Proprietor: Ms. Nicole Coffeur Name: Description: Hair and Beauty Salon Teenage Style Bag The business has...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Proprietor: Ms. Nicole Coffeur Name: Description: Hair and Beauty Salon Teenage Style Bag 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 $13,092 $22.211 $39,126 $9,480 $27,734 $20,333 $755 Addifional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for (months) Rent paid for (months) Hair styling equipment useful life (years) Hair styling equipment scrap value (S) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 5,576 3,158 671 Transactions: Description 1-Jun Paid General Insurance Date Amount Date 2-Jun Purchase hair styling supplies - account 4-Jun Hair styling fees - Cash 8-Jun Manicure services - Cash 10-Jun Sundry Expenses 13-Jun Advertising Expense - Cash 14-Jun Receive Payment from Account Customers 15-Jun Manicure services - Account Description 3-Jun Rent of Business Premises 5-Jun Payment to Account Payable 8-Jun Receive Payment from Accoumt Customers 10-Jun Manicure services - Cash 13-Jun Cash Withdrawals by Owner 15-Jun Staff Wages 16-Jun Hair styling fees - Account 20-Jun Facial services fees - Cash $2,363 $3,068 $1,113 $1,373 $812 Amount $652 $1,352 $864 $563 $891 $1,748 $1,380 $811 $2,747 $1,680 $1,777 $3,406 $1,290 $1,735 $507 $2,747 $1,775 $1,718 $1,276 $100 $1,474 $1,405 18-Jun Facial services fees - Cash 23-Jun Hair styling fees - Account 23-Jun Additional cash contributed by owner 24-Jun Hair styling fees - Cash 25-Jun Facial services fees - Cash 23-Jun Manicure services - Account 25-Jun Purchase books and magazines 26-Jun Payment to Account Payable 28-Jun Advertising Expense - Account 26-Jun Motor Vehicle Expenses 29-Jun Staff Wages Соmments: - 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 dollar. Requlred: Based on the above information, prepare: (a) General journal for Teenage Style Bag for the period ended 30 June 2019. (b) General ledger for Teenage Style Bag for the period ended 30 June 2019. (C) 10- column worksheet for Teenage Style Bag for the period ended 30 June 2019. General Journal Date Account Name Dr Cr General Ledger Sample 1 Hair Styling Supplies Date Аccount Dr Date Account Cr 1/6 Opening Balance 862 30/6 Closing Balance Balance amount Balance amount 1/7 Opening Balance General Ledger Sample 2 Cash at Bank Date Асcount Dr Date Account Cr 1/6 Opening Balance 19,843 1/6 General Insurance 2,913 Balance amount 30/6 Closing Balance 1/7 Opening Balance Balance amount 10- Column Worksheet Асcount Trial Adjustments Adjusted Income BalanceSheet name Balance Trial Statement Balance Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Proprietor: Ms. Nicole Coffeur Name: Description: Hair and Beauty Salon Teenage Style Bag 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 $13,092 $22.211 $39,126 $9,480 $27,734 $20,333 $755 Addifional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for (months) Rent paid for (months) Hair styling equipment useful life (years) Hair styling equipment scrap value (S) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 5,576 3,158 671 Transactions: Description 1-Jun Paid General Insurance Date Amount Date 2-Jun Purchase hair styling supplies - account 4-Jun Hair styling fees - Cash 8-Jun Manicure services - Cash 10-Jun Sundry Expenses 13-Jun Advertising Expense - Cash 14-Jun Receive Payment from Account Customers 15-Jun Manicure services - Account Description 3-Jun Rent of Business Premises 5-Jun Payment to Account Payable 8-Jun Receive Payment from Accoumt Customers 10-Jun Manicure services - Cash 13-Jun Cash Withdrawals by Owner 15-Jun Staff Wages 16-Jun Hair styling fees - Account 20-Jun Facial services fees - Cash $2,363 $3,068 $1,113 $1,373 $812 Amount $652 $1,352 $864 $563 $891 $1,748 $1,380 $811 $2,747 $1,680 $1,777 $3,406 $1,290 $1,735 $507 $2,747 $1,775 $1,718 $1,276 $100 $1,474 $1,405 18-Jun Facial services fees - Cash 23-Jun Hair styling fees - Account 23-Jun Additional cash contributed by owner 24-Jun Hair styling fees - Cash 25-Jun Facial services fees - Cash 23-Jun Manicure services - Account 25-Jun Purchase books and magazines 26-Jun Payment to Account Payable 28-Jun Advertising Expense - Account 26-Jun Motor Vehicle Expenses 29-Jun Staff Wages Соmments: - 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 dollar. Requlred: Based on the above information, prepare: (a) General journal for Teenage Style Bag for the period ended 30 June 2019. (b) General ledger for Teenage Style Bag for the period ended 30 June 2019. (C) 10- column worksheet for Teenage Style Bag for the period ended 30 June 2019. General Journal Date Account Name Dr Cr General Ledger Sample 1 Hair Styling Supplies Date Аccount Dr Date Account Cr 1/6 Opening Balance 862 30/6 Closing Balance Balance amount Balance amount 1/7 Opening Balance General Ledger Sample 2 Cash at Bank Date Асcount Dr Date Account Cr 1/6 Opening Balance 19,843 1/6 General Insurance 2,913 Balance amount 30/6 Closing Balance 1/7 Opening Balance Balance amount 10- Column Worksheet Асcount Trial Adjustments Adjusted Income BalanceSheet name Balance Trial Statement Balance Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Proprietor: Ms. Nicole Coffeur Name: Description: Hair and Beauty Salon Teenage Style Bag 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 $13,092 $22.211 $39,126 $9,480 $27,734 $20,333 $755 