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No Spacing Heading 1 Heading 2 Case Study Background Electric-Bike Store Ply Ltd (ABN 12 346 678 901) operates as a company and you are the accountant for them. Electric-Bike Store Pty Ltd is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new year which started on 14 February 2020. Business Background The business was established by Maurice Moneybags from his garage and has now expended to a small warehouse and two part time employees. Maurice believes that with careful management that the business could expand to have a regular workforce within a few months and is looking to expand the operation soon. The products that are sold are exclusively available to Electric-Bike Store Pty Ltd, so the aim is to expand the reputation of the products on offer. Another aim is to have an online business specialising in cycling products within 2 years Page 1 of 6 Employees Electric Bikes Store Ply Ltd employs two casual assistants. Sarah Shinysox works as a sales person, and Zlatko Logistix works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory Payday is every second Thursday. The following information is used to calculate their wages: Name Role Tax file number Gross pay. Per hour ($) 32 Sarah Shinysox Sales Ponson 123 456 789 Zlatko Logistix Warehouse assistant 30 234 567 890 T AaBb CcDdi AaBbCcDdi ARBbcend v 21 BE a AABBCcDd Normal No Spacing Heading 1 Heading 2 At the 31 January the business owed the employees 36 hours to Sarah and 37 hours to Tony. Goods and Services Tax (GST) There is no GST applied in this part of the assignment. All transactions should be recorded without of GST Merchandise Inventory The following is a list of closing inventory and the suppliers as at January 31M Description Quantity Item on hand Code 16 CSB City speed E-bike Cost Sale Supplier Price Price $800 $1,350 E-Bikes Pty Ltd $920 $1,620 Merida Electric Cycles Ply Ltd 12 TEB Two seat E-Bike The required inventory is purchased mostly on credit under the terms of payment required by the suppliers. The business has a good relationship with each of the suppliers once the company places an order, the suppliers will deliver them free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below: Page 2 of 6 Suppliers account balances as at 31 January 2020 Name Address ABN Terms of Credit Account Balance Date of Purchase E-Bikes Ply Ltd 21 Macanese Me boumna 3000 4567 //8 Bad 2/15 net 30 $9.000 24 January 1/8 89 90 311,040 Merida Electric Cycles Pty Ltd 2016 net 30 15 January 35 Lormer si South Melbourne 2205 assignment 1 lings Review View Table Design Layout Tell me 2U AaBbCcDdi Aa Bbccndi AaBbCcDd AaBbCcDd EM EEE Normal No Spacing Heading 1 Heading 2 Customer Information: Electric-Bike Store Ply Lid sells most of its inventory strictly on a cash basis, but the business has three credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information Name Address ABN 60 504 030 201 Collingwood Cycles Pty Ltd E-volution Cycles Ply Ltd Lawerencia E- Bikes Ply Ltd 50 999 555 666 Terms Date of Account of Invoice Balance Credit 1/15 net 26 $9,960 30 January 1/15 net 19 $2,870 30 January Net 30 $0 450 Bourke SI Melbourne 3000 300 Smith street Collingwood 3068 296 Riversdale road Camberwell 3021 89 911 222 333 Page 3 of 6 Chart of accounts You can find your chart of accounts in the excel document in the CANVAS shell + Electric-Bike store Pty Ltd Trial Balance as at 31st January 2020 Account Number Account name 1001 Cash at Bark Credit Debit 27,513.00 Kings Review View Table Design Layout Tell me AaBbCcDdi AaBbCcDdi AaBbCcDd AaBb EEALI E E Normal No Spacing Heading 1 Headi Page 3 of 6 Chart of accounts You can find your chart of accounts in the excel document in the CANVAS shell Credit Account Number 1001 1010 1020 1030 1035 1040 1110 