Question 1 The adjusted trial balance for Pro Diver is shown below Pro Diver Adjusted Trial Balance as at 30 June 20xX Debit Credit Account 100 105 110 120 130 140 160 161 Bank Account Petty Cash Accounts Receivable Prepaid Insurance Prepaid Rates and Taxes GST Paid (Outlays) Buildings and Improvements (Cost) Accumulated Depreciation - Bldgs and Improvements Hire Equipment (Cost) Accumulated Depreciation - Hire Equipment Motor Vehicles (Cost) Accumulated Depreciation - Motor Vehicles Store Equipment (Cost) Accumulated Depreciation - Store Equipment Accounts Payable GST Collected PAYG Withholding Payable Superannuation Payable 7,271.02 200.00 7,549.00 2,501.69 350,000.00 44,479.00 170 171 180 181 190 191 200 210 220 230 110,943.09 29,900.00 14,700.00 68,930.00 9,468.00 6,799.00 5,401.00 6,738.24 1,660.00 414.00 240 Wages and Salaries Payable 280 Bank Loan 310 Capital 315 Drawings 400 Hire Service Income 410 Lesson Income 20 Discounts Received 430 Freight Collected 40 Profit on Sale of PPE 600 Advertising 605 Bank Charges 610 Cleaning 615 Depreciation 620 Discounts Given 625 Electricity 630 Freight Expense 635 Insurance 640 Interest Expense 645 Motor Vehicle Expenses 650 Office Supplies 655 660 Rates and Taxes 665 670 Diving Instruction Charges 675 Staff Amenities 680 Superannuation 80.00 219,191.67 151,156.00 38,984.00 127,229.36 30,810.00 517.60 85.00 281.64 2,150.00 127.10 900.00 38,658.00 309.60 3,480.50 1,113.26 4,575.00 15,194.47 2,610.00 118.80 164.55 1,977.00 995.00 14,980.00 260.83 1,818.00 Printing and Postage Repairs and Maintenance 685 Telephone 690 Wages and Salaries 1,479.60 20,280.00 673,240.51 673,240.51 INSTRUCTIONS: In all parts of this question, enter amounts with a comma for thousands and to two decimal places. For example, enter two thousand as 2,000.00 . Enter negative amounts using a hyphen. For example, -2,000.00 If the balance or total returns to zero, enter 0.00 in the required field. If an entry field does not require an answer, leave the field blank. TIPS: To avoid having to scroll up and down the question: - if printing is enabled, print out the parts (as required) - if printing is not enabled, copy and paste the required parts into a Word document and divide your screen between the question and the copied content. . Save regularly using the Save for later button at the end of each part. For assistance regarding account names, click the Show list of accounts' button to view all of the accounts used in this question. Predictive text can be used to assist entering the account titles when recording and posting information in the journals and ledger accounts, simply type in the first few letters to use the predictive text option. Excel templates/working documents have been designed to provide assistance if there is a preference to work offline and later enter the completed information online to submit for assessment. Using the adjusted trial balance above, complete the general journal entries to close off the accounts for the end of the reporting period, post to and balance the general ledger accounts. (Note: Enter accounts in ascending account number order according to the chart of accounts.) GENERAL JOURNAL Page: 20 Post Ref Date Debit Credit (To close