Fix The mistakes in the following work
| 159. Accumulated Depreciation- Motor Vehicle |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | 16800 | 16800 Cr |
| 31/08/2020 | Depreciation expense | | 700 | 17500 Cr |
| | | | | |
| 651. Depreciation Expense - Motor Vehicle |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | - | - | - |
| 31/08/2020 | Accumulated depreciation | 700.00 | - | 700 Dr |
| | | | | |
| 609. Wages Expense |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | 19200 | | 19200 Dr |
| 31/08/2020 | Payg Withheld | 1547 | | 20747 Dr |
| 31/08/2020 | Wages Payable | 7028 | | 27775 Dr |
| 31/08/2020 | Payg Withheld | 512 | | 28287 Dr |
| 31/08/2020 | Wages Payable | 2656 | | 30943 Dr |
| | | | | |
| | | | | |
| 261. PAYG Withheld |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | 5512 | 5512 Cr |
| 31/08/2020 | Wages Expense | | 1547 | 7059 Cr |
| 31/08/2020 | Wages Expense | | 512 | 7571 Cr |
| | | | | |
| 242. Wages Payable |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | 1920 | 1920 Cr |
| 31/08/2020 | Wages Expense | | 7028 | 8948 Cr |
| 31/08/2020 | Wages Expense | | 2656 | 11604 Cr |
| | | | | |
| 241. Unearned Revenue |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | 46264 | 46264 Cr |
| 31/08/2020 | Interest Revenue | 29400 | | 16864 Cr |
| | | | | |
| 403. Interest Revenue |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | 10366 | 10366 Cr |
| 31/08/2020 | Unearned Revenue | | 29400 | 39766 Cr |
| 31/08/2020 | Interest Receivable | | 256 | 40022 Cr |
| | | | | |
| | | | | |
| 143. Interest Receivable |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | 10366 | | 10366 Dr |
| 31/08/2020 | Interest Revenue | 256 | | 10622 Dr |
| | | | | |
| 606. Rent Expense |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | | |
| 31/08/2020 | Prepaid Rent | 1820 | | 1820 Dr |
| | | | | |
| 142. Prepaid Rent |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | 20020 | | 20020 Dr |
| 31/08/2020 | Rent expense | | 1820 | 18200 Dr |
| | | | | |
| | | | | |
| 602. office Supplies Expense |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | | |
| 31/08/2020 | Office Supplies | 33383 | | 33383 Dr |
| | | | | |
| | | | | |
| 104. office Supplies |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | 59348 | | 59348 Dr |
| 31/08/2020 | Office supplies Expense | | 33383 | 25965 Dr |
| | | | | |
| 655. Depreciation Expense- Office Furniture |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | | |
| 31/08/2020 | Accumulated Depreciation -office furniture | 840 | | 840 Dr |
| | | | | |
| | | | | |
| 156. Accumulated Depreciation- office Furniture |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | 10080 | 10080 Cr |
| 31/08/2020 | Depreciation- Office Furniture | | 840 | 10920 Cr |
| | | | | |
| 605. insurance Expense |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | | | |
| 31/08/2020 | Prepaid Insurance | 990 | | 990 Dr |
| | | | | |
| | | | | |
| 141. Prepaid Insurance |
| Date | Explanation | Debit | Credit | Balance |
| 31/08/2020 | Unadjusted Balance | 10890 | | 10890 Dr |
| 31/08/2020 | Insurance Expense | | 990 | 9900 Dr |
Business Name: Mr Heracles Olympus Trading As 'LaborNow!" "LaborNow!' is a labour hire firm owned and operated by Mr Heracles Ulympus. Mr Olympus has a large number of workers who he hires out to local firms to fill short-term contracts. Mostly his workers deal with cleaning and farming operations. Heracles has basic bookkeeping skills and has managed to do some needed balance day adjustments already. There are a few balance day adjustment items remaining that he was unsure on and so he has enlisted your help and has provided you with his unadjusted trial balance for the month of