Proprietor:Ms. Nicole CoffeurName:Teenage StyleBagDescription:Hair and Beauty Salon

The business has the following opening balances:

Hair Styling Supplies$812Hair Styling Equipment$15,851Bank Loan (due 2022)$28,794Account Payable$8,203Motor Vehicle$31,482Account Receivable$16,436Cash At Bank$10,364Additional Information:

Closing stock of hair styling supplies on 30/6 ($)597Hair styling equipment scrap value ($)4,064Hair styling equipment useful life (years)3Rent paid for (months)4Insurance paid for (months)4Motor vehicle scrap value ($)2,842Motor vehicle useful life (years)5Bank loan interest rates (% per year)8

Transactions:

DateDescriptionAmountDateDescriptionAmount1-JunPaid General Insurance$2,3911-JunPayment to Account Payable$1,0412-JunAdvertising Expense - Cash$3602-JunHair styling fees - Account$1,5803-JunFacial services fees - Cash$1,5393-JunRent of Business Premises$4,4663-JunAdvertising Expense - Cash$3734-JunPurchase hair styling supplies - account$4095-JunManicure services - Cash$1,1435-JunMotor Vehicle Expenses$2855-JunPurchase hair styling supplies - account$3518-JunStaff Wages$1,10410-JunFacial services fees - Cash$1,37210-JunMotor Vehicle Expenses$15511-JunSundry Expenses$27612-JunHair styling fees - Cash$1,34413-JunPurchase books and magazines$9214-JunSundry Expenses$29815-JunReceive Payment from Account Customers$1,84815-JunStaff Wages$1,10416-JunAdvertising Expense - Account$72217-JunReceive Payment from Account Customers$1,34919-JunCash Withdrawals by Owner$47519-JunManicure services - Account$1,25120-JunCash Withdrawals by Owner$50720-JunManicure services - Account$1,10721-JunPayment to Account Payable$1,02621-JunHair styling fees - Cash$1,33421-JunPurchase books and magazines$6822-JunHair styling fees - Account$1,99422-JunStaff Wages$1,10424-JunAdvertising Expense - Account$73025-JunAdditional cash contributed by owner$3,45825-JunFacial services fees - Cash$1,63826-JunManicure services - Cash$1,08029-JunStaff Wages$1,104

Comments:

This business was purchased on 1 June.

You are required to construct general journal entry to incorporate the opening balances into the current period, including the balancing capital figure.

You will need to refer to the Additional Information section for your adjusting entries.

The rent and insurance period start on 1 June.

Show three types of revenue, namely hair styling services, manicure services and facial services. All revenues received were for the month of June.

Unless otherwise indicated, all transactions are on a cash basis. Use one general Account Receivable for all debtors and one general Account Payable for all creditors.

Your Balance Sheet should show assets and liabilities divided into current and non-current.

Staff work a 7-day week and are paid on the 8th day.

Assume all prepayments are initially recognised as an asset.

calculate

2. Data sheet

3. General Journal (Excluding Balance-Day Adjustments) for the Month of June 2019

4. General Ledger for the Month of June 2019

5. Unadjusted Trial Balance as at 30 June 2019

6. The 10-Column Worksheet

7. Income Statement for the Month ending 30 June 2019

8. Balance Sheet as at 30 June 2019

9. A brief analysis of the difference between accrual and cash profit of the business.