income accounts) GENERAL JOURNAL Page: 21 Debit Credit Date Post Ref June (To close expense accounts) (To transfer profit for the year) (To close drawings to capital account) GENERAL LEDGER Name: BANK ACCOUNT Acct No.: 100 Details Payments Details Balance Receipts Post Ref Debit Post Ref Date Date Credit June 1 14,632.20 June 30 CP112 16,487.92 CRJ14 9,126.74 30 July Acct No.: 105 Name: PETTY CASH Details Post Ref Debit Post Ref Date Date Details Credit 200.00 June 1 Balance Name: ACCOUNTS RECEIVABLE Acct No.: 110 Details Balance Sales Post Ref Debit Post Ref Date Date Details Bank Account Credit 5,760.00June30 6,885.60 June 1 CRJ14 SJ10 30 8,674.60 July Name: PREPAID INSURANCE Acct No.: 120 Details Details Post Ref Post Ref Date Debit Date Credit 381.25 June 1 Balance 381.25 June 30 Insurance GJ20 Acct No.: 130 Name: PREPAID RATES AND TAXES Details Post Ref Debit Details Post Ref Date Date Credit June 1 164.75 June 30 Balance Rates and Taxes GJ20 164.75 Name: GST PAID (OUTLAYS) Acct No.: 140 Details Balance Accounts Payable Bank Account Post Ref Debit Post Ref GJ20 CP112 Date Date 1,905.7June 27 30 Credit une 1 Accounts Payable Bank Account 15.00 12.55 30 P111 533.00 30 CP112 90.49 July Name: BUILDINGS AND IMPROVEMENTS (COST) Acct No.: 160 Post Ref Debit Details Post Ref Credit Date Details Balance Date 350,000.00 Name: ACCUMULATED DEPRECIATION-BLDGS AND IMPROVEMENTS Acct No.: 161 Date Date Post Ref Details Post Ref Debit Details Balance Depreciation Credit une 1 43,750.00 729.00 30 GJ20 Name: HIRE EQUIPMENT (COST) Acct No.: 170 Post Ref Debit Details Bank Account Accumulated Depreciation Accounts Payable Post Ref CRJ14 GJ20 GJ20 Date Details Balance Accounts Payable Accounts Payable Date Credit une 1 108,000.00 June 17 603.64 212.36 150.00 P111 2,409.09 1,500.00 26 P111 27 Name: ACCUMULATED DEPRECIATION HIRE EQUIPMENT Acct No.: 171 Date Details Post Ref GJ20 Debit Date Details Balance Depreciation Post Ref Credit HECost/Profit June 17 494.00 June1 67,500.00 30 GJ20 1,924.00 uly Name: MOTOR VEHICLES (COST) Acct No.: 180 Date Details Balance Post Ref Debit Date Details Credit Post Ref June 1 29,900.00 Acct No.: 181 Name: ACCUMULATED DEPRECIATION - MOTOR VEHICLES Details Post Ref Debit Details Balance Depreciation Post Ref Date Date Credit June 1 8,970.00 498.00 30 GJ20 Name: STORE EQUIPMENT (COST Acct No.: 190 Date Details Post Ref Debit Details Post Ref Date Credit June 1 Balance 14,700.00 Name: ACCUMULATED DEPRECIATION-STORE EQUIPMENT Acct No.: 191 Details Post Ref Date Post Ref Debit Date Details Balance Depreciation Credit June 1 6,615.00 184.00 30 GJ20 Name: ACCOUNTS PAYABLE Acct No.: 200 Details Hire Equipment/GST Bank Account Post Ref GJ20 CP112 Debit Details Balance Purchases Post Ref Date une 27 30 Date Credit 165.00 June 1 5,824.00 5,863.00 6,121.00 30 P111 Name: DRAWINGS Acct No.: 315 Details Balance Bank Account Post Ref Debit Date Details Post Ref Credit Date June 36,000.00 June 12 CP112 2,984.00 Acct No.: 390 Name: PROFIT OR LOSS SUMMARY Details Post Ref Date Details Post Ref Debit Date Credit June une Name: HIRE SERVICE INCOME Acct No.: 400 Details Post Ref Debit Details Balance Accounts Receivable Bank Account Post Ref Date Date Credit June 1 30 30 une 122,880.00 