Question
The business transactions that occurred in April 2020 are as follows: (refer chart of accounts for account names and numbers. Do not make up your
The business transactions that occurred in April 2020 are as follows: (refer chart of accounts for account names and numbers. Do not make up your own account names).
1. April 1 Paid rent for April $4,400 with cheque number 46 (including GST $400).
2. April 1 Purchased an Apple computer on credit from Insight Computers for $1,342 (including GST $122)
3. April 2 Purchased office supplies with cheque number 47 for $770 (including GST $70). Power Sports records purchases of office supplies in the Office Supplies account.
4. April 2 Sold 5 weights stations on credit to Snowy Resort, invoice number AB32 $44,000 (including GST $4,000).
5. April 3 Purchased 40 weights packs on credit from Heavy Duty Weights $14,080 (including GST $1,280).
6. April 4 Paid for prepaid insurance of $1,320 for 12 months effective 1 April (including GST $120) with cheque number 48.
7. April 4 Sold 23 kettle bell packs, 6 weights packs and 1 weights station as a cash sale for $24,156 (including GST $2,196)
8. April 4 Rosie withdrew $8,000 cash for her personal use with cheque number 49 (no GST.)
9. April 4 Paid the monthly net wages of $10,400 with cheque number 50 (no GST applicable.)
10. April 10 Sold 4 weights stations and 20 weights packs on credit to Mainstream Adventures, Invoice Number AB33 $49,280 (including GST $4,480).
11. April 10 Signed a 6 month agreement to rent additional storage space from June 1, 2020 for $1,045 monthly (including GST $95) 12. April 11 Purchased 50 kettle bell packs and 5 weights stations on credit from Sports Wholesalers $34,100 (including GST $3,100).
13. April 14 Paid Premium Accountants the balance owing of $3,850 with cheque number 51.
14. April 21 Paid Ballistic Sports $15,400 with cheque number 52 as part payment of prior month purchases of inventory.
15. April 21 Issued a credit note to Mainstream Adventures for return of 2 weights packs, Credit Number 14 $1,408 (including GST $128). (Retain as an available credit in Reckon.)
16. April 22 Received $15,200 from Dawson Training as payment on account.
17. April 26 Paid the monthly telephone and internet expense with cheque number 53 for $275 (including GST $25).
18. April 26 Invoiced Dawson Training for 40 weights packs, Invoice Number AB34 for $28,160 (including GST $2,560).
19. April 28 Received $6,000 on account from Indigo Sports Centre.
20. April 28 Returned 5 kettle bell packs to Sports Wholesalers and received a credit of $1,210 (including GST $110).
21. April 30 Rosie lodged her quarterly Business Activity Statement (BAS return) and paid cheque number 54 to the ATO for a total of $17,630. This represented the previous quarter GST Clearing (Tax Payable GST) of $12,450 and also the previous month PAYG tax payable of $5,180. (Record GST Clearing and PAYG Tax Payable on a separate line in Excel).
22. April 30 Received $22,000 from Snowy Resort as payment on account.
23. April 30 Paid April marketing expenses: cheque number 55 for $814 (including GST $74).
24. April 30 Paid April utilities expense with cheque number 56 for $616 (including GST $56).
25. April 30 Hired a new staff member who will commence on May 15 with an annual salary of $75,000.
26. April 30 Bank Statement: Paid bank charges of $25 (no GST applicable).
27. April 30 Record a general journal entry for $2,590 for the total PAYG tax withheld on the monthly wages. (Debit wages expense and credit PAYG Tax Payable). (PAYG tax payable is tax withheld from staff wages owed to the government.)
28. April 30 Rosie contributed $2,500 of capital into the business bank account.
April 2020 Adjusting Entries: adjusting entries are prepared monthly
A) Accrued Wages Wages owing as at 30 April are $3,300.
B) Insurance Noted in the transactions above, Rosie prepaid 12 months of insurance on April 4.
C) Depreciation Store Equipment Annual Depreciation on Store Equipment has been calculated at $5,616.
D) Depreciation Computers Annual Depreciation on Computers has been calculated at $6,840.
E) Office Supplies Expense On 30 April, Rosie performed a stocktake of office supplies and noted that there was $370 of supplies remaining.