Debit 27,513.00 12,830.00 23,840.00 1,650.00 245.00 4,500.00 Electric-Bike store Pty Ltd Trial Balance as at 31st January 2020 Account name Cash at Bank Accounts Receivable Inventory Prepaid Rent Prepaid Insurance Stationery Supplies Computers Accumulated Depreciation - Office Computers Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Accounts Payable Wages Payable PAYG payable Cleaning Payable Utilities Payable Prepad Revenue Share Capital Retained Earnings Dividends 300.00 25,000.00 15,200.00 20,640.00 2,230.00 1120 1121 2001 2010 2011 2020 2021 2035 3001 3010 3050 45,000.00 12,208.00 95,578.00 95,578.00 Mailings Review View Table Design Layout Tell me Eve EE AU AaBb CcDdi AaBbCcDdi cDd ARE 19 Normal No Spacing Heading 1 Transactions: February 2020 Date 3 4 6 7 9 11 11 11 12 Description Paid rent to Land Lord Ply Ltd for the next 2(two) months - $4,000 Paid Cash for vehicle expenses- $420 to Toyota Ltd Received payment from Collingwood Cycles Pty Ltd for January account. Received and paid electricity bill from Citipower for January $395 Paid E-Bikes Pty Ltd. for January account. Paid Merida Electric Cycles Ltd. for January account. Received payment from E-volution Cycles Pty Ltd for January account. Pay day. Sarah was paid for 69 hours and Zlatko was paid for 68 hours, which includes wages owing from January Sales Invoice sent to Lawerencia Bikes for the following items: 8x CSB. 6 X TEB Lawerencia Bikes returned 1 TEB, due to an order mistake, the goods were returned to inventory. Cash sales to Collingwood Cycles Ply Ltd Pty Ltd Inventory sold: 6 x CSB and 8 x TEB Paid Optus invoice for Telephone Expenses $480 Purchased more inventory 14 x CSB, 12 x TEB, on credit Returned 3 CSB to E-Bikes Ply Ltd due to the inventory being damaged Pay day. Sarah was paid for 62 hours and Zlatko was paid for 64 hours. The Lawerencia Bike Ply Ltd paid for items purchased on 12 February Borrowed money from the DEF bank, $15,000 at an interest rate of 7% 13 14 24 26 25 25 28 Adjustments at 29th February 2020 1. Depreciation of computer equipment is $1,800 per annum 2. Depreciation of Warehouse equipment is $2,100 per annum. 3. Accrued wagos: Sarah - 26 hour and Zlatko 26 hours 4. Stationery on hand at 29 February 2020 totalled S 205. 5. The portion of prepaid insurance expired as of 29" February 2020 is $150, assignment 1 Mailings Review View Table Design Layout Tell me Ev 20 T AaBbCcDdi AaBbccbdi cod 19 Normal No Spacing Heading 1 Heading Part A: Manual Recording (25%) IMPORTANT: Part A Manual Recording To record transactions manually, you must use the Excel files provided on the unit Canvas. Handwritten work or Excel files other than the Excel files provided on the unit Canvas are not eligible for submission. Required: 1. Record the opening balances as at 1" February 2020 in the appropriate general ledger accounts 2. Record February month's transactions in the general journal and post these to the general ledger 3. Record end of month adjustments in the general journal and post these to the general ledger. 4. Prepare a Trial Balance after end of month adjustments as at 29" February 2020 Important Information 1. To record transactions manually, you must use the Excel files provided on the unit Canvas. Handwritten work or Excel files other than the Excel files provided on the unit Canvas are not eligible for submission 2. The assignment must be accompanied with an assignment cover sheet listing your full name and student identification number 3. It is the student's respons bility to keep a backup copy of the assignment until all the assignment process is completed and marks are on Canvas 4. Any assignments handed in late will be penalised as explained in the course guido Assessment Task Manual Recording - TEMPLATE Review Insert Draw Formulas Data View Tell