3,806.00 543.36 SJ10 CRJ14 Name: LESSON INCOME Acct No.: 410 Date Post Ref Debit Date Details Balance Accounts Receivable Bank Account Post Ref Credit June 1 25,530.00 4,080.00 1,200.00 30 SJ10 30 CRJ14 Acct No.: 420 Name: DISCOUNTS RECEIVED Post Ref Post Ref Date Debit Date Details Balance Bank Account Credit June 1 392.10 30 CP112 125.50 Name: FREIGHT COLLECTED Acct No.: 430 Post Ref Debit Date Details Post Ref Date Credit June June 1 85.00 Balance Name: PROFIT ON SALE OF PPE Acct No.: 440 Post Ref Debit Details Post Ref Credit Date Date Hire Equipment June 17 GJ20 281.64 Name: INSURANCE Acct No.: 635 Post Ref Details Balance Prepaid Insurance Debit Date Details Post Ref Credit Date 4,193.75June June 1 30 381.25 GJ20 Name: INTEREST EXPENSE Acct No.: 640 Details Balance Bank Loan Post Ref Debit Details Post Ref Credit Date Date June 14,002.80 June GJ20 30 1,191.67 Name: MOTOR VEHICLE EXPENSES Acct No.: 645 Date Details Balance Bank Account Post Ref Debit Details Post Ref Date Credit June 1 2,530.00 June 20 CP112 80.00 Name: OFFICE SUPPLIES Acct No.: 650 Details Post Ref Debit Date Details Post Ref Credit Date June 1 Balance 118.80 June Acct No.: 655 Name: PRINTING AND POSTAGE Details Balance Petty Cash Post Ref Debit Details Post Ref Date Date Credit June 1 109.10 June CP112 55.4 12 Name: RATES AND TAXES Acct No.: 660 Details Balance Prepaid Rates and Taxes Post Ref Debit Details Post Ref Date Date Credit June 1 1,812.25 June 30 G120 164.75 Name: REPAIRS AND MAINTENANCE Acct No.: 665 Date Details Balance Bank Account Post Ref Debit Details Post Ref Date Credit June 1 675.00 June 24 CP112 320.00 Question 1 The adjusted trial balance for Pro Diver is shown below Pro Diver Adjusted Trial Balance as at 30 June 20xX Debit Credit Account 100 105 110 120 130 140 160 161 Bank Account Petty Cash Accounts Receivable Prepaid Insurance Prepaid Rates and Taxes GST Paid (Outlays) Buildings and Improvements (Cost) Accumulated Depreciation - Bldgs and Improvements Hire Equipment (Cost) Accumulated Depreciation - Hire Equipment Motor Vehicles (Cost) Accumulated Depreciation - Motor Vehicles Store Equipment (Cost) Accumulated Depreciation - Store Equipment Accounts Payable GST Collected PAYG Withholding Payable Superannuation Payable 7,271.02 200.00 7,549.00 2,501.69 350,000.00 44,479.00 170 171 180 181 190 191 200 210 220 230 110,943.09 29,900.00 14,700.00 68,930.00 9,468.00 6,799.00 5,401.00 6,738.24 1,660.00 414.00 240 Wages and Salaries Payable 280 Bank Loan 310 Capital 315 Drawings 400 Hire Service Income 410 Lesson Income 20 Discounts Received 430 Freight Collected 40 Profit on Sale of PPE 600 Advertising 605 Bank Charges 610 Cleaning 615 Depreciation 620 Discounts Given 625 Electricity 630 Freight Expense 635 Insurance 640 Interest Expense 645 Motor Vehicle Expenses 650 Office Supplies 655 660 Rates and Taxes 665 670 Diving Instruction Charges 675 Staff Amenities 680 Superannuation 80.00 219,191.67 151,156.00 38,984.00 127,229.36 30,810.00 517.60 85.00 281.64 2,150.00 127.10 900.00 38,658.00 309.60 3,480.50 1,113.26 4,575.00 15,194.47 2,610.00 118.80 164.55 1,977.00 995.00 14,980.00 260.83 1,818.00 Printing and Postage Repairs and Maintenance 685 Telephone 690 Wages and Salaries 1,479.60 