please help me to answer this two accounting questions

Q.1 Smith Catering Service completed the following transactions during its first month of operations for July 2016: a. Smith Catering Service commenced operations by receiving $12000 cash and a generator (non-current asset) valued at $22000. b. Paid office rent, $1200. This rent isn't paid in advance. c. Prepaid insurance for $1400. d. Completed a large catering service, billed the customer for $3000 and received a promise to collect the $3000 within one week. e. Paid employee salary, $1400. f. Paid $600 cash for supplies. g. Received $24000 cash for performing catering services. h. Collected $1200 in advance for catering service to be performed later. i. Collected $3000 cash from a customer on credit. j. Owner withdrew cash of $4200. k. Purchased $400 for fuel for the generator on credit. l. Performed catering services on credit, $1800. m. Paid $400 on account. n. Performed catering services for a customer and received $1600 cash. Requirements : 1. Record each transaction in the journal. Key each transaction by its letter. Explanations aren't required. 2. Post the transactions that you recorded in Requirement 1 in the Taccounts all 3. Enter the trial balance in the worksheet (including Income statement and Balance Sheet columns) for the month ended 31 July 2016. Complete the worksheet using the adjustment data given at 31 July: i. Accrued salary expense, $1400. ii. Depreciation expense, $120. iii. Prepaid insurance expired, $500. iv. Supplies on hand, $400. v. Unearned service revenue earned during July, $1000. 4. Prepare Smith Catering Service's income statement and statement of changes in equity for the month ended 31 July 2016, and the classified balance sheet as at that date. 5. Journalise and post the adjusting entries, beginning with i. 6. Journalise and post the closing entries. 7. Prepare a post-closing trial balance as at 31 July 2016. (Please show all calculations clearly) Q.2 Perfect Ltd's financial year runs from 1 July to 30 June. The following information regarding inventory transactions is available for the month of July 2016: Date Description Qty Unit cost or selling price Jul 1 Beginning Inventory 1000 $12 Jul 7 Purchase 500 14 Jul 11 Sale 700 Jul 18 Sale 600 Jul 20 Purchase 1000 15 Jul 25 Sale 600 Required: Determine the correct balances at 31 July for Merchandise inventory and Cost of goods sold under each of the following inventory methods: (a) FIFO, (b)LIFO and (c) weighted-average. (For the purposes of the question, please ignore GST) Answer 1. Date / no. a b c d e f g h i j k l m n Account Title Cash Generator Owner's Equity Debit 12,000 22,000 34,000 Rent Expenses Cash 1,200 Prepaid Insurance Cash 1,400 Accounts receivable Service Revenue 3,000 Salary expenses Cash 1,400 Supplies Cash Cash Service Revenue 1,200 1,400 3,000 1,400 600 600 24,000 24,000 Cash Unearned Service Revenue 1,200 Cash Accounts receivable 3,000 Drawings Cash 4,200 Utilities Expenses Accounts payable Accounts receivable Service Revenue Credit 1,200 3,000 4,200 400 400 1,800 1,800 Accounts payable Cash 400 Cash Service Revenue 1,600 400 1,600 Adjusting Entries i Salary expenses Salary Payable 1,400 1,400 ii Depreciation Expenses Accumulated Depreciation- Generator iii Insurance Expenses Prepaid Insurance 500 Supplies Expenses Supplies 200 iv v 500 200 Unrarned Service Revenue Service Revenue 1,000 1,000 Closing Entries 1 Service revenue Income Summary 31,400 31,400 2 Income Summary Utilities Expenses Supplies Expenses Salaries Expenses Rent Expenses Insurance expenses Depreciation Expenses 5,220 400 200 2,800 1,200 500 120 3 Income Summary Retained earnings 26,180 4 Retained earnings Drawings 4,200 26,180 4,200 a g h Cash 12,000 24,000 1,200 i n 3,000 1,600 32,600 f a m Supplies 600 Generator 22,000 Accounts payable 400 Owner's Equity v Unearned Service Revenue 1,000 k Utilities Expenses 400 e i Salaries Expenses 1,400 1,400 iii Insurance Expenses 500 Retained earnings 4,200 S.N. Account Title 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Cash Accounts Receivables