This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!
Business Name: Kylie Water trading as Tutor4You' Kylie began operations on 1 March 2019 under the business name 'Tutor4You'. The business provides tutoring services to highschool students and also retails textbooks which the business purchases from their only supplier 'PublishersR'Us'. The business is currently operating in Melbourne's South-East next to Deakin University. The business is registered for GST which
Transcribed Image Text:
Business Name: Kylie Water trading as "Tutor4You' Kylie began operations on 1 March 2019 under the business name 'Tutor4You'. The business provides tutoring services to highschool students and also retails textbooks which the business purchases from their only supplier 'PublishersR'Us'. The business is currently operating in Melbourne's South-East next to Deakin University. The business is registered for GST which Kylie pays annually. Opening balances as at 01/07/2020 Account name Cash Accounts receivable Inventory Accounts payable Office Furniture Accum. Depreciation - Office Furniture Office Supplies GST Paid GST Collected Capital Relevant information: Value $398,318 $35,188 $47,800 $9,560 $159,325 $63,730 $36,920 $62,140 $111,852 $554,549 Transactions for the month ended 31/07/2020 Date 3/07/2020 5/07/2020 7/07/2020 10/07/2020 12/07/2020 14/07/2020 17/07/2020 18/07/2020 19/07/2020 20/07/2020 23/07/2020 26/07/2020 27/07/2020 Description The business borrowed $57,758 from Bank of Oz through a special business loan. 31/07/2020 Purchased new computing equipment costing $5,830 (GST inclusive) and paid the full amount in cash. Bought a set of textbooks on credit costing $4,730 (GST inclusive) from its usual textbook supplier. Sent invoice to students for classes provided on that day. Total amount was $71,390 (GST inclusive). Students have not yet paid. Paid employee salaries for the month-Gross Amount $44,214; PAYG Tax Deducted $11,938; staff were paid the net amount in cash. Kylie decides to buy a personal masssage chair for use at home. She paid $19,316 (GST inclusive) for the chair using the business bank account. Sold textbooks for $10,890 (GST inclusive) to new incoming students. Students paid the full amount in cash. Computer systems broke down and the business paid $1,496 (GST inclusive) to hire a computer technician to come out to repair the computers. The business made a payment $2,390 to PublishersR'Us for the amount owing. Sold a further 105 textbooks to students who enrolled late. Students paid 20% of the amount in cash with the remainder yet to be paid. As part of the business, Kylie ran a special one-off class for a group of 19 students who paid a special price of $55 (GST inclusive) per student. The total amount was settled in full on the day. The business hired a lawyer to provide consultation regarding copyright issues. The lawyer charged $7,480 (GST inclusive). The business paid 20% in cash with the remainder still owing. Tutor4You paid off all debts outstanding to PublishersR'Us including any payables at the beginning of the month. 28/07/2020 Business paid Utilities bill of $2,926 (GST inclusive). Sold textbooks to incoming students for $6,930 (GST inclusive). Students paid a 50% deposit with the remainder to be paid in August. 3. Additional information Description Selling price per book (GST inclusive) Cost per book (GST inclusive) Service Revenue per Student per Class (GST inclusive) Value $99.00 $55.00 $242.00 -You must write the Date, Account Name, and fill out the corresponding values in the Debit (DR) or Credit (CR) column. -There is no need to indent your accounts and also narrations are NOT required. -Please ensure that your date format is in dd/mm/yyyy format. -Note: The account name used in the journal must come from the drop down menu. -Failure to follow the instructions precisely may result in a loss of marks. Date The General Journal Accounts Dr Cr Accoun 402 403 501 601 602 603 No 101 Cash 102 Accounts Receivable 103 Inventory 104 Office Supplies 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent 143 Prepaid Interest Expense 151 Computer equipment 152 Accum. Depreciation - Computer Equipment 155 156 158 159 161 201 Accounts Payable 222 GST Collected 240 Interest Due 241 Unearned Revenue 242 Wages Payable 243 Utilities Payable 244 Consulting Fees Payable 251 Bank Loan 252 301 Capital 302 401 Chart of accounts 606 607 608 609 651 655 658 Office Furniture Accum. Depreciation - Office Furniture Motor Vehicle Accum. Depreciation - Motor Vehicle Interest Receivable PAYG Withheld Account Name Drawings Sales Revenue Service Revenue Interest Revenue Cost of Good Sold Computer Expense Office Supplies Expense Interest Expense 604 Consulting Expense 605 Insurance Expense Rent Expense Sales Commission Expense Utilities Expense Wage Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture Depreciation Expense - Computer Equipment
Related Book For
Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these accounting questions
- Q: Willard Cleaning Ltd began operations on 1 April 2017. During April the
- Q: McPherson Ltd began operations on 1 January 2015. Quarterly financial statements are
- Q: A crystalline solid consists of atoms stacked up in a repeating lattice
- Q: Besides acting as mechanical barriers, the skin epidermis and mucosae of the
- Q: A flat plate of weight W oscillates as shown in Fig. 8.31.
- Q: The Sparrow Partnership plans to distribute $200,000 cash to its partners at