me Page Layout General Calibri (Hody) 12 A A 3 Wrap Test BIU FH a.A. 5% Marge & Centre x fx E D G B Enter name of business here GENERAL JOURNAL Transactions for February 2020 Date Account Name Post reference Debit Credit Chart of accounts General Journal General Ledger Trial Balance General :27.0.4 $% 9 Cel Trat ned ex . + 1 CINERAL LECLER ACCOUNTS GENERAL LEDGER ACCOUNTS GENERAL UDGER ACCOUNTS Payable Description De Blue Dute dute DA * 12 1 14 2010 Detro De 36 Dale DIG 21 2010 Dane De G 21 34 Cast of Sales Date LOLO 2021 Debre DRVO Tlectricity Payable Date Description Det Date Desert |Bair| Credit AC Dowlowed Date Deo Pre Description 1000 Da De CH Dute Description Det Date Desert 3001 Sale Det Credit Prep even Description Tra Balance + Chart of accounts General Journal General Ledger MacBook Air 12 ODO 19 esc 80 F3 Horne Insert Draw Page Layout Formulas Data Assessment Task Manual Recording - TEMPLATE-2 View Tell me Review Call (Bodyl ST- 12 General Share B7 ex fx s-69 2.0 C. + . Des De red road lala Debe Credit 100 Balance W Dute Drom De Dute Debe Credit 2201 DI 1035 be Credit Due De 50 Dute 10 De Story is We Do Debt Dare De Dute Der 1110 Debit be Credit De Dute De De Credit DAR puter Accm Dep te besoin D Det Dra) 25 Description Deb Credit 1120 Balance Dute Dion office Equipment Dep Description 1121 Balce BUICK Chart ofcounts General Journal General Ledger Trial Balance MacBook Air Ave Home Draw Page Layout Formulas Assesment Task Manal Recording - TEMPLATE-2 Tele Data Review X 12 A A wrap th Paste Gene gener 28-0.4 $% 9 B7 X Date Destion 73 sont Dane Description 72 11:20 DIE Office mese Date Descon Dear Det SI Date Design De 15 Balance Cred Forum Dep Date Decoration De bebe D - Warehouse Date Decor Deco Date Description Cred NE D be 19 Watermante s Date Desertion be 1140 More Les De Derein Cred 1 Chart of accounts General General Ledige MacBook Air No Spacing Heading 1 Heading 2 Case Study Background Electric-Bike Store Ply Ltd (ABN 12 346 678 901) operates as a company and you are the accountant for them. Electric-Bike Store Pty Ltd is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new year which started on 14 February 2020. Business Background The business was established by Maurice Moneybags from his garage and has now expended to a small warehouse and two part time employees. Maurice believes that with careful management that the business could expand to have a regular workforce within a few months and is looking to expand the operation soon. The products that are sold are exclusively available to Electric-Bike Store Pty Ltd, so the aim is to expand the reputation of the products on offer. Another aim is to have an online business specialising in cycling products within 2 years Page 1 of 6 Employees Electric Bikes Store Ply Ltd employs two casual assistants. Sarah Shinysox works as a sales person, and Zlatko Logistix works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory Payday is every second Thursday. The following information is used to calculate their wages: Name Role Tax file number Gross pay. Per hour ($) 32 Sarah Shinysox Sales Ponson 123 456 789 Zlatko Logistix Warehouse assistant 30 234 567 890 T AaBb CcDdi AaBbCcDdi ARBbcend v 21 BE a AABBCcDd Normal No Spacing Heading 1 Heading 2 At the 31 January the business owed the employees 36 hours to Sarah and 37 hours to Tony. Goods and Services Tax (GST) There is no GST applied in this part of the assignment. All transactions should be recorded without of GST Merchandise Inventory The following is a list of closing inventory and the suppliers as at January 31M Description Quantity Item on hand Code 16 CSB City speed E-bike Cost Sale Supplier Price Price $800 $1,350 E-Bikes Pty Ltd $920 $1,620 Merida Electric Cycles Ply Ltd 12 TEB Two seat E-Bike The required inventory is