Supplies Prepaid Insurance Generator Accumulated Depreciation- Generator Accounts payable Salaries Payable Owners equity Drawings Unearned Service revenue Service revenue Utilities Expenses Supplies Expenses Salaries Expenses Rent Expenses Unadusted Debit 32,600 1,800 600 1,400 22,000 Credit 34,000 4,200 1,200 30,400 400 1,400 1,200 17 Insurance expenses 18 Depreciation Expenses 19 Retained earnings Total Net Income Total 65,600 65,600 Smith Catering Service Income Statement For month of July 31, 2016 Service revenue Expenses Utilities Expenses Supplies Expenses Salaries Expenses Rent Expenses Insurance expenses Depreciation Expenses Total Expenses Net Income 31,400 400 200 2,800 1,200 500 120 5,220 26,180 Smith Catering Service Statement of Changes in Equity As of July 31,2016 Equity Balance at beginning of month Addition during month Net Income for month Drawings Total 34,000 34,000 Retained Earnings 26,180 (4,200) 21,980 Smith Catering Service Balance Sheet As of July 31,2016 Assets Current Assets Cash Accounts Receivables Supplies Prepaid Insurance Total Current Assets Property, Plant and Equipment 32,600 1,800 400 900 35,700 Generator Accumulated Depreciation- Generator Total Assets Liabilities and Equity Current Liabilities Accounts Payable Salaries Payable Unearned service Revenue Total Current Liabilities Owners Equity Equity Retained Earnings Total Liabilities and Equity 22,000 (120) 1,400 200 21,880 57,580 1,600 34,000 21,980 57,580 Cash b c e 1,200 1,400 1,400 d l Accounts receivables 3,000 i 1,800 1,800 f j m Supplies iv 600 4,200 400 200 c Prepaid Insurance 1,400 iii Generator Accumulated Depreciation- Generator ii Accounts payable k Salaries Payable i Owner's Equity a nearned Service Revenue h 400 - 34,000 j Drawings 4,200 Service Revenue 31,400 d g l n 1,200 v Utilities Expenses 400 iv Supplies expenses 200 Salaries Expenses 2,800 b Rent Expenses 1,200 500 ii Depreciation Expenses 120 Insurance Expenses Retained earnings 26,180 Smith catering Service July 31, 2016 Adjustments Adjusted Debit Credit Debit Credit 32,600 1,800 200 400 500 900 22,000 120 120 1,400 1,400 34,000 4,200 1,000 200 1,000 31,400 400 200 200 1,400 2,800 1,200 Income Statement Debit Credit 31,400 400 200 2,800 1,200 500 120 3,220 Total 34,000 26,180 (4,200) 55,980 500 120 3,220 67,120 500 120 67,120 5,220 26,180 31,400 31,400 31,400 ables 3,000 nce 500 on- Generator 120 ble 1,400 4,200 ue 3,000 24,000 1,800 1,600 30,400 1,000 nses 200 es 1,200 enses 120 Balance Sheet Debit Credit 32,600 1,800 400 900 22,000 Post Closing Debit Credit 32,600 1,800 400 900 22,000 120 1,400 34,000 120 1,400 34,000 200 200 4,200 61,900 61,900 35,720 26,180 61,900 57,700 21,980 57,700 Answer 2 a b c Perfect Ltd. As of July, 31, 2016 FIFO Method Balance of Merchandise Inventory Cost of Goods Sold Units LIFO Method Balance of Merchandise Inventory Cost of Goods Sold Units Weighted Average Method Balance of Merchandise Inventory Cost of Goods Sold Units 600 1900 Amount 9000 25000 600 1900 Amount 7200 26800 600 1900 Amount 8767 25233 Date Qty Purchase Rate Amount Qty Issue Rate Amount July. 1 7 11 18 20 25 Total 500 1000 14 15 7000 700 600 12.67 12.67 8867 7600 600 14.61 8767 15000 25233 Qty 1000 1500 800 200 1200 600 Balance Rate Amount 12 12000 12.67 19000 12.67 10133 12.67 2533 14.61 17533 14.61 8767 600 8767 Answer 1. Date / no. a b c d e f g h i j k l m n Account Title Cash Generator Owner's Equity Debit 12,000 22,000 34,000 Rent Expenses Cash 1,200 Prepaid Insurance Cash 1,400 Accounts receivable Service Revenue 3,000 Salary expenses Cash 1,400 Supplies Cash Cash Service Revenue 1,200 1,400 3,000 1,400 600 600 24,000 24,000 Cash Unearned Service Revenue 1,200 Cash Accounts receivable 3,000 Drawings Cash 4,200 Utilities Expenses Accounts payable Accounts receivable Service Revenue Credit 1,200 3,000 4,200 400 400 1,800 1,800 Accounts payable Cash 400 Cash Service Revenue 1,600 400 1,600 Adjusting Entries i Salary expenses Salary Payable 1,400 1,400 ii Depreciation Expenses Accumulated Depreciation- Generator iii Insurance Expenses Prepaid Insurance 500 Supplies