Chart of accounts You can find your chart of accounts in the excel template in the...
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Chart of accounts You can find your chart of accounts in the excel template in the CANVAS shell Account Number Account name 10001 Cash at Bank 10010 Accounts Receivable < E H 10020 Inventory ... 10030 Prepaid Rent 10035 Prepaid Insurance 10040 Stationery Supplies 11010 Computers 11011 Accumulated Depreciation - Office Computers 11020 Warehouse Equipment 11021 Accumulated Depreciation - Warehouse Equipment 20001 20010 30001 30010 30050 Accounts Payable Wages Payable Share Capital Quality Imports R Us Pty Ltd Trial Balance as at 30th June .... Retained Earnings Dividends e e Debit 17,191.00 11,960.00 E . 19,480.00 2,000.00 740.00 4,500.00 25,000.00 80,871.00 P Credit 300.00 9,600.00 10,850.00 1,120.00 55,000.00 4,001.00 80,871.00 E 2 A Merchandise Inventory The following is a list of closing inventory and the suppliers as of June 30th. < Supplier Quantity Item Description on hand Code 28 324 BPB Banana Pac Book Pro Name Sung Sam Australia Pty Ltd Banana Australia Pty Ltd SSU SungSam Universe 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 free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below. < Suppliers account balances as of 30th June 2023: < Name JP HiFi Address 21 Macquarie St Melbourne 3000 BE Games 35 Lorimer St South Melbourne ,3205 Address 450 Bourke St Melbourne 3000 The Mobile store 300 Smith street Collingwood 3068 ABN 45 667 778 888 56 778 889 999 ABN 60 504 030 201 < Sale Price $500 SungSam Australia Pty Ltd $390 $780 Banana Australia Pty Ltd 50 999 555 666 Cost Price $250 Customer Information: < Quality Imports R US Pty Ltd, sells most of its inventory strictly on a cash basis. The business has three major customers, two who are credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. Two customers have outstanding balances as of the 30th June. The purchase date is indicated in the account information. < 89 911 222 333 Terms of Credit 2/15 net 30 2/15 net 30 Terms of Credit 1/15 net 30 1/15 net 30 Account Balance $5,000 $5,850 Net 30 Date of Purchase 15th June 18th June 27th June 26th June Date of Account Invoice Balance $5,060 E $6,900 A $0 296 Riversdale road Camberwell 30214 Goods and Services Tax (GST) There is no GST applied in this assignment. All transactions should be recorded without GST. < 2 E E - Case Study Background Quality Imports R US Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. Quality Imports R US is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new financial year which started on 1st July 2023. < Business Background The business was established by Craig Cashedup from his garage and has now expanded to a small warehouse and two part time employees. Craig believes that with careful management that the business could expand rapidly within a few months. The products that are sold, are exclusively available to Quality Imports R US Pty Ltd, so the aim is to expand the reputation of the products on offer. One of Craig's goals is to have the business online, within 2 years. Another goal of Craig's is that the business introduces accounting software this year as the current system is manual. < . Employees Quality Imports R US Pty Ltd employs two casual assistants. Betty Bass works as a salesperson, and Terry Treble works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory. < Payday is every second Thursday. The following information is used to calculate their wages: < Name Betty Bass Terry Treble E Your name Role Salesperson Warehouse assistant e Accountant Gross pay- Per hour ($) 35 35 Salary 2,100 per month Tax file number 123 456 789 234 567 890 Put your student number 2 in here with 00 at the ende At the 30th June the business owed the employees 16 hours to Betty and 16 hours to Terry. < ( 14-Jul Cost of Goods sold Inventory 15-Jul Sales Returns and Allowance Accounts Receivable 15-Jul Inventory Cost of goods sold 17-Jul Cash Sales 19-Jul Telecommunication Expense Cash 25-Jul Wages and salaries expense Cash 31-Jul Cash Bank Loan Adjustments Rent Expense Prepaid Rent Depreciation Expense AD Warehouse Equipment Depreciation Expense AD Warehouse Equipment Wages and salaries expense 50001 $ 10020 40002 10010 10020 50001 10001 40001 51020 $ 10001 51000 10001 10001 22001 $ $ $ $ 6,120.00 350.00 1,250.00 225.00 300.00 525.00 $ $ $ 6,120.00 $ 1,250.00 $ 350.00 225.00 300.00 Transactions: July 2023 < Date Description < 14 3 74 Paid Cash for vehicle expenses- $175 to Toyota Ltd Received payment from JP Hi Fi for June account. 