20,280.00 673,240.51 673,240.51 INSTRUCTIONS: In all parts of this question, enter amounts with a comma for thousands and to two decimal places. For example, enter two thousand as 2,000.00 . Enter negative amounts using a hyphen. For example, -2,000.00 If the balance or total returns to zero, enter 0.00 in the required field. If an entry field does not require an answer, leave the field blank. TIPS: To avoid having to scroll up and down the question: - if printing is enabled, print out the parts (as required) - if printing is not enabled, copy and paste the required parts into a Word document and divide your screen between the question and the copied content. . Save regularly using the Save for later button at the end of each part. For assistance regarding account names, click the Show list of accounts' button to view all of the accounts used in this question. Predictive text can be used to assist entering the account titles when recording and posting information in the journals and ledger accounts, simply type in the first few letters to use the predictive text option. Excel templates/working documents have been designed to provide assistance if there is a preference to work offline and later enter the completed information online to submit for assessment. Using the adjusted trial balance above, complete the general journal entries to close off the accounts for the end of the reporting period, post to and balance the general ledger accounts. (Note: Enter accounts in ascending account number order according to the chart of accounts.) GENERAL JOURNAL Page: 20 Post Ref Date Debit Credit (To close income accounts) GENERAL JOURNAL Page: 21 Debit Credit Date Post Ref June (To close expense accounts) (To transfer profit for the year) (To close drawings to capital account) GENERAL LEDGER Name: BANK ACCOUNT Acct No.: 100 Details Payments Details Balance Receipts Post Ref Debit Post Ref Date Date Credit June 1 14,632.20 June 30 CP112 16,487.92 CRJ14 9,126.74 30 July Acct No.: 105 Name: PETTY CASH Details Post Ref Debit Post Ref Date Date Details Credit 200.00 June 1 Balance Name: ACCOUNTS RECEIVABLE Acct No.: 110 Details Balance Sales Post Ref Debit Post Ref Date Date Details Bank Account Credit 5,760.00June30 6,885.60 June 1 CRJ14 SJ10 30 8,674.60 July Name: PREPAID INSURANCE Acct No.: 120 Details Details Post Ref Post Ref Date Debit Date Credit 381.25 June 1 Balance 381.25 June 30 Insurance GJ20 Acct No.: 130 Name: PREPAID RATES AND TAXES Details Post Ref Debit Details Post Ref Date Date Credit June 1 164.75 June 30 Balance Rates and Taxes GJ20 164.75 Name: GST PAID (OUTLAYS) Acct No.: 140 Details Balance Accounts Payable Bank Account Post Ref Debit Post Ref GJ20 CP112 Date Date 1,905.7June 27 30 Credit une 1 Accounts Payable Bank Account 15.00 12.55 30 P111 533.00 30 CP112 90.49 July Name: BUILDINGS AND IMPROVEMENTS (COST) Acct No.: 160 Post Ref Debit Details Post Ref Credit Date Details Balance Date 350,000.00 Name: ACCUMULATED DEPRECIATION-BLDGS AND IMPROVEMENTS Acct No.: 161 Date Date Post Ref Details Post Ref Debit Details Balance Depreciation Credit une 1 43,750.00 729.00 30 GJ20 Name: HIRE EQUIPMENT (COST) Acct No.: 170 Post Ref Debit Details Bank Account Accumulated Depreciation