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Proprietor: Ms. Nicole Coffeur Name: Teenage StyleBag Description: Hair and Beauty Salon The business has the following opening balances: Additional Information: Hair Styling Supplies $767 Closing stock of hair styling supplies on 30/6 ($) 694 Hair Styling Equipment $18,529 Bank Loan (due 2022) $28,727 Hair styling equipment scrap value ($) 4,382 Account Payable $9,051 Hair styling equipment useful life (years) Motor Vehicle $39.695 Rent paid for (months) Account Receivable $19,386 Insurance paid for (months) 2 Cash At Bank $19,595 Motor vehicle scrap value ($) 3,918 Motor vehicle useful life (years) 2 Bank loan interest rates (% per year) 11 Transactions: Date Description Amount Date Description Amount 1-Jun Paid General Insurance $2.565 1-Jun Motor Vehicle Expenses $288 1-Jun Manicure services - Account $1,296 1-Jun Purchase hair styling supplies - account $483 3-Jun Rent of Business Premises $4,442 3-Jun Payment to Account Payable $700 4-Jun Motor Vehicle Expenses $198 7-Jun Facial services fees - Cash $1,635 8-Jun Staff Wages $1,114 8-Jun Facial services fees - Cash $1,638 9-Jun Purchase hair styling supplies - account $407 10-Jun Payment to Account Payable $849 12-Jun Advertising Expense - Account $679 13-Jun Purchase books and magazines $63 14-Jun Hair styling fees - Cash $1,139 14-Jun Sundry Expenses $112 14-Jun Facial services fees - Cash $1,798 15-Jun Staff Wages $1,114 15-Jun Sundry Expenses $157 17-Jun Advertising Expense - Account $652 18-Jun Hair styling fees - Account $1,866 20-Jun Cash Withdrawals by Owner $413 21-Jun Cash Withdrawals by Owner $511 21-Jun Advertising Expense - Cash $335 22-Jun Receive Payment from Account Customers $1,042 22-Jun Manicure services - Cash $916 22-Jun Staff Wages $1,114 23-Jun Advertising Expense - Cash $313 23-Jun Hair styling fees - Cash $1,102 23-Jun Manicure services - Account $1,127 24-Jun Purchase books and magazines $88 25-Jun Additional cash contributed by owner $4,136 25-Jun Hair styling fees - Account $1,575 26-Jun Receive Payment from Account Customers $1.355 26-Jun Manicure services - Cash $800 29-Jun Staff Wages $1,1144-Jun Motor Vehicle Expenses $198 7-Jun Facial services fees - Cash $1,635 8-Jun Staff Wages $1,114 8-Jun Facial services fees - Cash $1.638 9-Jun Purchase hair styling supplies - account $407 10-Jun Payment to Account Payable $849 12-Jun Advertising Expense - Account $679 13-Jun Purchase books and magazines $63 14-Jun Hair styling fees - Cash $1,139 14-Jun Sundry Expenses $112 14-Jun Facial services fees - Cash $1,798 15-Jun Staff Wages $1,114 15-Jun Sundry Expenses $157 17-Jun Advertising Expense - Account $652 18-Jun Hair styling fees - Account $1,866 20-Jun Cash Withdrawals by Owner $413 21-Jun Cash Withdrawals by Owner $511 21-Jun Advertising Expense - Cash $335 22-Jun Receive Payment from Account Customers $1.042 22-Jun Manicure services - Cash $916 22-Jun Staff Wages $1,114 23-Jun Advertising Expense - Cash $313 23-Jun Hair styling fees - Cash $1,102 23-Jun Manicure services - Account $1,127 24-Jun Purchase books and magazines $88 25-Jun Additional cash contributed by owner $4,136 25-Jun Hair styling fees - Account $1,575 26-Jun Receive Payment from Account Customers $1,355 26-Jun Manicure services - Cash $800 29-Jun Staff Wages $1,114 Comments: This business was purchased on 1 June 2012. The current date is July 2012, therefore you are preparing financial statements for the period ending 30 June 2012 You will need to refer to the Additional Information section for your adjusting entries. There is no requirement to make adjusting entries for unearned income. The business is staffed 7 days/week and the level of staffing does not vary day to day. Therefore, the cost of wages does not vary by day of the week. Wages are paid for work performed up to the day before the day of payment. For example, wages owing for work performed on days I to 7 are paid on day &. The rent and insurance periods start on 1 June. Unless otherwise indicated, all transactions are on a cash basis. Where an item description includes the word "Account", it means the transaction was on credit, not cash. It is essential that you understand the real world meaning of the transaction descriptions: if the meaning of any one of them is not clear, post a question on the Assignments discussion forum. In completing the assignment, use one general Accounts Receivable for all debtors and one general Accounts Payable for all creditors. Recognise all prepayments initially as assets. Your Balance Sheet should show assets and liabilities divided into current and non-current. Show three types of revenue, namely hair styling services, manicure services and facial services. All revenues received were for the month of June