8 Received payment from The Mobile Store Pty Ltd for June account. 94 94 Paid rent to Landlord Pty Ltd for the next 2(two) months - $2,500 Date Account Name 1-Jul Prepaid Rent Cash 3-Jul Vehicle Expense Cash 7-Jul Cash Accounts Recievable 8-Jul Cash Accounts Recievable 9-Jul Accounts Payable Suppliers Cash 9-Jul Accounts Payable Suppliers Cash 11-Jul Wages payable Cash Wages and salaries expense Cash 12-Jul Inventory Account payable suppliers 13-Jul Accounts Payable Suppliers Inventory 14-Jul Accounts Receivable Sales Post reference 10030 $ 10001 Debit 51060 $ 10001 10010 $ 10001 $ 10010 20001 $ 10001 20001 $ 10001 20010 $ 10001 10020 20001 51000 $ 10001 2,500.00 175.00 5,060.00 6,900.00 5,000.00 5,850.00 1,120.00 4,200.00 20001 $ 1,170.00 10020 10010 $ 29,151.00 40001 Credit $ 2,500.00 $ $ 5,060.00 $ $ $ 175.00 $ 6,900.00 $ 5,000.00 $ 1,120.00 5,850.00 $ 4,200.00 1,170.00 29,151.00 15-Jul Sales Returns and Allowance Accounts Receivable 15-Jul Inventory Cost of goods sold 17-Jul Cash Sales 40002 10010 10020 50001 10001 40001 25 Pay day. Betty was paid for 62 hours and Terry was paid for 62 hours. Pay yourself a salary of $2100 Chart of accounts You can find your chart of accounts in the excel template in the CANVAS shell Account Number Account name 10001 Cash at Bank 10010 Accounts Receivable < E H 10020 Inventory ... 10030 Prepaid Rent 10035 Prepaid Insurance 10040 Stationery Supplies 11010 Computers 11011 Accumulated Depreciation - Office Computers 11020 Warehouse Equipment 11021 Accumulated Depreciation - Warehouse Equipment 20001 20010 30001 30010 30050 Accounts Payable Wages Payable Share Capital Quality Imports R Us Pty Ltd Trial Balance as at 30th June .... Retained Earnings Dividends e e Debit 17,191.00 11,960.00 E . 19,480.00 2,000.00 740.00 4,500.00 25,000.00 80,871.00 P Credit 300.00 9,600.00 10,850.00 1,120.00 55,000.00 4,001.00 80,871.00 E 2 A Chart of accounts You can find your chart of accounts in the excel template in the CANVAS shell Account Number Account name 10001 Cash at Bank 10010 Accounts Receivable < E H 10020 Inventory ... 10030 Prepaid Rent 10035 Prepaid Insurance 10040 Stationery Supplies 11010 Computers 11011 Accumulated Depreciation - Office Computers 11020 Warehouse Equipment 11021 Accumulated Depreciation - Warehouse Equipment 20001 20010 30001 30010 30050 Accounts Payable Wages Payable Share Capital Quality Imports R Us Pty Ltd Trial Balance as at 30th June .... Retained Earnings Dividends e e Debit 17,191.00 11,960.00 E . 19,480.00 2,000.00 740.00 4,500.00 25,000.00 80,871.00 P Credit 300.00 9,600.00 10,850.00 1,120.00 55,000.00 4,001.00 80,871.00 E 2 A Merchandise Inventory The following is a list of closing inventory and the suppliers as of June 30th. < Supplier Quantity Item Description on hand Code 28 324 BPB Banana Pac Book Pro Name Sung Sam Australia Pty Ltd Banana Australia Pty Ltd SSU SungSam Universe 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 free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below. < Suppliers account balances as of 30th June 2023: < Name JP HiFi Address 21 Macquarie St Melbourne 3000 BE Games 35 Lorimer St South Melbourne ,3205 Address 450 Bourke St Melbourne 3000 The Mobile store 300 Smith street Collingwood 3068 ABN 45 667 778 888 56 778 889 999 ABN 60 504 030 201 < Sale Price $500 SungSam Australia Pty Ltd $390 $780 Banana Australia Pty Ltd 50 999 555 666 Cost Price $250 Customer Information: < Quality Imports R US Pty Ltd, sells most of its inventory strictly on a cash basis. The business has three major customers, two who are credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. Two customers have outstanding balances as of the 30th June. The purchase date is indicated in the account information. < 89 911 222 333 Terms of Credit 2/15 net 30 2/15 net 30 Terms of Credit 1/15 net 30 1/15 net 30 Account Balance $5,000 $5,850 Net 30 Date of Purchase 15th June 18th June 27th June 26th June Date of Account Invoice Balance $5,060 E $6,900 A $0 296 Riversdale road Camberwell 30214 Goods and Services Tax (GST) There is no GST applied in this