Q-Rent Expense Done Supplies Expense Closing Balance 120 2 200 3 200 5 400 Supplies 1/7 Opening Balance 2 000 31/7 1717 Accounts Payable 3 40031/7 5 400 1/8 Opening Balance 3 200 Balance before adjusting entry $2000 + $3400 = $5400 Prepaid rent 24/7 Cash 400 130 150 28 000 Closing Balance 1/7 15/7 Opening Balance Accounts Payable Store Equipment 20 000 31/7 8 000 28 000 28 000 28 000 1/8 Opening Balance Accumulated Depreciation - Store Equipment 3117 Closing Balance 1/7 Opening Balance 31/7 Depreciation Expense 1 240 1/8 Opening Balance Balance before adjusting entry $1000 151 1 000 240 1 240 1 240 24/7 Cash Accounts Payable 2000 | 1/7 15/7 13 600 17/7 Opening Balance Store Equipment Supplies 200 4 200 8 000 3 400 3117 Closing Balance PSA3.9 On 1 July 2016, the following were the account balances of Bulwara Ltd. Debits Cash $ 5000 Accounts Receivable 5600 Supplies 2000 Store Equipment 20 000 $32 600 Chapter 3: Accru Accumulated Depreciation Accounts Payable Service Revenue Received in Advance Salaries Payable Share Capital Retained Earnings Credits $ 1000 4200 800 1 000 20 000 5600 $32 600 17 27 During July the following summary transactions were completed. July 8 Paid $3000 for salaries due to employees, of which $2000 is for July and $1000 is for June. Received $2000 cash from customers in payment of their accounts. 12 Received $800 cash for services performed in July 2016. Purchased store equipment on account $8000. Purchased supplies on account $3400. 24 Paid accounts payable $2000. 24 Paid July/August rent $800. 25 Paid salaries $3000. Performed services on account and invoiced customers for services provided $2300. Received $1300 from customers for future service. Other data: 1. Supplies on hand are valued at $3200. 2. Accrued salaries payable are $1000. 3. Depreciation for the month is $240. 4. Services have been performed in relation to $600 recorded in Service Revenue Received in Advance. Required (a) Prepare a chart of accounts. (Hint: Refer to Wong Ltd in chapter 2 of textbook.) (b) Enter the 1 July balances in the ledger accounts (use T accounts). (c) Journalise the July transactions. (d) Post to the ledger accounts you prepared for part (c) above. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries Expense and Rent Expense. (e) Prepare a trial balance at 31 July before adjusting entries. (f) Journalise and post adjusting entries. (g) Prepare an adjusted trial balance. (h) Prepare a statement of profit or loss and a calculation of retained earnings for July
