HiFiWay,AustralasianEdition3
Feedback:Worksheet
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Nowthatyouhavecompletedtheendofmonthpostingprocedure,youareaskedtocompletetheworksheetforHiFiWay.
Theworksheetisaninternaldocumentthatexistsoutsidethejournalsandledgers.Itisoftenusedinthemanualaccountingsystemtohelprecordadjustingentriesand
preparefinancialstatements.Afteryouhavepreparedtheworksheet,inthenextsectionofthepracticesetyouwillbeaskedtousethecompletedworksheettohelp
journaliseandpostadjustingentriestogeneralledger.YouwillalsousethisworksheettoassistyouinpreparingthefinancialstatementsforHiFiWayinalatersectionof
thispracticeset.
ThedetailsoftheendofmonthadjustmentsforJuneareasfollows:
CashRegistersownedbythebusiness:originalpurchasepricewas$9,000,estimatedusefullifewas6years,andestimatedresidualvaluewas$1,500attheendof
theusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciation
expensedividedbythenumberofmonthsinayear.
StoreFixturesownedbythebusiness:originalpurchasepricewas$49,000,estimatedusefullifewas8years,andestimatedresidualvaluewas$5,500attheendof
theusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciation
expensedividedbythenumberofmonthsinayear.
ElectricityexpenseforthemonthofJuneisestimatedtobe$968.
ThewaterusageforthemonthofJuneisestimatedtobe$236.
Salesstaffworkeverysingledayduringtheweekincludingweekendsandarenotpaiduntiltheendofeachtwoweeks.Wageswerelastpaiduptoandincluding28
June.Wagesincurredafterthatday(from29Juneto30Juneinclusive)areestimatedtohavebeen$780perday.
InterestexpenseincurredduringthemonthofJunebutnotyetpaidtoEarthBankforthebankloanis$265.
InterestearnedfromshortterminvestmentsinBitiBankforthemonthofJuneis$105.
Officesuppliestotalling$3,470arestillonhandat30June.
2monthsofrentremainedprepaidatthestartofJune.
3monthsofadvertisingremainedprepaidatthestartofJune.
5monthsofinsuranceremainedprepaidatthestartofJune.
WhencalculatingtheportionofprepaymentsthatexpireduringthemonthofJune,youareaskedtoassumethatanequalamountofexpenseisincurredpermonth.
Instructionsforworksheet
Completeallcolumnsintheworksheet.Todothis,youneedtousetheunadjustedaccountbalancesprovidedinthegeneralledger.Youarealsorequiredtocalculatethe
endofmonthadjustmentsforJuneandenterthemintotheworksheetbeforecompletingtheremainingcolumns.Notethatnotallboxesineachcolumnoftheworksheet
willneedtobefilled.
Afterperformingastocktake,thebalanceofinventoryonhandasat30Juneis$63,948.YouwillneedtousethisinformationtocompleteboththeIncomeStatement
andtheBalanceSheetcolumnsoftheworksheet.Hint:Thisinformationwillassistyouincalculatingcostofsalesundertheperiodicinventorysystem.
Remembertoenterallanswerstothenearestwholedollar.
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Pleasenotethatanyanswersfrompreviouspagescarriedthroughontothispage(eitheronthepageorinapopupinformationpage)havebeenreset,ifnecessary,
tothecorrectanswers.Yourparticularanswersfrompreviouspagesarenolongershown.
Ifyouwanttoprintthispage,pleasereadandfollowthespecialprintinginformationtoensureyoucanprinttheworksheetinfull.
(Q=820.worksheetQuestion)
HiFiWay
Worksheet
Asat30/06/2014
Acct.
AccountName
No.