purchased mostly on credit under the terms of payment required by the suppliers. The business has a good relationship with each of the suppliers once the company places an order, the suppliers will deliver them free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below: Page 2 of 6 Suppliers account balances as at 31 January 2020 Name Address ABN Terms of Credit Account Balance Date of Purchase E-Bikes Ply Ltd 21 Macanese Me boumna 3000 4567 //8 Bad 2/15 net 30 $9.000 24 January 1/8 89 90 311,040 Merida Electric Cycles Pty Ltd 2016 net 30 15 January 35 Lormer si South Melbourne 2205 assignment 1 lings Review View Table Design Layout Tell me 2U AaBbCcDdi Aa Bbccndi AaBbCcDd AaBbCcDd EM EEE Normal No Spacing Heading 1 Heading 2 Customer Information: Electric-Bike Store Ply Lid sells most of its inventory strictly on a cash basis, but the business has three credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. The outstanding account balance and the date of their purchase is also indicated in the account information Name Address ABN 60 504 030 201 Collingwood Cycles Pty Ltd E-volution Cycles Ply Ltd Lawerencia E- Bikes Ply Ltd 50 999 555 666 Terms Date of Account of Invoice Balance Credit 1/15 net 26 $9,960 30 January 1/15 net 19 $2,870 30 January Net 30 $0 450 Bourke SI Melbourne 3000 300 Smith street Collingwood 3068 296 Riversdale road Camberwell 3021 89 911 222 333 Page 3 of 6 Chart of accounts You can find your chart of accounts in the excel document in the CANVAS shell + Electric-Bike store Pty Ltd Trial Balance as at 31st January 2020 Account Number Account name 1001 Cash at Bark Credit Debit 27,513.00 Kings Review View Table Design Layout Tell me AaBbCcDdi AaBbCcDdi AaBbCcDd AaBb EEALI E E Normal No Spacing Heading 1 Headi Page 3 of 6 Chart of accounts You can find your chart of accounts in the excel document in the CANVAS shell Credit Account Number 1001 1010 1020 1030 1035 1040 1110 Debit 27,513.00 12,830.00 23,840.00 1,650.00 245.00 4,500.00 Electric-Bike store Pty Ltd Trial Balance as at 31st January 2020 Account name Cash at Bank Accounts Receivable Inventory Prepaid Rent Prepaid Insurance Stationery Supplies Computers Accumulated Depreciation - Office Computers Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Accounts Payable Wages Payable PAYG payable Cleaning Payable Utilities Payable Prepad Revenue Share Capital Retained Earnings Dividends 300.00 25,000.00 15,200.00 20,640.00 2,230.00 1120 1121 2001 2010 2011 2020 2021 2035 3001 3010 3050 45,000.00 12,208.00 95,578.00 95,578.00 Mailings Review View Table Design Layout Tell me Eve EE AU AaBb CcDdi AaBbCcDdi cDd ARE 19 Normal No Spacing Heading 1 Transactions: February 2020 Date 3 4 6 7 9 11 11 11 12 Description Paid rent to Land Lord Ply Ltd for the next 2(two) months - $4,000 Paid Cash for vehicle expenses- $420 to Toyota Ltd Received payment from Collingwood Cycles Pty Ltd for January account. Received and paid electricity bill from Citipower for January $395 Paid E-Bikes Pty Ltd. for January account. Paid Merida Electric Cycles Ltd. for January account. Received payment from E-volution Cycles Pty Ltd for January account. Pay day. Sarah was paid for 69 hours and Zlatko was paid for 68 hours, which includes wages owing from January Sales Invoice sent to Lawerencia Bikes for the following items: 8x CSB. 6 X TEB Lawerencia Bikes returned 1 TEB, due to an order mistake, the goods were returned to inventory. Cash sales to Collingwood Cycles Ply Ltd Pty Ltd Inventory sold: 6 x CSB and 8 x TEB Paid Optus invoice for Telephone Expenses $480 Purchased more inventory 14 x CSB, 12 x TEB, on credit Returned 3 CSB to E-Bikes Ply Ltd due to the inventory being damaged Pay day. Sarah was paid for 62 hours and Zlatko was paid for 64 hours. The Lawerencia Bike Ply Ltd paid for items purchased on 12 February Borrowed money from the DEF bank, $15,000 at an interest rate of 7% 13 14 24 26 25 25 28 Adjustments at 29th February 2020 1. Depreciation of computer equipment is $1,800 per annum 2. Depreciation of Warehouse equipment is $2,100 per annum. 