assignment. All transactions should be recorded without GST. < 2 E E Merchandise Inventory The following is a list of closing inventory and the suppliers as of June 30th. < Supplier Quantity Item Description on hand Code 28 324 BPB Banana Pac Book Pro Name Sung Sam Australia Pty Ltd Banana Australia Pty Ltd SSU SungSam Universe 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 free of charge the same day. Due to the good relationship the suppliers have offered discount terms, indicated below. < Suppliers account balances as of 30th June 2023: < Name JP HiFi Address 21 Macquarie St Melbourne 3000 BE Games 35 Lorimer St South Melbourne ,3205 Address 450 Bourke St Melbourne 3000 The Mobile store 300 Smith street Collingwood 3068 ABN 45 667 778 888 56 778 889 999 ABN 60 504 030 201 < Sale Price $500 SungSam Australia Pty Ltd $390 $780 Banana Australia Pty Ltd 50 999 555 666 Cost Price $250 Customer Information: < Quality Imports R US Pty Ltd, sells most of its inventory strictly on a cash basis. The business has three major customers, two who are credit customers. The valued customers have been offered discount terms and these terms of payment are listed below. Two customers have outstanding balances as of the 30th June. The purchase date is indicated in the account information. < 89 911 222 333 Terms of Credit 2/15 net 30 2/15 net 30 Terms of Credit 1/15 net 30 1/15 net 30 Account Balance $5,000 $5,850 Net 30 Date of Purchase 15th June 18th June 27th June 26th June Date of Account Invoice Balance $5,060 E $6,900 A $0 296 Riversdale road Camberwell 30214 Goods and Services Tax (GST) There is no GST applied in this assignment. All transactions should be recorded without GST. < 2 E E - Case Study Background Quality Imports R US Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. Quality Imports R US is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new financial year which started on 1st July 2023. < Business Background The business was established by Craig Cashedup from his garage and has now expanded to a small warehouse and two part time employees. Craig believes that with careful management that the business could expand rapidly within a few months. The products that are sold, are exclusively available to Quality Imports R US Pty Ltd, so the aim is to expand the reputation of the products on offer. One of Craig's goals is to have the business online, within 2 years. Another goal of Craig's is that the business introduces accounting software this year as the current system is manual. < . Employees Quality Imports R US Pty Ltd employs two casual assistants. Betty Bass works as a salesperson, and Terry Treble works in the warehouse filling orders. Each employee works between 30 to 40 hours per week, depending on the demand and the timing of the shipments of inventory. < Payday is every second Thursday. The following information is used to calculate their wages: < Name Betty Bass Terry Treble E Your name Role Salesperson Warehouse assistant e Accountant Gross pay- Per hour ($) 35 35 Salary 2,100 per month Tax file number 123 456 789 234 567 890 Put your student number 2 in here with 00 at the ende At the 30th June the business owed the employees 16 hours to Betty and 16 hours to Terry. < ( - Case Study Background Quality Imports R US Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. Quality Imports R US is a wholesale business specialising in electronic equipment made in Australia. The business is in its first month of the new financial year which started on 1st July 2023. < Business Background The business was established by Craig Cashedup from his garage and has now expanded to a small warehouse and two part time employees. Craig believes that with careful management that the business could expand rapidly within a few months. The products that are sold, are exclusively available to Quality Imports R US Pty Ltd, so the aim is to expand the reputation of the products on offer. One of Craig's goals is to have the business online, within 2 years. Another goal of Craig's is that the business introduces accounting software this year as the current system is manual. < . Employees Quality Imports R US Pty Ltd employs two casual assistants. Betty Bass works as a salesperson, and Terry Treble 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 Betty Bass Terry