100 CashatBank
UnadjustedTrial
Balance
Debit
94700
Adjustments
Credit
Debit
AdjustedTrialBalance
Credit
Debit
94700
Credit
IncomeStatement
Debit
BalanceSheet
Credit
Debit
94700
Credit
102 ShorttermInvestments
21000
21000
21000
5785
5785
5785
105
105
105
75233
75233
75233
63948
63948
130 OfficeSupplies
7886
4416
3470
3470
140 PrepaidRent
6000
3000
3000
3000
12000
4000
8000
8000
142 PrepaidInsurance
3000
600
2400
2400
150 CashRegisters
9000
9000
9000
2292
104
2396
2396
49000
49000
49000
161 AccumDepn:StoreFixtures
17672
453
18125
18125
210 APCAccountsPayableControl
880
880
880
220 WagesPayable
1560
1560
1560
221 ElectricityPayable
968
968
968
222 WaterPayable
236
236
236
225 InterestPayable
265
265
265
250 BankLoanPayable
53000
53000
53000
300 ShareCapital
80000
80000
80000
301 RetainedEarnings
106215
106215
106215
400 SalesRevenue
46326
46326
46326
3504
3504
3504
402 DiscountReceived
66
66
66
403 InterestRevenue
217
105
322
322
4550
4550
4550
501 PurchaseReturnsandAllowances
1876
1876
1876
511 AdvertisingExpense
4000
4000
4000
10732
1560
12292
12292
540 RentExpense
3000
3000
3000
541 ElectricityExpense
968
968
968
542 WaterExpense
236
236
236
543 InsuranceExpense
600
600
600
544 OfficeSuppliesExpense
4416
4416
4416
5900
5900
5900
560 DepnExpense:CashRegisters
104
104
104
561 DepnExpense:StoreFixtures
453
453
453
571 InterestExpense
265
265
265
248
248
248
308544
308544
15707
15707
312235
312235
115775
112538
260408
263645
110 ARCAccountsReceivableControl
112 InterestReceivable
120 Inventory
141 PrepaidAdvertising
151 AccumDepn:CashRegisters
160 StoreFixtures
401 SalesReturnsandAllowances
500 Purchases
516 WagesExpense
545 SalaryExpense
572 BankCharges
573 DiscountAllowed
Totals
Profit/loss
3237
3237
Totals
115775
115775
263645
263645
Feedback
HiFiWay
Worksheet
Asat30/06/2014
UnadjustedTrial
Balance
Acct.No. AccountName
Debit
AdjustedTrial
Balance
Adjustments
Credit
Debit
Credit
Debit
IncomeStatement
Credit
Debit
BalanceSheet
Credit
Debit
Credit
100 CashatBank
94,700
94,700
94,700
102 ShorttermInvestments
21,000
21,000
21,000
5,785
5,785
5,785
105
105
105
75,233
75,233
75,233
63,948
63,948
130 OfficeSupplies
7,886
4,416
3,470
3,470
140 PrepaidRent
6,000
3,000
3,000
3,000
141 PrepaidAdvertising
12,000
4,000
8,000
8,000
142 PrepaidInsurance
3,000
600
2,400
2,400
150 CashRegisters
9,000
9,000
9,000
2,292
104
2,396
2,396
110 ARCAccountsReceivableControl
112 InterestReceivable
120 Inventory
151 AccumDepn:CashRegisters
160 StoreFixtures
49,000
49,000
49,000
161 AccumDepn:StoreFixtures
17,672
453
18,125
18,125
210 APCAccountsPayableControl
880
880
880
220 WagesPayable
1,560
1,560
1,560
221 ElectricityPayable
968
968
968
222 WaterPayable
236
236
236
225 InterestPayable
265
265
265
250 BankLoanPayable
53,000
53,000
53,000
300 ShareCapital
80,000
80,000
80,000
301 RetainedEarnings
106,215
106,215
106,215
400 SalesRevenue
46,326
46,326
46,326
3,504
3,504
3,504
402 DiscountReceived
66
66
66
403 InterestRevenue
217
105
322
322
4,550
4,550
4,550
501 PurchaseReturnsandAllowances
1,876
1,876
1,876
511 AdvertisingExpense
4,000
4,000
4,000
10,732
1,560
12,292
12,292
540 RentExpense
3,000
3,000
3,000
541 ElectricityExpense
968
968
968
542 WaterExpense
236
236
236
543 InsuranceExpense
600
600
600
544 OfficeSuppliesExpense
4,416
4,416
4,416
5,900
5,900
5,900
560 DepnExpense:CashRegisters
104
104
104
561 DepnExpense:StoreFixtures
453
453
453
571 InterestExpense
265
265
265
572 BankCharges
248
248
248
312,235
115,775
112,538
260,408
263,645
401 SalesReturnsandAllowances
500 Purchases
516 WagesExpense
545 SalaryExpense
573 DiscountAllowed
Totals
308,544
308,544
15,707
15,707
312,235
Profit/loss
3,237
3,237
Totals
115,775
115,775
263,645
263,645
ManualAccountingPracticeSet
HiFiWay,AustralasianEdition3(VBA3p)
2010Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com
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