August 2020. Your task is to record the adjusting entries in the Journal', post these entries to the 'Ledger', manually prepare the 'Adjusted Trial Balance and finally help fill out the "Income Statement' and 'Balance Sheet'based on the 'Adjusted Trial Balance' for the month of August 2020. You can assume all other balance day adjustments not Llisted have already been accounted for and the bank loanis due in Aunust 2025 Relevant information: 1. Adjusting Items: Date Description 31/08/2020 The motor vehicle is depreciated using the straight line method. It has a useful life of 10 years and a zero residual value. The business has 7 sales staff. Each sales staff member's GROSS wage is $2450 per fortnight 31/08/2020 [PAYG withheld of $442]. At the end of the month, the business owed its sales staff 1 week worth of wages and that is yet to be recorded. Received $32340 (including GST) from a customer at the start of August 2020 for provision of 31/08/2020 some advanced cleaning services. At the time, the amount was recorded as unearned revenue and GST collected. The business managed to deliver these services by the end of August 2020. On August 1, 2020 the business deposited $38400 into a fixed deposit at ABC Bank. The interest 31/08/2020 offered was at 8% per annum and paid quarterly. The interest on the $38400 fixed deposit acrrued by the end of the month is yet to be recorded. On August 1, 2020 the business paid $22022 (including GST) for 11 months of office rent. This was 31/08/2020 recorded at the time as Prepaid Rent and GST Paid. Un Kugust II. zozu the business purchased 16 packs of markers worth $704 (including GST 31/08/2020 which were recorded as Office Supplies and GST Paid. Heracles counted the markers at the end of August 2020 and found that 9 packs of these markers have been consumed but their Consumntion has not been recorded The office furniture is depreciated using the straight line method. It depreciates at 25% per annum 31/08/2020 and is assumed to have a zero residual value. The business hires 2 general office assistants. Each assistant is paid a NET wages of $792 per 31/08/2020 week [PAYG withheld of $128]. At the end of the month, the business owed its office assistants 2 weeks of wages and that is yet to be recorded. 31/08/2020 On August 1, 2020 the business paid $11979 (including GST) for 11 months of business insurance. This was recorded at the time as Prepaid Insurance and GST Paid. Cr Acc. No. 101 102 103 104 111 141 142 Dr 349,376 53,452 73,902 59,348 13,694 10,890 20,020 10,366 40,320 143 10,080 84,000 Unadjusted Trial Balance "For the Month Ending 31/8/2020" Account Cash Accounts receivable Inventory Office Supplies GST Paid Prepaid Insurance Prepaid Rent Interest Receivable Office Furniture Accum. Depreciation - Office Furniture Motor Vehicle Accum. Depreciation - Motor Vehicle Accounts Payable GST Collected Interest Due Unearned Revenue Wages Payable Utilities Payable Consulting Fees Payable Bank Loan PAYG Withheld Capital Drawings Sales Revenue Service Revenue Interest Revenue Cost of Good Sold Computer Expense Office Supplies Expense Interest Expense Consulting Expense Insurance Expense Rent Expense Sales Commission Expense Utilities Expense Wage Expense Advertising Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture TOTAL 16,800 11,086 32,807 3,340 46,264 1.920 2,133 3.338 41,097 5,512 353,108 155 156 158 159 201 222 240 241 242 243 244 251 261 301 302 401 402 403 501 601 602 603 604 605 606 607 608 609 610 651 655 16,780 278,456 49,610 10,366 83,537 1,414 3,340 6,674 8,354 6,400 19,200 4,850 865 917 865,917 The General Journal Dr Cr Date Accounts 31/08/2020 Depreciation Expense - Motor Vehicle Accum. Depreciation - Motor