Treble E Your name Role Salesperson Warehouse assistant e Accountant Gross pay- Per hour ($) 35 35 Salary 2,100 per month Tax file number 123 456 789 234 567 890 Put your student number 2 in here with 00 at the ende At the 30th June the business owed the employees 16 hours to Betty and 16 hours to Terry. < ( 14-Jul Cost of Goods sold Inventory 15-Jul Sales Returns and Allowance Accounts Receivable 15-Jul Inventory Cost of goods sold 17-Jul Cash Sales 19-Jul Telecommunication Expense Cash 25-Jul Wages and salaries expense Cash 31-Jul Cash Bank Loan Adjustments Rent Expense Prepaid Rent Depreciation Expense AD Warehouse Equipment Depreciation Expense AD Warehouse Equipment Wages and salaries expense 50001 $ 10020 40002 10010 10020 50001 10001 40001 51020 $ 10001 51000 10001 10001 22001 $ $ $ $ 6,120.00 350.00 1,250.00 225.00 300.00 525.00 $ $ $ 6,120.00 $ 1,250.00 $ 350.00 225.00 300.00 14-Jul Cost of Goods sold Inventory 15-Jul Sales Returns and Allowance Accounts Receivable 15-Jul Inventory Cost of goods sold 17-Jul Cash Sales 19-Jul Telecommunication Expense Cash 25-Jul Wages and salaries expense Cash 31-Jul Cash Bank Loan Adjustments Rent Expense Prepaid Rent Depreciation Expense AD Warehouse Equipment Depreciation Expense AD Warehouse Equipment Wages and salaries expense 50001 $ 10020 40002 10010 10020 50001 10001 40001 51020 $ 10001 51000 10001 10001 22001 $ $ $ $ 6,120.00 350.00 1,250.00 225.00 300.00 525.00 $ $ $ 6,120.00 $ 1,250.00 $ 350.00 225.00 300.00 Transactions: July 2023 < Date Description < 14 3 74 Paid Cash for vehicle expenses- $175 to Toyota Ltd Received payment from JP Hi Fi for June account. 8 Received payment from The Mobile Store Pty Ltd for June account. 94 94 Paid rent to Landlord Pty Ltd for the next 2(two) months - $2,500 Transactions: July 2023 < Date Description < 14 3 74 Paid Cash for vehicle expenses- $175 to Toyota Ltd Received payment from JP Hi Fi for June account. 8 Received payment from The Mobile Store Pty Ltd for June account. 94 94 Paid rent to Landlord Pty Ltd for the next 2(two) months - $2,500 Date Account Name 1-Jul Prepaid Rent Cash 3-Jul Vehicle Expense Cash 7-Jul Cash Accounts Recievable 8-Jul Cash Accounts Recievable 9-Jul Accounts Payable Suppliers Cash 9-Jul Accounts Payable Suppliers Cash 11-Jul Wages payable Cash Wages and salaries expense Cash 12-Jul Inventory Account payable suppliers 13-Jul Accounts Payable Suppliers Inventory 14-Jul Accounts Receivable Sales Post reference 10030 $ 10001 Debit 51060 $ 10001 10010 $ 10001 $ 10010 20001 $ 10001 20001 $ 10001 20010 $ 10001 10020 20001 51000 $ 10001 2,500.00 175.00 5,060.00 6,900.00 5,000.00 5,850.00 1,120.00 4,200.00 20001 $ 1,170.00 10020 10010 $ 29,151.00 40001 Credit $ 2,500.00 $ $ 5,060.00 $ $ $ 175.00 $ 6,900.00 $ 5,000.00 $ 1,120.00 5,850.00 $ 4,200.00 1,170.00 29,151.00 Date Account Name 1-Jul Prepaid Rent Cash 3-Jul Vehicle Expense Cash 7-Jul Cash Accounts Recievable 8-Jul Cash Accounts Recievable 9-Jul Accounts Payable Suppliers Cash 9-Jul Accounts Payable Suppliers Cash 11-Jul Wages payable Cash Wages and salaries expense Cash 12-Jul Inventory Account payable suppliers 13-Jul Accounts Payable Suppliers Inventory 14-Jul Accounts Receivable Sales Post reference 10030 $ 10001 Debit 51060 $ 10001 10010 $ 10001 $ 10010 20001 $ 10001 20001 $ 10001 20010 $ 10001 10020 20001 51000 $ 10001 2,500.00 175.00 5,060.00 6,900.00 5,000.00 5,850.00 1,120.00 4,200.00 20001 $ 1,170.00 10020 10010 $ 29,151.00 40001 Credit $ 2,500.00 $ $ 5,060.00 $ $ $ 175.00 $ 6,900.00 $ 5,000.00 $ 1,120.00 5,850.00 $ 4,200.00 1,170.00 29,151.00 15-Jul Sales Returns and Allowance Accounts Receivable 15-Jul Inventory Cost of goods sold 17-Jul Cash Sales 40002 10010 10020 50001 10001 40001 15-Jul Sales Returns and Allowance Accounts Receivable 15-Jul Inventory Cost of goods sold 17-Jul Cash Sales 40002 10010 10020 50001 10001 40001 25 Pay day. Betty was paid for 62 hours and Terry was paid for 62 hours. Pay yourself a salary of $2100 25 Pay day. Betty was paid for 62 hours and Terry was paid for 62 hours. Pay yourself a salary of $2100
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Based on the provided trial balance and chart of accounts here is the breakdown Account Number Accou... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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