please provide the solution for this Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Mercedes Blends.
The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalise and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Mercedes Blends in a later section of this practice set.
The details of the end of month adjustments for June are as follows:
Cash Registers owned by the business: original purchase price was $6,000, estimated useful life was 5 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
Store Fixtures owned by the business: original purchase price was $48,000, estimated useful life was 10 years, and estimated residual value was $4,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
The water usage for the month of June is estimated to be $1,075.
The estimated electricity payable as at the end of June is $294.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $320 per day.
Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $225.
Office supplies totalling $546 are still on hand at 30 June.
One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance.
3 months of advertising remained pre-paid at the start of June.
5 months of insurance remained pre-paid at the start of June.
When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month.
Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry required for inventory shrinkage.
Worksheet 12/05/11 12:20 AM Manual Accounting Practice Set Mercedes Blends, Australasian Edition 3 Worksheet Your progress Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 699 804 Points (on this page) 76 Points (after this page) 170 Completed: 699 1,050 ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m Total 59% (approximately) This page will take: up to 1.5 hours Remaining pages will take: up to 6.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Mercedes Blends. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalise and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Mercedes Blends in a later section of this practice set. The details of the end of month adjustments for June are as follows: sh Th is Cash Registers owned by the business: original purchase price was $8,000, estimated useful life was 5 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Store Fixtures owned by the business: original purchase price was $35,000, estimated useful life was 10 years, and estimated residual value was $5,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $1,025. The estimated electricity payable as at the end of June is $317. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $300 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $240. Office supplies totalling $594 are still on hand at 30 June. One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Complete all columns in the worksheet. To do this, you need to use the unadjusted account balances http://www.perdisco.com/elms/qsam/html/qsam.aspx https://www.coursehero.com/file/10084800/Worksheet/ Page 1 of 3 Worksheet 12/05/11 12:20 AM provided in the general ledger. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. (Q=820.worksheetQuestion) Mercedes Blends Worksheet As at 30/06/2011 Debit 100 Cash at Bank Adjustments Adjusted Trial Balance Income Statement ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m Unadjusted Trial Balance Acct. Account Name No. Credit Debit Credit Debit Credit Debit Credit Balance Sheet Debit Credit 110 ARC - Accounts Receivable Control 120 Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Cash Registers 151 Accum Depn: Cash Registers 160 Store Fixtures 161 Accum Depn: Store Fixtures is 210 APC - Accounts Payable Control Th 220 Wages Payable 221 Electricity Payable 225 Interest Payable sh 222 Water Payable 250 Bank Loan Payable 300 Share Capital 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 402 Discount Received http://www.perdisco.com/elms/qsam/html/qsam.aspx https://www.coursehero.com/file/10084800/Worksheet/ Page 2 of 3 Worksheet 12/05/11 12:20 AM 403 Interest Revenue 500 Cost of Sales 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Cash Registers 571 Interest Expense 572 Bank Charges 573 Discount Allowed ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m 561 Depn Expense: Store Fixtures Totals Profit/loss Totals sh Th is Manual Accounting Practice Set Mercedes Blends, Australasian Edition 3 (VSA3h) 2010 Perdisco / latin /. v., learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Thursday, May 12, 2011, 00:19 http://www.perdisco.com/elms/qsam/html/qsam.aspx https://www.coursehero.com/file/10084800/Worksheet/ Powered by TCPDF (www.tcpdf.org) Page 3 of 3

Question

please provide the solution for this Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Mercedes Blends.

The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalise and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Mercedes Blends in a later section of this practice set.

The details of the end of month adjustments for June are as follows:

Cash Registers owned by the business: original purchase price was $6,000, estimated useful life was 5 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
Store Fixtures owned by the business: original purchase price was $48,000, estimated useful life was 10 years, and estimated residual value was $4,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
The water usage for the month of June is estimated to be $1,075.
The estimated electricity payable as at the end of June is $294.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $320 per day.
Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $225.
Office supplies totalling $546 are still on hand at 30 June.
One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance.
3 months of advertising remained pre-paid at the start of June.
5 months of insurance remained pre-paid at the start of June.

When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month.

Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry required for inventory shrinkage.

Worksheet 12/05/11 12:20 AM Manual Accounting Practice Set Mercedes Blends, Australasian Edition 3 Worksheet Your progress Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 699 804 Points (on this page) 76 Points (after this page) 170 Completed: 699 1,050 ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m Total 59% (approximately) This page will take: up to 1.5 hours Remaining pages will take: up to 6.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Mercedes Blends. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalise and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Mercedes Blends in a later section of this practice set. The details of the end of month adjustments for June are as follows: sh Th is Cash Registers owned by the business: original purchase price was $8,000, estimated useful life was 5 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Store Fixtures owned by the business: original purchase price was $35,000, estimated useful life was 10 years, and estimated residual value was $5,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $1,025. The estimated electricity payable as at the end of June is $317. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $300 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $240. Office supplies totalling $594 are still on hand at 30 June. One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Complete all columns in the worksheet. To do this, you need to use the unadjusted account balances http://www.perdisco.com/elms/qsam/html/qsam.aspx https://www.coursehero.com/file/10084800/Worksheet/ Page 1 of 3 Worksheet 12/05/11 12:20 AM provided in the general ledger. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. (Q=820.worksheetQuestion) Mercedes Blends Worksheet As at 30/06/2011 Debit 100 Cash at Bank Adjustments Adjusted Trial Balance Income Statement ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m Unadjusted Trial Balance Acct. Account Name No. Credit Debit Credit Debit Credit Debit Credit Balance Sheet Debit Credit 110 ARC - Accounts Receivable Control 120 Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Cash Registers 151 Accum Depn: Cash Registers 160 Store Fixtures 161 Accum Depn: Store Fixtures is 210 APC - Accounts Payable Control Th 220 Wages Payable 221 Electricity Payable 225 Interest Payable sh 222 Water Payable 250 Bank Loan Payable 300 Share Capital 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 402 Discount Received http://www.perdisco.com/elms/qsam/html/qsam.aspx https://www.coursehero.com/file/10084800/Worksheet/ Page 2 of 3 Worksheet 12/05/11 12:20 AM 403 Interest Revenue 500 Cost of Sales 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Cash Registers 571 Interest Expense 572 Bank Charges 573 Discount Allowed ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m 561 Depn Expense: Store Fixtures Totals Profit/loss Totals sh Th is Manual Accounting Practice Set Mercedes Blends, Australasian Edition 3 (VSA3h) 2010 Perdisco / latin /. v., learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Thursday, May 12, 2011, 00:19 http://www.perdisco.com/elms/qsam/html/qsam.aspx https://www.coursehero.com/file/10084800/Worksheet/ Powered by TCPDF (www.tcpdf.org) Page 3 of 3

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