3. Accrued wagos: Sarah - 26 hour and Zlatko 26 hours 4. Stationery on hand at 29 February 2020 totalled S 205. 5. The portion of prepaid insurance expired as of 29" February 2020 is $150, assignment 1 Mailings Review View Table Design Layout Tell me Ev 20 T AaBbCcDdi AaBbccbdi cod 19 Normal No Spacing Heading 1 Heading Part A: Manual Recording (25%) IMPORTANT: Part A Manual Recording To record transactions manually, you must use the Excel files provided on the unit Canvas. Handwritten work or Excel files other than the Excel files provided on the unit Canvas are not eligible for submission. Required: 1. Record the opening balances as at 1" February 2020 in the appropriate general ledger accounts 2. Record February month's transactions in the general journal and post these to the general ledger 3. Record end of month adjustments in the general journal and post these to the general ledger. 4. Prepare a Trial Balance after end of month adjustments as at 29" February 2020 Important Information 1. To record transactions manually, you must use the Excel files provided on the unit Canvas. Handwritten work or Excel files other than the Excel files provided on the unit Canvas are not eligible for submission 2. The assignment must be accompanied with an assignment cover sheet listing your full name and student identification number 3. It is the student's respons bility to keep a backup copy of the assignment until all the assignment process is completed and marks are on Canvas 4. Any assignments handed in late will be penalised as explained in the course guido Assessment Task Manual Recording - TEMPLATE Review Insert Draw Formulas Data View Tell me Page Layout General Calibri (Hody) 12 A A 3 Wrap Test BIU FH a.A. 5% Marge & Centre x fx E D G B Enter name of business here GENERAL JOURNAL Transactions for February 2020 Date Account Name Post reference Debit Credit Chart of accounts General Journal General Ledger Trial Balance General :27.0.4 $% 9 Cel Trat ned ex . + 1 CINERAL LECLER ACCOUNTS GENERAL LEDGER ACCOUNTS GENERAL UDGER ACCOUNTS Payable Description De Blue Dute dute DA * 12 1 14 2010 Detro De 36 Dale DIG 21 2010 Dane De G 21 34 Cast of Sales Date LOLO 2021 Debre DRVO Tlectricity Payable Date Description Det Date Desert |Bair| Credit AC Dowlowed Date Deo Pre Description 1000 Da De CH Dute Description Det Date Desert 3001 Sale Det Credit Prep even Description Tra Balance + Chart of accounts General Journal General Ledger MacBook Air 12 ODO 19 esc 80 F3 Horne Insert Draw Page Layout Formulas Data Assessment Task Manual Recording - TEMPLATE-2 View Tell me Review Call (Bodyl ST- 12 General Share B7 ex fx s-69 2.0 C. + . Des De red road lala Debe Credit 100 Balance W Dute Drom De Dute Debe Credit 2201 DI 1035 be Credit Due De 50 Dute 10 De Story is We Do Debt Dare De Dute Der 1110 Debit be Credit De Dute De De Credit DAR puter Accm Dep te besoin D Det Dra) 25 Description Deb Credit 1120 Balance Dute Dion office Equipment Dep Description 1121 Balce BUICK Chart ofcounts General Journal General Ledger Trial Balance MacBook Air Ave Home Draw Page Layout Formulas Assesment Task Manal Recording - TEMPLATE-2 Tele Data Review X 12 A A wrap th Paste Gene gener 28-0.4 $% 9 B7 X Date Destion 73 sont Dane Description 72 11:20 DIE Office mese Date Descon Dear Det SI Date Design De 15 Balance Cred Forum Dep Date Decoration De bebe D - Warehouse Date Decor Deco Date Description Cred NE D be 19 Watermante s Date Desertion be 1140 More Les De Derein Cred 1 Chart of accounts General General Ledige MacBook Air