Addifional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for (months) Rent paid for (months) Hair styling equipment useful life (years) Hair styling equipment scrap value (S) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 5,576 3,158 671 Transactions: Description 1-Jun Paid General Insurance Date Amount Date 2-Jun Purchase hair styling supplies - account 4-Jun Hair styling fees - Cash 8-Jun Manicure services - Cash 10-Jun Sundry Expenses 13-Jun Advertising Expense - Cash 14-Jun Receive Payment from Account Customers 15-Jun Manicure services - Account Description 3-Jun Rent of Business Premises 5-Jun Payment to Account Payable 8-Jun Receive Payment from Accoumt Customers 10-Jun Manicure services - Cash 13-Jun Cash Withdrawals by Owner 15-Jun Staff Wages 16-Jun Hair styling fees - Account 20-Jun Facial services fees - Cash $2,363 $3,068 $1,113 $1,373 $812 Amount $652 $1,352 $864 $563 $891 $1,748 $1,380 $811 $2,747 $1,680 $1,777 $3,406 $1,290 $1,735 $507 $2,747 $1,775 $1,718 $1,276 $100 $1,474 $1,405 18-Jun Facial services fees - Cash 23-Jun Hair styling fees - Account 23-Jun Additional cash contributed by owner 24-Jun Hair styling fees - Cash 25-Jun Facial services fees - Cash 23-Jun Manicure services - Account 25-Jun Purchase books and magazines 26-Jun Payment to Account Payable 28-Jun Advertising Expense - Account 26-Jun Motor Vehicle Expenses 29-Jun Staff Wages Соmments: - 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 dollar. Requlred: Based on the above information, prepare: (a) General journal for Teenage Style Bag for the period ended 30 June 2019. (b) General ledger for Teenage Style Bag for the period ended 30 June 2019. (C) 10- column worksheet for Teenage Style Bag for the period ended 30 June 2019. General Journal Date Account Name Dr Cr General Ledger Sample 1 Hair Styling Supplies Date Аccount Dr Date Account Cr 1/6 Opening Balance 862 30/6 Closing Balance Balance amount Balance amount 1/7 Opening Balance General Ledger Sample 2 Cash at Bank Date Асcount Dr Date Account Cr 1/6 Opening Balance 19,843 1/6 General Insurance 2,913 Balance amount 30/6 Closing Balance 1/7 Opening Balance Balance amount 10- Column Worksheet Асcount Trial Adjustments Adjusted Income BalanceSheet name Balance Trial Statement Balance Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Proprietor: Ms. Nicole Coffeur Name: Description: Hair and Beauty Salon Teenage Style Bag 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 $13,092 $22.211 $39,126 $9,480 $27,734 $20,333 $755 Addifional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for (months) Rent paid for (months) Hair styling equipment useful life (years) Hair styling equipment scrap value (S) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 5,576 3,158 671 Transactions: Description 1-Jun Paid General Insurance Date Amount Date 2-Jun Purchase hair styling supplies - account 4-Jun Hair styling fees - Cash 8-Jun Manicure services - Cash 10-Jun Sundry Expenses 13-Jun Advertising Expense - Cash 14-Jun Receive Payment from Account Customers 15-Jun Manicure services - Account Description 3-Jun Rent of Business Premises 5-Jun Payment to Account Payable 8-Jun Receive Payment from Accoumt Customers 10-Jun Manicure services - Cash 13-Jun Cash Withdrawals by Owner 15-Jun Staff Wages 16-Jun Hair styling fees - Account 20-Jun Facial services fees - Cash $2,363 $3,068 $1,113 $1,373 $812 Amount $652 $1,352 $864 $563 $891 $1,748 $1,380 $811 $2,747 $1,680 $1,777 $3,406 $1,290 $1,735 $507 $2,747 $1,775 $1,718 $1,276 $100 $1,474 $1,405 18-Jun Facial services fees - Cash 23-Jun Hair styling fees - Account 23-Jun Additional cash contributed by owner 24-Jun Hair styling fees - Cash 25-Jun Facial services fees - Cash 23-Jun Manicure services - Account 25-Jun Purchase books and magazines 26-Jun Payment to Account Payable 28-Jun Advertising Expense - Account 26-Jun Motor Vehicle Expenses 29-Jun Staff Wages Соmments: - 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 dollar. Requlred: Based on the above information, prepare: (a) General journal for Teenage Style Bag for the period ended 30 June 2019. (b) General ledger for Teenage Style Bag for the period ended 30 June 2019. (C) 10- column worksheet for Teenage Style Bag for the period ended 30 June 2019. General Journal Date Account Name Dr Cr General Ledger Sample 1 Hair Styling Supplies Date Аccount Dr Date Account Cr 1/6 Opening Balance 862 30/6 Closing Balance Balance amount Balance amount 1/7 Opening Balance General Ledger Sample 2 Cash at Bank Date Асcount Dr Date Account Cr 1/6 Opening Balance 19,843 1/6 General Insurance 2,913 Balance amount 30/6 Closing Balance 1/7 Opening Balance Balance amount 10- Column Worksheet Асcount Trial Adjustments Adjusted Income BalanceSheet name Balance Trial Statement Balance Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr
Expert Answer:
Answer rating: 100% (QA)
General Journal Date Debit Credit Account Name 01Jun Prepaid Insurance Cash 2913 2... View the full answer
Related Book For
Operations Management Creating Value Along the Supply Chain
ISBN: 978-0470525906
7th Edition
Authors: Roberta S. Russell, Bernard W. Taylor
Posted Date:
Students also viewed these accounting questions
-
A beauty salon offers manicures and pedicures. A manicure requires 20 minutes for preparation, 5 minutes for lacquering, and 15 minutes for drying. A pedicure requires 30 minutes for preparation, 5...
