Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare a 10 column worksheet The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2022)
Prepare a 10 column worksheet
The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2022) Hair Styling Equipment Hair Styling Supplies Capital $16,728 $16,895 $39,073 $7,811 $20,325 $15,696 $879 Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for months) Rent paid for months) Hair styling equipment useful life (years) Hair styling equipment scrap value ($) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. contat 3,544 557 Transactions: Date Description 1-Jun Facial services fees - Cash 2-Jun Manicure services - Account 3-Jun Rent of Business Premises 5-Jun Hair styling fees - Cash 6-Jun Manicure services - Account 6-Jun Cash Withdrawals by Owner 11-Jun Facial services fees - Cash 15-Jun Staff Wages 17-Jun Payment to Account Payable 20-Jun Facial services fees - Cash 21-Jun Hair styling fees - Cash 23-Jun Sundry Expenses 25-Jun Hair styling fees - Account 29-Jun Staff Wages Amount $1,355 $1,231 $3,091 $1,310 $1,322 $1,033 $1,474 $2,400 $517 $1,311 $1,422 $283 $1,970 $2,400 Date Description 1-Jun Paid General Insurance 3-Jun Receive Payment from Account Customers 4-Jun Receive Payment from Account Customers 5-Jun Payment to Account Payable 6-Jun Manicure services - Cash 8-Jun Advertising Expense - Account 13-Jun Hair styling fees - Account 16-Jun Purchase books and magazines 18-Jun Purchase hair styling supplies - account 20-Jun Advertising Expense - Cash 23-Jun Manicure services - Cash 24-Jun Additional cash contributed by owner 29-Jun Motor Vehicle Expenses Amount $2,740 $1,783 $1,597 $1,280 $990 $1,248 $1,664 $100 $692 $854 $829 $2,685 $532 Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely hair styling services, manicure services and facial services. All revenues relate to the month of June. - Transactions involve cash unless specified as Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollarStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started