The trial balance for Pro Diver is shown below.
Question 1 The trial balance for Pro Diver is shown below Pro Diver Trial Balance as at 30 June 20XX Account Number Account Debit Credit 100 105 Petty Cash 110Accounts Receivable 120 Prepaid Insurance 130 Prepai Rates and Taxes 140 GST Paid (Outlays) 160 Buildings and Improvements (Cost) Bank Account 7,223.47 200.00 7,552.00 381.25 164.75 2,503.11 350,000.00 Accumulated Depreciation - Bldgs and Improvements 43,750.00 170 Hire Equipment (Cost) 171 Accumulated Depreciation - Hire Equipment 180 Motor Vehicles (Cost) 181 Accumulated Depreciation - Motor Vehicles 190 Store Equipment (Cost) 191 Accumulated Depreciation Store Equipment 200 Accounts Payable 210 GST Collected 220 PAYG Withholding Payable 230 Superannuation Payable 240 Wages and Salaries Payable 280 Bank Loan 310 Capital 315 Drawings 400 Hire Service Income 410 Lesson Income 420 Discounts Received 110,987.36 67,030.00 29,900.00 8,970.00 14,700.00 6,615.00 5,392.00 6,738.25 1,660.00 218,000.00 151,156.00 39,004.00 127,234.00 30,810.00 518.83 430 440 Profit on Sale of PPE 600 605 610 Cleaning 615 620 Discounts Given 625 Electricity 630 635 Insurance 640 Interest Expense 645 650 Office Supplies 655 660 Rates and Taxes 665 670 675 680 Superannuation 685 690 Wages and Salaries 85.00 Freight Collected 270.09 Advertising Bank Charges 2,150.00 127.10 900.00 35,323.00 309.60 3,480.50 1,110.53 4,193.75 14,002.80 2,610.00 118.80 163.65 1,812.25 995.00 14,971.82 260.83 1,404.00 1,479.60 20,200.00 668,229.17 Depreciation Freight Expense Motor Vehicle Expenses Printing and Postage Repairs and Maintenance Diving Instruction Charges Staff Amenities Telephone 668,229.17 part (i) part (i) to be submitted for grading 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 trial balance columns in the worksheet (Note: Enter accounts in ascending account number order according to the chart of accounts.) OFFICE MEMORANDUM Date: 30/06/20XX To: Tyler Mackee SUBJECT: End-of-period adjustments Adjusting journal entries are required for the following 1. Wages payable at the end of June S80.00 2. Transfer the prepaid insurance and prepaid rates balances to their respective expense accounts 3. Superannuation payable for June $414.00 4. Depreciation for the month: a. Buildings & Improvements $729 b. Hire Equipment-$1924 c. Motor Vehicles-$498 d. Store Equipment $184 5. Interest charged on the bank loan for the period-$1191.67 (GST free) Signed: Accountant Page: 20 GENERAL JOURNAL Credit Debit Post Ref Description Date 615 120 635 (Wages and salaries payable at the end of June) 191 640 240 181 660 230 280 CPJ12 680 690 GJ20 130 161 (Transfer prepaid expense balances) (Superannuation payable for June) (Depreciation for the month) (Bank loan interest for the month) GENERAL LEDGER Name: PREPAID INSURANCE Acct No.: 120 Date Explanation Post Ref Debit Date Post Ref Credit June 1 Balance 381.25June 191 181 230 CPJ12 240 690 660 280 680 Name: PREPAID RATES AND TAXES Acct No.: 130 Date Explanation Post Ref Debit Date Explanation Credit June 1 Balance 164.75June Name: ACCUMULATED DEPRECIATION BLDGS AND IMPROVEMENTS Acct No.: 161 Date Explanation Post Ref Debit Date Credit GJ20 120 130 161 615 635 640 June 1 Balance 43,750.00 Name: ACCUMULATED DEPRECIATION -HIRE EQUIPMENT Acct No.: 171 Explanation Date Post Ref Debit Date Explanation Credit Hire Equipment (Cost)/Profit onG120 Sale of PPE 67,500.00 June 17 470.00 June 1 Balance Name: ACCUMULATED DEPRECIATION -MOTOR VEHICLES Acct No.: 181 Post Ref Date Explanation Debit Date Explanation Post Ref Credit 8,970.00 June 1 Balance Name: ACCUMULATED DEPRECIATION -STORE EQUIPMENT Acct No.: 191 Post Ref Date Explanation Debit Date Explanation Post Ref Credit 6,615.00 June 1 Balance Name: SUPERANNUATION PAYABLE Acct No.: 230 Debit Date Explanation Post Ref Date Explanation Post Ref Credit June 25 Bank Account CP112 432.00 June 1 Balance 432.00 Acct No.: 240 Name: WAGES AND SALARIES PAYABLE Debit Date Explanation Post Ref Date Explanation Post Ref Credit une Name: BANK LOAN Acct No.: 280 Debit Date Explanation Post Ref Date Explanation Post Ref Credit June 1 Bank Account CP112 2,000.00 June 1 Balance 220,000.00 Acct No.: 310 Name: CAPITAL Details Debit Date Date Post Ref Details Post Ref Credit June 1 Balance 151,156.00 Name: DRAWINGS Acct No.: 315 Details Balance Bank Account Details Post Ref Date Post Ref Credit Date Debit June 1 36,000.00 12 CP112 3,004.00 Name: DEPRECIATION Acct No.: 615 Debit Date Explanation Post Ref Date Explanation Post Ref Credit Balance 35,323.00 June 1 Name: INSURANCE Acct No.: 635 Date Explanation Post Ref Debit Date Explanation Post Ref Credit June 1 Balance 4,193.75 Name: INTEREST EXPENSE Acct No.: 640 Date Explanation Post Ref Debit Date Explanation Post Ref Credit June 1 Balance 14,002.80 Name: RATES AND TAXES Acct No.: 660 Date Explanation Post Ref Debit Explanation Post Ref Credit June 1 Balance 1,812.25 Acct No.: 680 Name: SUPERANNUATION Explanation Debit Explanation Post Ref Credit Post Ref Date June 1 Balance 1,404.00 Name: WAGES AND SALARIES Acct No.: 69 Explanation Explanation Balance Bank Account Post Ref Debit Post Ref Credit 15,600.00 4,600.00 June 1 28 CP112 WORKSHEET Worksheet for period ended 30 June 20xX Acct No. Account Trial Balance Dr Adjustments Adjusted Trial Balance Cr Dr Cr Dr Cr 100 105 110 120 130 140 160 161 170 Bank Account Petty Cash Accounts Receivable Prepaid Insurance Prepaid Rates and Taxes GST Paid (Outlays) Buildings and Improvements (Cost) Accumulated Depreciation Bldgs and 7,223.47 200.00 7,552.00 381.25 164.75 2,503.11 350,000.00 43,750.00 Improvements Hire Equipment (Cost) Accumulated Depreciation - Hire 110,987.36 67,030.00 171 Equipment Motor Vehicles (Cost) Accumulated Depreciation Motor 29,900.00 180 181 190 191 200 210 220 230 240 280 310 8,970.00 Vehicles Store Equipment (Cost) Accumulated Depreciation Store 14,700.00 6,615.00 5,392.00 6,738.25 1,660.00 Equipment Accounts Payable GST Collected PAYG Withholding Payable Superannuation Payable Wages and Salaries Payable Bank Loan Capital 218,000.00 151,156.00 315 Drawings 400 Hire Service Income 410 Lesson Income 420 Discounts Received 430 Freight Collected 440 Profit on Sale of PPE 600 Advertising 605 Bnk Charges 610 Cleaning 615 Depreciation 620 Discounts Given 625 Electricity 630 Freight Expense 635 Insurance 640 Interest Expense 645 Motor Vehicle Expenses 650 Office Supplies 655 Printing and Postage 660 Rates and Taxes 665 Repairs and Maintenance 670 Diving Instruction Charges 675 Staff Amenities 680 Superannuation 685 Telephone 39,004.00 127,234.00 30,810.00 518.83 85.00 270.09 2,150.00 127.10 900.00 35,323.00 309.60 3,480.50 1,110.53 4,193.75 14,002.80 2,610.00 118.80 163.65 1,812.25 995.00 14,971.82 260.83 1,404.00 1,479.60 690 Wages and Salaries 20,200.00 668,229.17 668,229.17 MPORTANT: Have you completed all of the requirements and followed the instructions? 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