-
Consider the diode bridge rectifier shown below with the voltage regulating capacitor in parallel with the load resistor. 60Hz 120V 10:1 C-470F IL R=1kQ a) For the input signal, sketch waveforms of...
-
A small hair salon in Denver, Colorado, averages about 30 customers on weekdays with a standard deviation of 6. It is safe to assume that the underlying distribution is normal. In an attempt to...
-
What type of motor would you specify for a meat grinder if the motor is to be exposed?
-
You have been assigned to analyze the risk characteristics of these stocks. Prepare a report that includes but is not limited to the following items. a. Compute descriptive statistics for each stock...
-
If the relevant price indices for trade debtors and trade creditors are as follows, calculate the monetary working capital adjustment for Seafield Ltd, using the details given in question 33.9 A. 31...
-
Below is a list of transactions for July 20x6 for Painting Jobs Done Ltd in its first month of operations: Required 1 Record all transactions in the general journal. 2 Prepare a trial balance as at...
-
A 5.00-F capacitor is initially chmged to a potential of 16.0 V. It is then connected in series with a 3.75-mH inductor. (a) What is the total energy stored in this circuit? (b) What is the maximum...
-
Consider the following set: A = {-7,-0.8, 1, 5, e, 24} (a) Determine the largest subset of A consistsing entirely of natural numbers. (b) Determine the largest subset of A consistsing entirely of...
-
1. What is it about Rachel's leadership that clearly suggests that she is engaged in transformational leadership? 2. In what ways has the growth of ICCR had an impact on Rachel's leadership? 3. Given...
-
Poor Little Albert Class, In a classic study in 1919, John Watson conducted research using a little 9-month-old boy named "Little Albert" as his test subject. He introduced Little Albert to harmless...
-
GP is a package delivery company. GP has to visit 8 different customer locations. Based on past experience, GP forecasts the demand values. Related information is given in Graph 1. The depot is the...
-
Discuss the similarities and differences between PDCA and PDSA methods for continuous improvement. What makes the methods differ in how they are implemented within an organization to accomplish...
-
discuss briefly on board governance as it relates to ethics and corporate culture.
-
Find the differential of the function. z = ex cos(3t) e-9x dz == dx + dt
-
Discuss the requirements for a valid non-compete agreement and explain the implications for employers and employees.
-
Question 2 2. It is an important use of managerial accounting A a. determine direct cost by adding direct materials B D b. understand customer orientation c. recast budgeted statements according to a...
-
A bubble-point liquid feed is to be distilled as shown in Figure. Use the Edmister group method to estimate the mole-fraction compositions of the distillate and bottoms. Assume initial overhead and...
-
Mark Sumansky owns and manages the Grass, Unlimited, lawn-care service in Middleton. His customers include individual homeowners and businesses that subscribe to his service for lawn care beginning...
-
Select a local business and discuss how it is applying any auto-ID technologies.
-
Before the board of directors could make a decision on whether to sell more shares and, if so, how many, the board members felt they needed more information. Specifically, they would like a forecast...
-
Core Petroleum started its oil and gas exploration and production business in 2015. During the years 2015 and 2016, the company provided the following information relating to leases located both in...
-
The Clarence Oil Company provides the following information for the year ended December 31, 2017: REQUIRED: a. Prepare a ceiling test and an entry, if necessary, for the write-off of capitalized...
-
The Jumper Oil Corporation incurs unproved property (Lease A) costs of $60,000 on April 1, 2015. An 8% loan is obtained on April 1, 2015 for $500,000 to finance a drilling program. Jumper started a...
Study smarter with the SolutionInn App