Jane Lent, has provided you with the following information in relation to her business Jane's Design...
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Jane Lent, has provided you with the following information in relation to her business Jane's Design World, for the year ended 30 June 2021. You are required to: ● ● Information regarding the balance day adjustments: Tax Invoice No. JZ620 for the sale of stock - dated 31 May 2021, for $825 (incl. GST) was omitted from the Sales Journal and needs to be recorded before year end. ● ● ● ● ● ● ● ● ● ● ● ● Prepare General Journal entries to record the balance day adjustments at 30 June 2021 include a brief narration for each journal All work must be carried out in accordance with Jane's Design Worlds policies and procedures which are available in Canvas. Business Insurance expense of $6,600 (incl. GST) was paid on the 1st May 2021 for the next 12- month period: May 1st, 2021 - April 30th, 2022. Jane rents out a section of her showroom to a 3rd party for $220 (incl. GST) per month for some extra income. As at June 30th the tenant owes Jane 3 months' rent. The business owes its employees unpaid wages for the period 25th - 30th June 2021: This amounts to a total of $3,275 Water Rates expense owing but not yet paid by the business, $730 (GST Free) A client has prepaid a deposit for work that is to be carried out in August 2021 (the next financial year!) The amount is $1,650 (incl. GST). This affects the Consultancy Fees (Income) Account. Debtors total was $23,995, however, an additional bad debt of $495 (incl. GST) still needs to be accounted for. This amount relates to goods sold during the current year. Allowance for Doubtful Debts was $790. This now needs to be at 4% of total debtors after additional bad debts have been recorded. Depreciate motor vehicles at 20% p.a. Straight Line. (Original Cost is $37,000 and accumulated depreciation to date is $7,400). Computer equipment is to be depreciated at 33%p.a. reducing balance (Original Cost is $25 000; Accumulated Depreciation is $8,000). Currently the Provision for Long Service Leave is at $6,200. This needs to be increased to $7,500. Create a provision for annual leave of $4,250. Jane Lent, has provided you with the following information in relation to her business Jane's Design World, for the year ended 30 June 2021. You are required to: ● ● Information regarding the balance day adjustments: Tax Invoice No. JZ620 for the sale of stock - dated 31 May 2021, for $825 (incl. GST) was omitted from the Sales Journal and needs to be recorded before year end. ● ● ● ● ● ● ● ● ● ● ● ● Prepare General Journal entries to record the balance day adjustments at 30 June 2021 include a brief narration for each journal All work must be carried out in accordance with Jane's Design Worlds policies and procedures which are available in Canvas. Business Insurance expense of $6,600 (incl. GST) was paid on the 1st May 2021 for the next 12- month period: May 1st, 2021 - April 30th, 2022. Jane rents out a section of her showroom to a 3rd party for $220 (incl. GST) per month for some extra income. As at June 30th the tenant owes Jane 3 months' rent. The business owes its employees unpaid wages for the period 25th - 30th June 2021: This amounts to a total of $3,275 Water Rates expense owing but not yet paid by the business, $730 (GST Free) A client has prepaid a deposit for work that is to be carried out in August 2021 (the next financial year!) The amount is $1,650 (incl. GST). This affects the Consultancy Fees (Income) Account. Debtors total was $23,995, however, an additional bad debt of $495 (incl. GST) still needs to be accounted for. This amount relates to goods sold during the current year. Allowance for Doubtful Debts was $790. This now needs to be at 4% of total debtors after additional bad debts have been recorded. Depreciate motor vehicles at 20% p.a. Straight Line. (Original Cost is $37,000 and accumulated depreciation to date is $7,400). Computer equipment is to be depreciated at 33%p.a. reducing balance (Original Cost is $25 000; Accumulated Depreciation is $8,000). Currently the Provision for Long Service Leave is at $6,200. This needs to be increased to $7,500. Create a provision for annual leave of $4,250.
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GENERAL JOURNAL Here are the General Journal entries for Janes Design World for the year ended 30 Ju... View the full answer
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date:
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