MAJOR CASE STUDY You have commenced work at Alfreds Accountants, and Alfred has given you a series of tasks to perform The first task is as follows Alfred hands you a pre adjustment trial balance of an organisation known as Radcliffe Rifles and a series of notes about Radcliffe Rifles He then asks you to undertake a series of tasks RADCLIFFE RIFLES Pre Adjustment Trial Balance as at 30 June 2020 Account Debit Credit Accumulated DepreciationEquipment 10 000 Advertising 1 700 Office Supplies 1 000 Bank 5 000 CapitalBlake 92 150 Cost of Sales 54 000 Accounts Payable 18 500 Customs Duty 3 000 Accounts Receivable 9 300 Delivery Expense 2 000 Discount Expense 2 100 Discount Revenue 3 200 Drawings 20 000 Equipment 90 000 Interest Expense 4 000 LoanNorth Bank 40 000 Office Expenses 4 450 Prepaid Rent Expense 6 000 Sales 105 500 Inventory 47 800 Wages 19 000 Totals 269 350 269 350 The following transactions have not yet been entered in the accounts Depreciation of equipment is to be charged at the rate of 1 per annum on cost Prepaid Rent expired during the period $5600 A customer paid a deposit of $5000, inventory will be delivered on 5 July 2020 Wages owing at 30 June 2020 were $850 Accounts payable paid $12500 Prepaid annual insurance $1200, policy commencing from 1 July 2020 Accounts receivable collected 7500 On 30 June 2020 office supplies on hand $400 Radcliffe Rifles rented out the basement of the premises for $2000 per month The tenant has not yet paid the June rent Bad debt written off $500 Task 1 Required Mr Alfred instructs you to prepare the journal entries necessary to record above transactions in the General Journal as at 30 June 2020 Narrations are not required Task 2 Required Mr Alfred instructs you to prepare an Income Statement for the 6 months ending 30 June 2020 Task 3 Required Mr Alfred instructs you to prepare a fully classified Balance Sheet (using a narrative or T form) as at 30 June 2020 (Note must use a standard Balance Sheet format with appropriate headings)

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MAJOR CASE STUDY You have commenced work at Alfreds Accountants, and Alfred has given you a series of tasks to perform. The first task is

MAJOR CASE STUDY

You have commenced work at Alfreds Accountants, and Alfred has given you a series of tasks to perform.

The first task is as follows:

Alfred hands you a pre-adjustment trial balance of an organisation known as Radcliffe Rifles and a series of notes about Radcliffe Rifles. He then asks you to undertake a series of tasks:

RADCLIFFE RIFLES

Pre-Adjustment Trial Balance as at 30 June 2020

Account	Debit	Credit
Accumulated DepreciationEquipment		10 000
Advertising	1 700
Office Supplies	1 000
Bank	5 000
CapitalBlake		92 150
Cost of Sales	54 000
Accounts Payable		18 500
Customs Duty	3 000
Accounts Receivable	9 300
Delivery Expense	2 000
Discount Expense	2 100
Discount Revenue		3 200
Drawings	20 000
Equipment	90 000
Interest Expense	4 000
LoanNorth Bank		40 000
Office Expenses	4 450
Prepaid Rent Expense	6 000
Sales		105 500
Inventory	47 800
Wages	19 000
Totals	269 350	269 350

The following transactions have not yet been entered in the accounts.

Depreciation of equipment is to be charged at the rate of 1% per annum on cost.
Prepaid Rent expired during the period $5600.
A customer paid a deposit of $5000, inventory will be delivered on 5 July 2020.
Wages owing at 30 June 2020 were $850.
Accounts payable paid $12500.
Prepaid annual insurance $1200, policy commencing from 1 July 2020.
Accounts receivable collected 7500.
On 30 June 2020 office supplies on hand $400.
Radcliffe Rifles rented out the basement of the premises for $2000 per month. The tenant has not yet paid the June rent.
Bad debt written off $500.

Task 1.

Required:

Mr Alfred instructs you to prepare the journal entries necessary to record above transactions in the General Journal as at 30 June 2020. Narrations are not required.

Task 2

Required:

Mr Alfred instructs you to prepare an Income Statement for the 6 months ending 30 June 2020.

Task 3

Required:

Mr Alfred instructs you to prepare a fully classified Balance Sheet (using a narrative or T form) as at 30 June 2020. (Note: must use a standard Balance Sheet format with appropriate headings)