Accounts Payable Post Ref CRJ14 GJ20 GJ20 Date Details Balance Accounts Payable Accounts Payable Date Credit une 1 108,000.00 June 17 603.64 212.36 150.00 P111 2,409.09 1,500.00 26 P111 27 Name: ACCUMULATED DEPRECIATION HIRE EQUIPMENT Acct No.: 171 Date Details Post Ref GJ20 Debit Date Details Balance Depreciation Post Ref Credit HECost/Profit June 17 494.00 June1 67,500.00 30 GJ20 1,924.00 uly Name: MOTOR VEHICLES (COST) Acct No.: 180 Date Details Balance Post Ref Debit Date Details Credit Post Ref June 1 29,900.00 Acct No.: 181 Name: ACCUMULATED DEPRECIATION - MOTOR VEHICLES Details Post Ref Debit Details Balance Depreciation Post Ref Date Date Credit June 1 8,970.00 498.00 30 GJ20 Name: STORE EQUIPMENT (COST Acct No.: 190 Date Details Post Ref Debit Details Post Ref Date Credit June 1 Balance 14,700.00 Name: ACCUMULATED DEPRECIATION-STORE EQUIPMENT Acct No.: 191 Details Post Ref Date Post Ref Debit Date Details Balance Depreciation Credit June 1 6,615.00 184.00 30 GJ20 Name: ACCOUNTS PAYABLE Acct No.: 200 Details Hire Equipment/GST Bank Account Post Ref GJ20 CP112 Debit Details Balance Purchases Post Ref Date une 27 30 Date Credit 165.00 June 1 5,824.00 5,863.00 6,121.00 30 P111 Name: DRAWINGS Acct No.: 315 Details Balance Bank Account Post Ref Debit Date Details Post Ref Credit Date June 36,000.00 June 12 CP112 2,984.00 Acct No.: 390 Name: PROFIT OR LOSS SUMMARY Details Post Ref Date Details Post Ref Debit Date Credit June une Name: HIRE SERVICE INCOME Acct No.: 400 Details Post Ref Debit Details Balance Accounts Receivable Bank Account Post Ref Date Date Credit June 1 30 30 une 122,880.00 3,806.00 543.36 SJ10 CRJ14 Name: LESSON INCOME Acct No.: 410 Date Post Ref Debit Date Details Balance Accounts Receivable Bank Account Post Ref Credit June 1 25,530.00 4,080.00 1,200.00 30 SJ10 30 CRJ14 Acct No.: 420 Name: DISCOUNTS RECEIVED Post Ref Post Ref Date Debit Date Details Balance Bank Account Credit June 1 392.10 30 CP112 125.50 Name: FREIGHT COLLECTED Acct No.: 430 Post Ref Debit Date Details Post Ref Date Credit June June 1 85.00 Balance Name: PROFIT ON SALE OF PPE Acct No.: 440 Post Ref Debit Details Post Ref Credit Date Date Hire Equipment June 17 GJ20 281.64 Name: INSURANCE Acct No.: 635 Post Ref Details Balance Prepaid Insurance Debit Date Details Post Ref Credit Date 4,193.75June June 1 30 381.25 GJ20 Name: INTEREST EXPENSE Acct No.: 640 Details Balance Bank Loan Post Ref Debit Details Post Ref Credit Date Date June 14,002.80 June GJ20 30 1,191.67 Name: MOTOR VEHICLE EXPENSES Acct No.: 645 Date Details Balance Bank Account Post Ref Debit Details Post Ref Date Credit June 1 2,530.00 June 20 CP112 80.00 Name: OFFICE SUPPLIES Acct No.: 650 Details Post Ref Debit Date Details Post Ref Credit Date June 1 Balance 118.80 June Acct No.: 655 Name: PRINTING AND POSTAGE Details Balance Petty Cash Post Ref Debit Details Post Ref Date Date Credit June 1 109.10 June CP112 55.4 12 Name: RATES AND TAXES Acct No.: 660 Details Balance Prepaid Rates and Taxes Post Ref Debit Details Post Ref Date Date Credit June 1 1,812.25 June 30 G120 164.75 Name: REPAIRS AND MAINTENANCE Acct No.: 665 Date Details Balance Bank Account Post Ref Debit Details Post Ref Date Credit June 1 675.00 June 24 CP112 320.00