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Prepare Journal Employees Fast Pedallin Pty Ltd employs two casual assistants. Tina Bobbysox as a sales person, and Rick Disneck works in the warehouse filling

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Prepare Journal

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Employees Fast Pedallin Pty Ltd employs two casual assistants. Tina Bobbysox as a sales person, and Rick Disneck works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory. Payday is every second Thursday. The following information is used to calculate their wages: Name Role Tax file number Gross pay- Per hour ($) Tina Bobbysox Sales Person 34 123 456 789 Rick Disneck Warehouse assistant 35 234 567 890 At the 31st January the business owed the employees 35 hours to Tina and 37 hours to Tony. Goods and Services Tax (GST) There is no GST applied in this part of the assignment. All transactions should be recorded without of GST Merchandise Inventory The following is a list of closing inventory and the suppliers as at January 31st Quantity Item Description on hand Code 15 KMB Kona Mountain Bike Cost Sale Supplier Price Price $800 $1,350 Kona Cycles Pty Ltd $920 $1,520 Two Wheels Pty Ltd 15 DSB Downhill Speed Bike The required inventory is purchased mostly on credit under the terms of payment required by the suppliers. The business has a good relationship with each of the suppliers once the company places an order, the suppliers will deliver them free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below; Suppliers account balances as at 31st January 2020: Name Address ABN Account Balance Date of Purchase Terms of Credit 2/15 net 30 45 667 778 888 $5,400 24th January Kona Cycles 21 Macquarie St Pty Ltd Melbourne 3000 Two 35 Lorimer St WheelsPty South Melbourne Ltd 3205 56 778 889 999 $7,280 15th January 2/15 net 30 Customer Information: Fast Pedallin Pty Ltd sells most of its inventory strictly on a cash basis, but the business has three credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information Customer Information: Fast Pedallin Pty Ltd sells most of its inventory strictly on a cash basis, but the business has three credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information Name Address ABN 60 504 030 201 26th Terms Date of Account of Invoice Balance Credit 1/15 net $8,850 30 January 1/15 net 19th $5,850 30 January Net 30 $0 Clifton Hill Cycles 450 Bourke St Pty Ltd Melbourne 3000 Revolution Cycles 300 Smith street Pty Ltd Clifton Hill3068 Lawerencia Kona 296 Riversdale Cycles Pty Ltd road Camberwell 3021 50 999 555 666 89 911 222 333 Date 3 4 6 7 9 11 11 11 12 Description Paid rent to Land Lord Pty Ltd for the next 2(two) months - $4,000 Paid Cash for vehicle expenses- $420 to Toyota Ltd Received payment from Clifton Hill Cycles Pty Ltd for January account. Received and paid electricity bill from Citipower for January $395 Paid Kona Cycles Pty Ltd. for January account. Paid Two Wheels Pty Ltd. for January account. Received payment from Revolution Cycles Pty Ltd for January account. Pay day. Tina was paid for 69 hours and Rick was paid for 68 hours, which includes wages owing from January Sales Invoice sent to Lawerencia Bikes for the following items: 6 x KMB, 6 x DSB. Lawerencia Bikes returned 1 DSB, due to an order mistake, the goods were returned to inventory. Cash sales to Clifton Hill Cycles Pty Ltd Pty Ltd Inventory sold: 8 x KMB and 6 x DSB Paid Optus invoice for Telephone Expenses $480 Purchased more inventory 14 x KMB, 12 x DSB, on credit Returned 3 KMB to Kona Cycles Pty Ltd due to the inventory being damaged Pay day. Tina was paid for 62 hours and Rick was paid for 64 hours. The Lawerencia Bike Pty Ltd paid for items purchased on 12th February Borrowed money from the DEF bank, $15,000 at an interest rate of 6% 13 14 17 24 26 25 25 28 Employees Fast Pedallin Pty Ltd employs two casual assistants. Tina Bobbysox as a sales person, and Rick Disneck works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory. Payday is every second Thursday. The following information is used to calculate their wages: Name Role Tax file number Gross pay- Per hour ($) Tina Bobbysox Sales Person 34 123 456 789 Rick Disneck Warehouse assistant 35 234 567 890 At the 31st January the business owed the employees 35 hours to Tina and 37 hours to Tony. Goods and Services Tax (GST) There is no GST applied in this part of the assignment. All transactions should be recorded without of GST Merchandise Inventory The following is a list of closing inventory and the suppliers as at January 31st Quantity Item Description on hand Code 15 KMB Kona Mountain Bike Cost Sale Supplier Price Price $800 $1,350 Kona Cycles Pty Ltd $920 $1,520 Two Wheels Pty Ltd 15 DSB Downhill Speed Bike The required inventory is purchased mostly on credit under the terms of payment required by the suppliers. The business has a good relationship with each of the suppliers once the company places an order, the suppliers will deliver them free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below; Suppliers account balances as at 31st January 2020: Name Address ABN Account Balance Date of Purchase Terms of Credit 2/15 net 30 45 667 778 888 $5,400 24th January Kona Cycles 21 Macquarie St Pty Ltd Melbourne 3000 Two 35 Lorimer St WheelsPty South Melbourne Ltd 3205 56 778 889 999 $7,280 15th January 2/15 net 30 Customer Information: Fast Pedallin Pty Ltd sells most of its inventory strictly on a cash basis, but the business has three credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information Customer Information: Fast Pedallin Pty Ltd sells most of its inventory strictly on a cash basis, but the business has three credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information Name Address ABN 60 504 030 201 26th Terms Date of Account of Invoice Balance Credit 1/15 net $8,850 30 January 1/15 net 19th $5,850 30 January Net 30 $0 Clifton Hill Cycles 450 Bourke St Pty Ltd Melbourne 3000 Revolution Cycles 300 Smith street Pty Ltd Clifton Hill3068 Lawerencia Kona 296 Riversdale Cycles Pty Ltd road Camberwell 3021 50 999 555 666 89 911 222 333 Date 3 4 6 7 9 11 11 11 12 Description Paid rent to Land Lord Pty Ltd for the next 2(two) months - $4,000 Paid Cash for vehicle expenses- $420 to Toyota Ltd Received payment from Clifton Hill Cycles Pty Ltd for January account. Received and paid electricity bill from Citipower for January $395 Paid Kona Cycles Pty Ltd. for January account. Paid Two Wheels Pty Ltd. for January account. Received payment from Revolution Cycles Pty Ltd for January account. Pay day. Tina was paid for 69 hours and Rick was paid for 68 hours, which includes wages owing from January Sales Invoice sent to Lawerencia Bikes for the following items: 6 x KMB, 6 x DSB. Lawerencia Bikes returned 1 DSB, due to an order mistake, the goods were returned to inventory. Cash sales to Clifton Hill Cycles Pty Ltd Pty Ltd Inventory sold: 8 x KMB and 6 x DSB Paid Optus invoice for Telephone Expenses $480 Purchased more inventory 14 x KMB, 12 x DSB, on credit Returned 3 KMB to Kona Cycles Pty Ltd due to the inventory being damaged Pay day. Tina was paid for 62 hours and Rick was paid for 64 hours. The Lawerencia Bike Pty Ltd paid for items purchased on 12th February Borrowed money from the DEF bank, $15,000 at an interest rate of 6% 13 14 17 24 26 25 25 28

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