Question 1 The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20XX Credit Debit 40,813 450 688 1,357 969 656 2,160 19,160 12,425 35,360 Account number 100 110 120 130 140 150 160 170 171 180 181 200 210 280 300 310 400 410 420 430 500 510 520 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid advertising Prepaid insurance Motor vehicles (cost) Accumulated depreciation - motor vehicles Store equipment (cost) Accumulated depreciation - store equipment Accounts payable PAYG withholding payable Bank loan Owner's capital Owner's drawings Sales income Sales returns and allowances Discounts received Delivery income Food purchases Purchase returns and allowances Packaging costs Discount given 11,680 14,180 1,344 19,058 55,273 39,121 186,927 46 505 28 63,220 418 530 13,039 265 540 600 605 610 620 625 630 635 640 645 650 655 660 665 670 Freiabt i Freight inwards Accountancy fees Advertising expense Bank charges Electricity and gas expense Insurance expense Interest expense Motor vehicles expense Printing, postage and stationery expense Rent expense Repairs and maintenance expense Sundry expenses Superannuation expense Telephone expense Wages expense 83 1,133 3,589 761 2,886 2,063 1,022 5,334 437 24,791 681 352 3,232 4,132 34,038 301,838 301,838 Refer to the office memorandum below to record the end-of-period adjustments in the general journal, post the adjusting entries to the general ledger and complete the adjustments and adjusted tria balance columns in the worksheet. (Note: Enter accounts in ascending account number order according to the chart of accounts numbers.) OFFICE MEMORANDUM Date: 30/06/20XX To: Maria Italiano SUBJECT: End of period adjustments Adjusting journal entries are required for the following: 1. Wages payable at the end of June are $1,322 2. Transfer 1/3rd of the prepaid insurance to the expense account 3. Transfer 50% of the prepaid advertising to the expense account 4. Superannuation payable for June is $257 5. Record depreciation for the year. Use the straight line (prime cost) method and the rates shown below: a. Motor vehicles 20% b. Store equipment 10% 6. Interest charged on the bank loan for the month was $84 7. The end of June stocktake has determined that the closing inventory value of food is $1,946 and packaging $4,457. Signed: Accountant Page: 20 GENERAL JOURNAL Description Date Post ref. Penta Debit Debit Credit 20XX June 30 Wages expense ( 670 1,322 ( 230 1,322 Wages payable (Wages owing at 30 June 20XX) June 30 Insurance expense 625 $ 720 160 9 720 Prepaid insurance (Adjustment for insurance) June 30 Advertising expense ( 605 9 328 150 $ 328 Prepaid advertising (Adjustment for advertising) June 30 Superannuation expense 660 357 220 A 357 Superannuation payabli (Superannuation owing at 30 June 20XX) June 30 Depreciation 615 4 3653 Accumulated depreciati 171 ^ 2485 181 2 1168 Accumulated depreciati (Entry to record annual depreciation on motor vehicles and store equipment) June 30 Interest expense 630 84 Cash ( 100 (Loan interest for the month) Prepaid advertising No. 150 Date Details Post ref. Debit Date Details Post ref. Credit June 1 Balance 656June Prepaid insurance No. 160 Date Details Post ref. Debit Date Details Post ref. Credit June 1 Balance 2,160 June Accumulated depreciation - motor vehicles No. 171 Date Details Pet Debit Date Details Post net Credit June 1 Balance 12,425 No. 181 Accumulated depreciation - store equipment Date Details Post ref. Debit Date Detalls Porto Credit June 1 Balance 11,680 Superannuation payable No. 220 Date Details Debit Post CP312 Date Details Details Post ref. Pest Credit June 17 Cash 257 June 1 Balance 257 Wages payable No. 230 Date Details Post ref. Post Debit Debit Date Details Post ref. Post Credit June ( Bank loan No. 280 Date Post Details poft Debit Details Details Date Date 940 June 1 Post Pest Credit ref. ref. June 20 Cash CPJ12 Balance 19,998 Advertising expense No. 605 Date Details Details Port Debit Debit Date Date Details Details Post ref. Petite Credit ref. June 1 Balance 3,589 Depreciation No. 615 Date Details Post ref. Post Debit Date Date Details Details Post ref. Port Credit Credit Accumulated depreciation - motor vehicles June Accumulated depreciation - store equipment Insurance expense No. 625 Date Details Post ref. Debit Date Details Post ref. Credit June 1 Balance 2,063 Interest expense No. 630 Date Post ref. Details Debit Date Credit No. 630 Debit Date Details Post ref. Details Post Credit June 1 Balance 1,022 Superannuation expense No. 660 Date Details Post Debit Date Details Port C redit June 1 Balance 3,232 Wages expense No. 670 Date Details Post ref. Debit Date Details Post ref. Credit June 1 3 Balance Cash Cash CP312 CPJ12 31,304 1,367 1,367 17 Mario's Pizza Palace Worksheet as at 30 June 20XX Account number Account Account Unadjusted trial balance Debit Credit Adjusted trial balance Adjustments Debit Credit Debit Credit 100 Cash 40,813 110 Cash float 450 120 Accounts receivable 688 130 Inventory - food 1,357 140 Inventory - packaging 969 150 Prepaid advertising 656 160 Prepaid insurance 2,160 Motor vehicles (cost) 19,160 170 171 Accumulated depreciation - motor vehicles 12,425 180 35,360 181 Store equipment (cost) Accumulated depreciation - store equipment Accounts payable 11,680 14,180 PAYG withholding payable 1,344 200 210 220 230 Superannuation payable Wages payable 280 Bank loan 19,058 300 Owner's capital 55,273 310 Owner's drawings 39,121 400 Sales income 186,927 Sales returns and allowances 410 420 Discounts received 505 430 Delivery income 28 500 Food purchases 63,220 510 Purchase returns and allowances 418 520 Packaging costs 13,039 530 Discount given 265 540 Freight inwards 83 600 Accountancy fees 1,133 3,589 Advertising expense 605 610 Bank charges 761 615 Depreciation 620 Electricity and gas expense 2,886 625 Insurance expense 2,063 630 Interest expense 1,022 635 Motor vehicles expense 5,334 640 Printing, postage and stationery expense 437 645 Rent expense 24,791 650 Repairs and maintenance expense 681 655 Sundry expenses 352 660 Superannuation expense 3,232 665 Telephone expense 4,132 670 Wages expense 34,038 301,838 301,838