Vehicle 700 101 700 8,575 31/08/2020 Wage Expense PAYG Withheld Wages Payable 1.547 7,028 31/08/2020 Unearned Revenue Interest Revenue 29,400 29,400 256 31/08/2020 Interest Receivable Interest Revenue 256 158 1,820 31/08/2020 Rent Expense Prepaid Rent 1,820 31/08/2020 Office Supplies Expense Office Supplies 33,383 33,383 840 31/08/2020 Depreciation Expense - Office Furniture Accum. Depreciation - Office Furniture Chart of accounts Acco Account Name unt Cash 102 Accounts Receivable 103 Inventory 104 Office Supplies 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent 143 Interest Receivable 151 Computer equipment 152 Acoum. Depreciation - Computer Equipment 155 Office Furniture 156 Accum. Depreciation - Office Furniture Motor Vehicle 159 Accum. Depreciation - Motor Vehicle 201 Accounts Payable 222 GST Collected 240 Interest Due 241 Unearned Revenue 242 Wages Payable 243 Utilities Payable 244 Consulting Fees Payable 251 Bank Loan 261 PAYG Withheld 301 Capital 302 Drawings 401 Sales Revenue 402 Service Revenue 403 Interest Revenue 501 Cost of Good Sold 601 Computer Expense 602 Office Supplies Expense 603 Interest Expense 604 Consulting Expense 605 Insurance Expense 606 Rent Expense 607 Sales Commission Expense 608 Utilities Expense 609 Wage Expense 610 Advertising Expense 651 Depreciation Expense - Motor Vehicle 655 Depreciation Expense - Office Furniture 658 Depreciation Expense - Computer Equipment 840 3,168 31/08/2020 Wage Expense PAYG Withheld Wages Payable 512 2,656 990 31/08/2020 Insurance Expense Prepaid Insurance 990 TOTAL 79.132 79.132 Business Name: Mr Heracles Olympus Trading As 'LaborNow!" "LaborNow!' is a labour hire firm owned and operated by Mr Heracles Ulympus. Mr Olympus has a large number of workers who he hires out to local firms to fill short-term contracts. Mostly his workers deal with cleaning and farming operations. Heracles has basic bookkeeping skills and has managed to do some needed balance day adjustments already. There are a few balance day adjustment items remaining that he was unsure on and so he has enlisted your help and has provided you with his unadjusted trial balance for the month of August 2020. Your task is to record the adjusting entries in the Journal', post these entries to the 'Ledger', manually prepare the 'Adjusted Trial Balance and finally help fill out the "Income Statement' and 'Balance Sheet'based on the 'Adjusted Trial Balance' for the month of August 2020. You can assume all other balance day adjustments not Llisted have already been accounted for and the bank loanis due in Aunust 2025 Relevant information: 1. Adjusting Items: Date Description 31/08/2020 The motor vehicle is depreciated using the straight line method. It has a useful life of 10 years and a zero residual value. The business has 7 sales staff. Each sales staff member's GROSS wage is $2450 per fortnight 31/08/2020 [PAYG withheld of $442]. At the end of the month, the business owed its sales staff 1 week worth of wages and that is yet to be recorded. Received $32340 (including GST) from a customer at the start of August 2020 for provision of 31/08/2020 some advanced cleaning services. At the time, the amount was recorded as unearned revenue and GST collected. The business managed to deliver these services by the end of August 2020. On August 1, 2020 the business deposited $38400 into a fixed deposit at ABC Bank. The interest 31/08/2020 offered was at 8% per annum and paid quarterly. The interest on the $38400 fixed deposit acrrued by the end of the month is yet to be recorded. On August 1, 2020 the business paid $22022 (including GST) for 11 months of office rent. This was 31/08/2020 recorded at the time as Prepaid Rent and GST Paid. Un Kugust