Expenses Supplies 200 iv v 500 200 Unrarned Service Revenue Service Revenue 1,000 1,000 Closing Entries 1 Service revenue Income Summary 31,400 31,400 2 Income Summary Utilities Expenses Supplies Expenses Salaries Expenses Rent Expenses Insurance expenses Depreciation Expenses 5,220 400 200 2,800 1,200 500 120 3 Income Summary Retained earnings 26,180 4 Retained earnings Drawings 4,200 26,180 4,200 a g h Cash 12,000 24,000 1,200 i n 3,000 1,600 32,600 f a m Supplies 600 Generator 22,000 Accounts payable 400 Owner's Equity v Unearned Service Revenue 1,000 k Utilities Expenses 400 e i Salaries Expenses 1,400 1,400 iii Insurance Expenses 500 Retained earnings 4,200 S.N. Account Title 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Cash Accounts Receivables Supplies Prepaid Insurance Generator Accumulated Depreciation- Generator Accounts payable Salaries Payable Owners equity Drawings Unearned Service revenue Service revenue Utilities Expenses Supplies Expenses Salaries Expenses Rent Expenses Unadusted Debit 32,600 1,800 600 1,400 22,000 Credit 34,000 4,200 1,200 30,400 400 1,400 1,200 17 Insurance expenses 18 Depreciation Expenses 19 Retained earnings Total Net Income Total 65,600 65,600 Smith Catering Service Income Statement For month of July 31, 2016 Service revenue Expenses Utilities Expenses Supplies Expenses Salaries Expenses Rent Expenses Insurance expenses Depreciation Expenses Total Expenses Net Income 31,400 400 200 2,800 1,200 500 120 5,220 26,180 Smith Catering Service Statement of Changes in Equity As of July 31,2016 Equity Balance at beginning of month Addition during month Net Income for month Drawings Total 34,000 34,000 Retained Earnings 26,180 (4,200) 21,980 Smith Catering Service Balance Sheet As of July 31,2016 Assets Current Assets Cash Accounts Receivables Supplies Prepaid Insurance Total Current Assets Property, Plant and Equipment 32,600 1,800 400 900 35,700 Generator Accumulated Depreciation- Generator Total Assets Liabilities and Equity Current Liabilities Accounts Payable Salaries Payable Unearned service Revenue Total Current Liabilities Owners Equity Equity Retained Earnings Total Liabilities and Equity 22,000 (120) 1,400 200 21,880 57,580 1,600 34,000 21,980 57,580 Cash b c e 1,200 1,400 1,400 d l Accounts receivables 3,000 i 1,800 1,800 f j m Supplies iv 600 4,200 400 200 c Prepaid Insurance 1,400 iii Generator Accumulated Depreciation- Generator ii Accounts payable k Salaries Payable i Owner's Equity a nearned Service Revenue h 400 - 34,000 j Drawings 4,200 Service Revenue 31,400 d g l n 1,200 v Utilities Expenses 400 iv Supplies expenses 200 Salaries Expenses 2,800 b Rent Expenses 1,200 500 ii Depreciation Expenses 120 Insurance Expenses Retained earnings 26,180 Smith catering Service July 31, 2016 Adjustments Adjusted Debit Credit Debit Credit 32,600 1,800 200 400 500 900 22,000 120 120 1,400 1,400 34,000 4,200 1,000 200 1,000 31,400 400 200 200 1,400 2,800 1,200 Income Statement Debit Credit 31,400 400 200 2,800 1,200 500 120 3,220 Total 34,000 26,180 (4,200) 55,980 500 120 3,220 67,120 500 120 67,120 5,220 26,180 31,400 31,400 31,400 ables 3,000 nce 500 on- Generator 120 ble 1,400 4,200 ue 3,000 24,000 1,800 1,600 30,400 1,000 nses 200 es 1,200 enses 120 Balance Sheet Debit Credit 32,600 1,800 400 900 22,000 Post Closing Debit Credit 32,600 1,800 400 900 22,000 120 1,400 34,000 120 1,400 34,000 200 200 4,200 61,900 61,900 35,720 26,180 61,900 57,700 21,980 57,700 Answer 2 a b c Perfect Ltd. As of July, 31, 2016 FIFO Method Balance of Merchandise Inventory Cost of Goods Sold Units LIFO Method Balance of Merchandise Inventory Cost of Goods Sold Units Weighted Average Method Balance of Merchandise Inventory Cost of Goods Sold Units 600 1900 Amount 9000 25000 600 1900 Amount 7200 26800 600 1900 Amount 8767 25233 Date Qty Purchase Rate Amount Qty Issue Rate Amount July. 1 7 11 18 20 25 Total 500 1000 14 15 7000 700 600 12.67 12.67 8867 7600 600 14.61 8767 15000 25233 Qty 1000 1500 800 200 1200 600 Balance Rate Amount 12 12000 12.67 19000 12.67 10133 12.67 2533 14.61 17533 14.61 8767 600 8767