The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable...

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The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2013) Furniture Promotional Material Supplies Capital Transactions: Date 1-Jun Paid General Insurance 3-Jun Rent of Business Premises 5-Jun Advertising placement fees - Cash 7-Jun Purchase promotional materials 8-Jun Motor Vehicle Expenses Description 11-Jun Advertising placement fees - Cash 15-Jun Receive Payment from Account Customers 15-Jun Staff Wages 17-Jun Receive Payment from Account Customers 18-Jun Auction commission - Account 23-Jun Auction commission - Cash 26-Jun Rental commission - Cash 27-Jun Additional cash contributed by owner 29-Jun Staff Wages $18.947 $21.889 $30.693 $7.665 $28,876 $26,812 $532 Amount $2,428 $4,056 $1,042 $863 $569 $979 $1,095 $2,248 $1,476 $1,224 $1,702 $1,788 $3,866 $2,248 Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) D Rent paid (months) Furniture useful life (years) Furniture scrap value ($) Closing stock of promotional materials 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. prepare financial statements: Balance Sheet Date Description 2-Jun Advertising placement fees - Account 5-Jun Rental commission - Cash 7-Jun Auction commission - Cash 8-Jun Sundry Expenses 10-Jun Rental commission - Account 12-Jun Advertising Expense - Account 15-Jun Auction commission - Account 16-Jun Cash Withdrawals by Owner 18-Jun Advertising placement fees - Account 19-Jun Advertising Expense - Cash 25-Jun Rental commission - Account 26-Jun Payment to Account Payable 29-Jun Payment to Account Payable Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2010. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. - Transactions involve cash unless specified as "Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar. 10 3 5,108 902 Amount $1.031 $1,860 $1,729 $339 $1,348 $1,348 $985 $1,130 $937 $984 $1,417 $770 $1,119 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2013) Furniture Promotional Material Supplies Capital Transactions: Date 1-Jun Paid General Insurance 3-Jun Rent of Business Premises 5-Jun Advertising placement fees - Cash 7-Jun Purchase promotional materials 8-Jun Motor Vehicle Expenses Description 11-Jun Advertising placement fees - Cash 15-Jun Receive Payment from Account Customers 15-Jun Staff Wages 17-Jun Receive Payment from Account Customers 18-Jun Auction commission - Account 23-Jun Auction commission - Cash 26-Jun Rental commission - Cash 27-Jun Additional cash contributed by owner 29-Jun Staff Wages $18.947 $21.889 $30.693 $7.665 $28,876 $26,812 $532 Amount $2,428 $4,056 $1,042 $863 $569 $979 $1,095 $2,248 $1,476 $1,224 $1,702 $1,788 $3,866 $2,248 Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) D Rent paid (months) Furniture useful life (years) Furniture scrap value ($) Closing stock of promotional materials 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. prepare financial statements: Balance Sheet Date Description 2-Jun Advertising placement fees - Account 5-Jun Rental commission - Cash 7-Jun Auction commission - Cash 8-Jun Sundry Expenses 10-Jun Rental commission - Account 12-Jun Advertising Expense - Account 15-Jun Auction commission - Account 16-Jun Cash Withdrawals by Owner 18-Jun Advertising placement fees - Account 19-Jun Advertising Expense - Cash 25-Jun Rental commission - Account 26-Jun Payment to Account Payable 29-Jun Payment to Account Payable Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2010. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. - Transactions involve cash unless specified as "Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar. 10 3 5,108 902 Amount $1.031 $1,860 $1,729 $339 $1,348 $1,348 $985 $1,130 $937 $984 $1,417 $770 $1,119

Answer rating: 100% (QA)

To prepare the Balance Sheet we need to gather all the relevant information from the given transactions opening balances and additional information Le... View the full answer