II. zozu the business purchased 16 packs of markers worth $704 (including GST 31/08/2020 which were recorded as Office Supplies and GST Paid. Heracles counted the markers at the end of August 2020 and found that 9 packs of these markers have been consumed but their Consumntion has not been recorded The office furniture is depreciated using the straight line method. It depreciates at 25% per annum 31/08/2020 and is assumed to have a zero residual value. The business hires 2 general office assistants. Each assistant is paid a NET wages of $792 per 31/08/2020 week [PAYG withheld of $128]. At the end of the month, the business owed its office assistants 2 weeks of wages and that is yet to be recorded. 31/08/2020 On August 1, 2020 the business paid $11979 (including GST) for 11 months of business insurance. This was recorded at the time as Prepaid Insurance and GST Paid. Cr Acc. No. 101 102 103 104 111 141 142 Dr 349,376 53,452 73,902 59,348 13,694 10,890 20,020 10,366 40,320 143 10,080 84,000 Unadjusted Trial Balance "For the Month Ending 31/8/2020" Account Cash Accounts receivable Inventory Office Supplies GST Paid Prepaid Insurance Prepaid Rent Interest Receivable Office Furniture Accum. Depreciation - Office Furniture Motor Vehicle Accum. Depreciation - Motor Vehicle Accounts Payable GST Collected Interest Due Unearned Revenue Wages Payable Utilities Payable Consulting Fees Payable Bank Loan PAYG Withheld Capital Drawings Sales Revenue Service Revenue Interest Revenue Cost of Good Sold Computer Expense Office Supplies Expense Interest Expense Consulting Expense Insurance Expense Rent Expense Sales Commission Expense Utilities Expense Wage Expense Advertising Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture TOTAL 16,800 11,086 32,807 3,340 46,264 1.920 2,133 3.338 41,097 5,512 353,108 155 156 158 159 201 222 240 241 242 243 244 251 261 301 302 401 402 403 501 601 602 603 604 605 606 607 608 609 610 651 655 16,780 278,456 49,610 10,366 83,537 1,414 3,340 6,674 8,354 6,400 19,200 4,850 865 917 865,917 The General Journal Dr Cr Date Accounts 31/08/2020 Depreciation Expense - Motor Vehicle Accum. Depreciation - Motor Vehicle 700 101 700 8,575 31/08/2020 Wage Expense PAYG Withheld Wages Payable 1.547 7,028 31/08/2020 Unearned Revenue Interest Revenue 29,400 29,400 256 31/08/2020 Interest Receivable Interest Revenue 256 158 1,820 31/08/2020 Rent Expense Prepaid Rent 1,820 31/08/2020 Office Supplies Expense Office Supplies 33,383 33,383 840 31/08/2020 Depreciation Expense - Office Furniture Accum. Depreciation - Office Furniture Chart of accounts Acco Account Name unt Cash 102 Accounts Receivable 103 Inventory 104 Office Supplies 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent 143 Interest Receivable 151 Computer equipment 152 Acoum. Depreciation - Computer Equipment 155 Office Furniture 156 Accum. Depreciation - Office Furniture Motor Vehicle 159 Accum. Depreciation - Motor Vehicle 201 Accounts Payable 222 GST Collected 240 Interest Due 241 Unearned Revenue 242 Wages Payable 243 Utilities Payable 244 Consulting Fees Payable 251 Bank Loan 261 PAYG Withheld 301 Capital 302 Drawings 401 Sales Revenue 402 Service Revenue 403 Interest Revenue 501 Cost of Good Sold 601 Computer Expense 602 Office Supplies Expense 603 Interest Expense 604 Consulting Expense 605 Insurance Expense 606 Rent Expense 607 Sales Commission Expense 608 Utilities Expense 609 Wage Expense 610 Advertising Expense 651 Depreciation Expense - Motor Vehicle 655 Depreciation Expense - Office Furniture 658 Depreciation Expense - Computer Equipment 840 3,168 31/08/2020 Wage Expense PAYG Withheld Wages Payable 512 2,656 990 31/08/2020 Insurance Expense Prepaid Insurance 990 TOTAL 79.132 79.132