Can anybody help me to make journal entries, income statements and Balance sheet
Thanks
DR 27.580 36.5181 93,540 Accounts Receivable Subsidiary Ledger as at 31 March 101 | 110 112 115 | 118 130 131 135 136 1.520 24.460 Cash at Bank - ANZ Accounts Receivable Inventory Prepaid Insurance 1 Office Supplies Computer Equipment Accumulated Depreciation - Computer Equipment Store Equipment | Accumulated Depreciation - Store Equipment GST Clearing (Tax Payable GST)"" Accounts Payable Wages Payable PAYG Tax Payable 15,288 23.120 7.448 0 29.080 Dawson Training Indigo Sports Centre Mainstream Adventures Snowy Resort Weston High School Total 14,040 12,450 28,970 200 5.950 36,518 201 203 205 5,180 Accounts Payable Subsidiary Ledger as at 31 March 301 Capital 136,770 16,500 0 212,698 212,698 302 307 Ballistic Sports Heavy Duty Weights Insight Computers Odin Training & Recruitment Premium Accountants Sports Wholesalers Total 4,520 1.100 3.850 3.000 28,970 Inventory Balances as at 31 March Total Drawings Profit or Loss Summary Sales Revenue Sales Returns & Allowances Cost of Sales Bank Charges Depreciation Expense - Computer Equipment Depreciation Expense - Store Equipment Insurance Expense Marketing Expense Office Supplies Expense Rent Expense Telephone and Internet Expense Utilities Expense Wages Expense Power Sports sells three types of inventory and uses a perpetual inventory system. The stock take at 31 March showed: Item Description Units on Hand Unit Cost (excluding GST) Total Value (excluding GST) Unit Selling Price (excluding GST) 6 4 582 585 Weights packs 1 Kettle bell packs Weights stations 320 220 | 4,000 20,480 5 060 | 68.000 93,540 640 440 8,000 *PAYG Tax Payable is tax withheld from staff wages owed to the government. **GST Clearing (Tax Payable GST) is the account set up for the GST owing. Reckon will also add another account named Tax Payable as you process transactions with GST. You will have 2 GST accounts when your assignment is complete: GST Clearing (Tax Payable) will have a zero balance and Tax Payable should have the same balance as your 1 general ledger account for GST in Excel DR 27.580 36.5181 93,540 Accounts Receivable Subsidiary Ledger as at 31 March 101 | 110 112 115 | 118 130 131 135 136 1.520 24.460 Cash at Bank - ANZ Accounts Receivable Inventory Prepaid Insurance 1 Office Supplies Computer Equipment Accumulated Depreciation - Computer Equipment Store Equipment | Accumulated Depreciation - Store Equipment GST Clearing (Tax Payable GST)"" Accounts Payable Wages Payable PAYG Tax Payable 15,288 23.120 7.448 0 29.080 Dawson Training Indigo Sports Centre Mainstream Adventures Snowy Resort Weston High School Total 14,040 12,450 28,970 200 5.950 36,518 201 203 205 5,180 Accounts Payable Subsidiary Ledger as at 31 March 301 Capital 136,770 16,500 0 212,698 212,698 302 307 Ballistic Sports Heavy Duty Weights Insight Computers Odin Training & Recruitment Premium Accountants Sports Wholesalers Total 4,520 1.100 3.850 3.000 28,970 Inventory Balances as at 31 March Total Drawings Profit or Loss Summary Sales Revenue Sales Returns & Allowances Cost of Sales Bank Charges Depreciation Expense - Computer Equipment Depreciation Expense - Store Equipment Insurance Expense Marketing Expense Office Supplies Expense Rent Expense Telephone and Internet Expense Utilities Expense Wages Expense Power Sports sells three types of inventory and uses a perpetual inventory system. The stock take at 31 March showed: Item Description Units on Hand Unit Cost (excluding GST) Total Value (excluding GST) Unit Selling Price (excluding GST) 6 4 582 585 Weights packs 1 Kettle bell packs Weights stations 320 220 | 4,000 20,480 5 060 | 68.000 93,540 640 440 8,000 *PAYG Tax Payable is tax withheld from staff wages owed to the government. **GST Clearing (Tax Payable GST) is the account set up for the GST owing. Reckon will also add another account named Tax Payable as you process transactions with GST. You will have 2 GST accounts when your assignment is complete: GST Clearing (Tax Payable) will have a zero balance and Tax Payable should have the same balance as your 1 general ledger account for GST in ExcelStep by Step Solution
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