Marios Pizza Palace Practice Set Part 3 The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20XX Credit Account number 100 110 120 130 140 150 160 170 171 180 181 200 Debit 38,309 480 672 1,252 1,002 580 2,031 17,770 11,037 38,140 210 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid advertising Prepaid insurance Motor vehicles (cost) Accumulated depreciation - motor vehicles Store equipment (cost) Accumulated depreciation - store equipment Accounts payable PAYG withholding payable Bank loan Owner's capital Owner's drawings Sales income Sales returns and allowances Discounts received Delivery income Food purchases Purchase returns and allowances Packaging costs Discount given Freight inwards Accountancy fees 11,430 15,310 1,168 19,773 74,287 42,829 176,023 48 485 280 300 310 400 410 420 430 500 510 520 530 540 600 30 61,424 370 13,993 277 82 1,308 605 610 620 625 630 635 640 645 650 655 660 665 670 Advertising expense Bank charges Electricity and gas expense Insurance expense Interest expense Motor vehicles expense Printing, postage and stationery expense Rent expense Repairs and maintenance expense Sundry expenses Superannuation expense Telephone expense Wages expense 3,712 760 2,569 2,064 1,090 4,811 494 27,064 646 313 3,389 3,944 38,860 309,913 309,913 (Note: Enter accounts in ascending account number order according to the chart of accounts numbers.) OFFICE MEMORANDUM Date: 30/06/20XX To: Maria Italiano SUBJECT: End of period adjustments Adjusting journal entries are required for the following: 1. Wages payable at the end of June are $1,242 2. Transfer 1/3rd of the prepaid insurance to the expense account 3. Transfer 50% of the prepaid advertising to the expense account 4. Superannuation payable for June is $271 5. Record depreciation for the year. Use the straight line (prime cost) method and the rates shown below: a. Motor vehicles 20% b. Store equipment 10% 6. Interest charged on the bank loan for the month was $83 7. The end of June stocktake has determined that the closing inventory value of food is $1,968 and packaging $4,321. Signed: Accountant Mario's Pizza Palace Worksheet as at 30 June 20XX Unadjusted trial Adjusted trial balance Adjustments balance Debit Credit Debit Credit Debit Credit Debit Income statement Account Balance sheet Credit Debit Credit Cash 38,309 38,309 Cash float 480 480 Accounts receivable 672 672 Inventory - food 1,252 1,252 Inventory - packaging 1,002 1,002 Prepaid advertising 580 290 290 Prepaid insurance 2,031 677 1,354 Motor vehicles (cost) 17,770 17,770 Accumulated depreciation - motor vehicles 11,037 3,554 14,591 Store equipment (cost) 38,140 38,140 Accumulated depreciation - store equipment 11,430 3,814 15,244 15,310 Accounts payable 15,310 PAYG withholding payable 1,168 1,168 Superannuation payable 271 271 1,242 Wages payable Bank loan 19,773 83 1,242 19,856 74,287 Owner's capital 74,287 Owner's drawings 42,829 42,829 Sales income 176,023 Sales returns and allowances 48 48 Discounts received 485 Delivery income Food purchases 61,424 61,424 Purchase returns and allowances Packaging costs 13,993 13,993 277 Discount given 277 Freight inwards 82 82 Accountancy fees 1,308 1,308 Advertising expense 3,712 290 4,002 Bank charges 760 760 Depreciation 7,368 7,368 Electricity and gas expense 2,569 2,569 Insurance expense 2,064 677 2,741 Interest expense 83 1,173 1,090 4,811 Motor vehicles expense 4,811 Printing, postage and stationery expense 494 494 Rent expense 27,064 27,064 Repairs and maintenance expense 646 646 Sundry expenses 313 313 Superannuation expense 3,389 271 3,660 Telephone expense 3,944 3,944 Wages expense 38,860 1,242 40,102 309,913 309,913 9,931 9,931 318,877 318,877 PROFIT/(LOSS)
