The following trial balance relates to Kos Jewellers Ltd for the month ending 30 September 2022:...

 

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The following trial balance relates to Kos Jewellers Ltd for the month ending 30 September 2022: Unadjusted Trial Balance (Extract) of Kos Jeweller as at 30th September 2022 Dr ($) Cr ($) Accounts Cash at Bank Accounts Receivable Delivery Van Inventory Accumulated Depreciation Delivery van Cost of Goods Sold Unearned Revenue Sales Revenue Prepaid Advertising Wages Expense ● ● ● 94,556 16,100 24,000 74,250 The followings adjustments have not yet been recorded for the month of September 2022: The Delivery Van is depreciated using the straight-line method. The useful life of the Van is 4 years with no residual value. 27,622 Date 1,840 15600 Accounts A customer on September 29th purchased a special Ring on layby (Selling Price $1200) by paying a cash deposit of $300. The balance will be paid over the next 3 months in equal instalments. Part of the transaction was recorded as follows: Dr Cash at Bank $300, Cr Sales Revenue $300. Note: The Ring will not be handed over to the customer until the final payment is received in December. Required: a) Record the above adjustments in the general journal provided below. 8,400 Unpaid wages for the casual staff member on September 30 were $1200 Gross, Net $1000. On January 1, 2022 Kos Jeweller paid $6,072 (including GST) cash for 12 months of Advertising to an advertising broker. The original entry was recorded on January 1st as a Debit to Prepaid Advertising $5,520, a Debit to GST Paid $552, and a Credit to Cash at Bank for $6,072. 800 49,780 Dr ($) Cr ($) b) What would be the overall impact on the Net Profit of a business if the following adjusting entries were ALL not recorded? C A prepaid expense of $400 was not recorded. ● An accrued expense of $800 was not recorded. ● Depreciation of $1000 was not recorded. Show your calculations and clearly indicate the amount the profit/loss would be over/under stated. The following trial balance relates to Kos Jewellers Ltd for the month ending 30 September 2022: Unadjusted Trial Balance (Extract) of Kos Jeweller as at 30th September 2022 Dr ($) Cr ($) Accounts Cash at Bank Accounts Receivable Delivery Van Inventory Accumulated Depreciation Delivery van Cost of Goods Sold Unearned Revenue Sales Revenue Prepaid Advertising Wages Expense ● ● ● 94,556 16,100 24,000 74,250 The followings adjustments have not yet been recorded for the month of September 2022: The Delivery Van is depreciated using the straight-line method. The useful life of the Van is 4 years with no residual value. 27,622 Date 1,840 15600 Accounts A customer on September 29th purchased a special Ring on layby (Selling Price $1200) by paying a cash deposit of $300. The balance will be paid over the next 3 months in equal instalments. Part of the transaction was recorded as follows: Dr Cash at Bank $300, Cr Sales Revenue $300. Note: The Ring will not be handed over to the customer until the final payment is received in December. Required: a) Record the above adjustments in the general journal provided below. 8,400 Unpaid wages for the casual staff member on September 30 were $1200 Gross, Net $1000. On January 1, 2022 Kos Jeweller paid $6,072 (including GST) cash for 12 months of Advertising to an advertising broker. The original entry was recorded on January 1st as a Debit to Prepaid Advertising $5,520, a Debit to GST Paid $552, and a Credit to Cash at Bank for $6,072. 800 49,780 Dr ($) Cr ($) b) What would be the overall impact on the Net Profit of a business if the following adjusting entries were ALL not recorded? C A prepaid expense of $400 was not recorded. ● An accrued expense of $800 was not recorded. ● Depreciation of $1000 was not recorded. Show your calculations and clearly indicate the amount the profit/loss would be over/under stated.