Proprietor Mr. Isell Holmes Name Description: Real Estate Agent Realtor 21 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Pavable Bank Loan (due 2013) Fumiture Promotional Material Supplies Additional Information: $18,947 $21,889 30,693 $7.665 $28,876 $26,812 $532 Bank loan interest rates (% per Motor vehicle useful life (years Motor vehicle scrap value (S) Insurance paid for (months) Rent paid for (months) Funiture useful life (years) Fumiture scrap value (S) Closing stock of pr Staff work a 14 day fortnight and are paid on the 15th day 10 5,108 onal materials 30/6 (S) 902 Transactions: Description Amount 1-Jun Paid General Insurance 3-Jun Rent of Business Premises 5-Jun Advertising placement fees- Cash 7-Jun Purchase promotional materials 8-Jun Motor Vehicle Expenses 11-Jun Advertising placement fees - Cash 15-Jun Receive Payment from Account Customers 15-Jun Staff Wages 17-Jun Receive Payment from Account Customers 18-Jun Auction commission- Account 23-Jun Auction commission Cash 26-Jun Rental commission- Cash 27-Jun Additional cash contributed by owner 29-Jun Staff Wages $2,428 $4,056 $1.042 863 S569 $979 $1.095 $2,248 $1,476 $1,224 $1,702 $1.788 $3,866 $2,248 2-Jun Advertising placement fees- Account 5-Jun Rental commission-Cash 7-Jun Auction commission- Cash 8-Jun Sundry Expenses 0-Jun Rental commission Account 12-Jun Advertising Expense - Account 15-Jun Auction commission- Account 16-Jun Cash Withdrawals by Owner 18-Jun Advertising placement fees Account 19-Jun Advertising Expense - Cash 25-Jun Rental commission- Account 26-Jun Payment to Account Payable 29-Jun Payment to Account Payable S1,031 S1,860 1,729 S339 S1,348 $1,348 S985 $937 $984 S1,417 $770 Comments: Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2010 -Note the list of transactions is in date order, left to right, line by line. Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. 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 dollar prepare financial statements: Balance Sheet Proprietor Mr. Isell Holmes Name Description: Real Estate Agent Realtor 21 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Pavable Bank Loan (due 2013) Fumiture Promotional Material Supplies Additional Information: $18,947 $21,889 30,693 $7.665 $28,876 $26,812 $532 Bank loan interest rates (% per Motor vehicle useful life (years Motor vehicle scrap value (S) Insurance paid for (months) Rent paid for (months) Funiture useful life (years) Fumiture scrap value (S) Closing stock of pr Staff work a 14 day fortnight and are paid on the 15th day 10 5,108 onal materials 30/6 (S) 902 Transactions: Description Amount 1-Jun Paid General Insurance 3-Jun Rent of Business Premises 5-Jun Advertising placement fees- Cash 7-Jun Purchase promotional materials 8-Jun Motor Vehicle Expenses 11-Jun Advertising placement fees - Cash 15-Jun Receive Payment from Account Customers 15-Jun Staff Wages 17-Jun Receive Payment from Account Customers 18-Jun Auction commission- Account 23-Jun Auction commission Cash 26-Jun Rental commission- Cash 27-Jun Additional cash contributed by owner 29-Jun Staff Wages $2,428 $4,056 $1.042 863 S569 $979 $1.095 $2,248 $1,476 $1,224 $1,702 $1.788 $3,866 $2,248 2-Jun Advertising placement fees- Account 5-Jun Rental commission-Cash 7-Jun Auction commission- Cash 8-Jun Sundry Expenses 0-Jun Rental commission Account 12-Jun Advertising Expense - Account 15-Jun Auction commission- Account 16-Jun Cash Withdrawals by Owner 18-Jun Advertising placement fees Account 19-Jun Advertising Expense - Cash 25-Jun Rental commission- Account 26-Jun Payment to Account Payable 29-Jun Payment to Account Payable S1,031 S1,860 1,729 S339 S1,348 $1,348 S985 $937 $984 S1,417 $770 Comments: Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2010 -Note the list of transactions is in date order, left to right, line by line. Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. 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 dollar prepare financial statements: Balance Sheet
