WEEK 9 AIC Tutorial Questions Student(5) [It] ifit #3 14 xikit Calibri V 1\\ - A- A Aa A BA A AaBbCc AaBbCcDdE AaBbCcDdE AaBbCcDdE AaBbCcDdi AaBbCcDdE BI UV abe X2 X2 ALAA = = = 2 1. EX EXX* Table Paragr... FIC Subscription expense 1000 Prepaid expense 1000 . Wages paid in 1 July 2018 for $3,200 were for the work performed in June 2018. Wages expense 3200 No adjustment since service had not yet Accrued expense 3200 been performed . Insurance expired is $2,748 (initially recorded as a prepaid expense) Insurance expense Dr 2748 Prepaid expense Cr 2748 . Allowance for doubtful debts is to be increased to $1,500 Dr Bad and doubtful debts expense Cr Allowance for doubtful debts Account balances for Home Trial Balance $ Adjustments $ Adjusted Trial Entertainment Centre Pty Ltd as at 30 June 2018 Balance $ DR CR DR CR DR CR Cash at bank 36,780 36780 Bank Overdraft 25,234 25234 Accounts Receivable 57,849 57849 ice for doubtful debts 830 670 1500 Inventory 15,810 15810 Land 58,000 58000 Accounts Payable 39,863 39863 Building 33,600 33600 Accumulated Depreciation 1573 5453 building 3,880 Share Capita 81,975 Sales 248,195 81975 248195 Rent Revenue 4,605 820 3785 Cost of Goods Sold 137,417 137417 Question 3 Postage 2,271 Office Wages 29,519 2271 3200 32719 Donna Dingalong prepared the following year-end list from the general ledger of Home Prepaid Insurance 3,665 2748 917 Entertainment Centre Pty Ltd, a store that sells videos and music, as at 30 June 2018. Doubtful Debt Expense 2,371 670 3041 Donna has also provided balance day adjustments as at 30 June 2018, which needs to be 1573 taken into account Depreciation expense 1573 Rent received in advance 820 820 Building's life is 15 years and residual value is $10,000 (round off to whole number) Wages payable 3200 3200 (33600-10000)/15=1573 depreciation per year Insurance expense 2748 2748 27,300 Dr Depreciation expense 1573 Dividends paid 27300 Total Cr Accumulated depreciation -building 1573 404,582 404,582 9011 9011 410025 410025 . Rent received in advance is $820 (initially recorded as a revenue) Initial: Dr Cash Required: Cr rent revenue 1) Prepare a Statement of Profit or Loss in the template provided below. 2) Prepare a classified Balance Sheet in narrative format in the template provided below. Adjustment: Dr rent revenue 820 Cr rent received in advance 820 4 MI, # 6 DI 417, # 851 17 E + 93%