The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza...

 
  

 
 
 
 
 
 
 
 
 
 
 

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The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20XX Account number Account Debit Credit 100 Cash 40,813 110 Cash float 450 120 Accounts receivable 688 130 Inventory - food 1,357 140 Inventory - packaging 969 150 Prepaid advertising 656 160 Prepaid insurance 2,160 170 Motor vehicles (cost) 19,160 171 Accumulated depreciation motor vehicles 12,425 180 Store equipment (cost) 35,360 181 Accumulated depreciation - store equipment 11,680 200 Accounts payable 14,180 210 PAYG withholding payable 1,344 280 Bank loan 19,058 300 Owner's capital 55,273 310 Owner's drawings 39,121 400 Sales income 186,927 410 Sales returns and allowances 46 420 Discounts received 505 Delivery income Food purchases 430 28 500 63,220 510 Purchase returns and allowances 418 Packaging costs Discount given 520 13,039 530 265 540 Freight inwards 83 Accountancy fees Advertising expense 600 1,133 605 3,589 610 Bank charges 761 620 Electricity and gas expense 2,886 625 Insurance expense 2,063 630 Interest expense 1,022 635 Motor vehicles expense 5,334 640 Printing, postage and stationery expense 437 645 Rent expense 24,791 650 Repairs and maintenance expense 681 655 Sundry expenses 352 660 Superannuation expense 3,232 665 Telephone expense 4,132 670 Wages expense 34,038 301,838 301,838 Refer to the office memorandum below to record the end-of-period adjustments in the general journal, post the adjusting entries to the general ledger and complete the adjustments and adjusted tria balance columns in the worksheet. (Note: Enter accounts in ascending account number order according to the chart of accounts numbers.) OFFICE MEMORANDUM Date: 30/06/20XX To: Maria Italiano SUBJECT: End of period adjustments Adjusting journal entries are required for the following: 1. Wages payable at the end of June are $1,322 2. Transfer 1/3rd of the prepaid insurance to the expense account 3. Transfer 50% of the prepaid advertising to the expense account 4. Superannuation payable for June is $257 5. Record depreciation for the year. Use the straight line (prime cost) method and the rates shown below: а. Motor vehicles 20% b. Store equipment – 10% 6. Interest charged on the bank loan for the month was $84 7. The end of June stocktake has determined that the closing inventory value of food is $1,946 and packaging $4,457. Signed: Accountant GENERAL JOURNAL Page: 20 Description Post ref. Date Debit Credit 20XX June 30 Wages expense 670 1,322 Wages payable 230 1,322 (Wages owing at 30 June 20XX) June 30 Insurance expense 625 + 720 Prepaid insurance 160 720 (Adjustment for insurance) June 30 Advertising expense 605 328 Prepaid advertising 150 328 (Adjustment for advertising) June 30 Superannuation expense 660 357 Superannuation payabl 220 357 (Superannuation owing at 30 June 20XX) June 30 Depreciation 615 3653 Accumulated depreciati 171 2485 Accumulated depreciati 181 1168 (Entry to record annual depreciation on motor vehicles and store equipment) June 30 Interest expense 630 84 Cash 100 84 (Loan interest for the month) Prepaid advertising No. 150 Post ref. Post Date Detalls Debit Date Detalls Credit ref. June 1 Balance 656 June Prepaid insurance No. 160 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 2,160 June Accumulated depreciation - motor vehides No. 171 Post ref. Post ref. Date Detalls Deblt Date Detalls Credit June 1 Balance 12,425 Accumulated depreciation - store equipment No. 181 Post ref. Post ref. Date Detalls s Debit Date Detalls Credit June 1 Balance 11,680 Superannuation payable No. 220 Details Post ref. Post ref. Date Debit Date Details Credit June 17 Cash CPJ12 257 June 1 Balance 257 Wages payable No. 230 Post ref. Post ref. Date Details Debit Date Details Credit June Bank loan No. 280 Post Post Date Details Debit Date Details Credit ref. ref. June 20 Cash CPJ12 940 June 1 Balance 19,998 Advertising expense No. 605 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 3,589 Depreciation No. 615 Post ref. Post ref. Date Details Debit Date Details Credit Accumulated depreciation - June motor vehicles Accumulated depreciation - store equipment Insurance expense No. 625 Post Post Date Details Debit Date Details Credit ref. ref. June 1 Balance 2,063 Interest expense No. 630 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 1,022 Superannuation expense No. 660 Post Post Date Detalls Debit Date Detalls Credit ref. ref. June 1 Balance 3,232 Wages expense No. 670 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 31,304 Cash CPJ12 1,367 17 Cash CPJ12 1,367 Mario's Pizza Palace Worksheet as at 30 June 20XX Account number Unadjusted trial balance Adjusted trial balance Account Adjustments Debit Credit Debit Credit Debit Credit 100 Cash 40,813 110 Cash float 450 120 Accounts receivable 688 130 Inventory - food 1,357 140 Inventory - packaging 969 150 Prepaid advertising 656 160 Prepaid insurance 2,160 170 Motor vehicles (cost) 19,160 171 Accumulated depreciation - motor vehicles 12.425 180 Store equipment (cost) 35,360 Accumulated depreciation - store equipment 181 11,680 200 Accounts payable 14,180 210 PAYG withholding payable 1,344 220 Superannuation payable 230 Wages payable 280 Bank loan 19,058 300 Owner's capital 55,273 310 Owner's drawings 39,121 400 Sales income 186,927 410 Sales returns and allowances 46 420 Discounts received 505 430 Delivery income 28 500 Food purchases 63,220 510 Purchase returns and allowances 418 520 Packaging costs 13,039 530 Discount given 265 540 Freight inwards 83 600 Accountancy fees 1,133 605 Advertising expense 3,589 610 Bank charges 761 615 Depreciation 620 Electricity and gas expense 2,886 625 Insurance expense 2,063 630 Interest expense 1,022 635 Motor vehicles expense 5,334 640 Printing, postage and stationery expense 437 645 Rent expense 24,791 650 Repairs and maintenance expense 681 655 Sundry expenses 352 660 Superannuation expense 3,232 665 Telephone expense 4,132 670 Wages expense 34,038 301,838 301,838 The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20XX Account number Account Debit Credit 100 Cash 40,813 110 Cash float 450 120 Accounts receivable 688 130 Inventory - food 1,357 140 Inventory - packaging 969 150 Prepaid advertising 656 160 Prepaid insurance 2,160 170 Motor vehicles (cost) 19,160 171 Accumulated depreciation motor vehicles 12,425 180 Store equipment (cost) 35,360 181 Accumulated depreciation - store equipment 11,680 200 Accounts payable 14,180 210 PAYG withholding payable 1,344 280 Bank loan 19,058 300 Owner's capital 55,273 310 Owner's drawings 39,121 400 Sales income 186,927 410 Sales returns and allowances 46 420 Discounts received 505 Delivery income Food purchases 430 28 500 63,220 510 Purchase returns and allowances 418 Packaging costs Discount given 520 13,039 530 265 540 Freight inwards 83 Accountancy fees Advertising expense 600 1,133 605 3,589 610 Bank charges 761 620 Electricity and gas expense 2,886 625 Insurance expense 2,063 630 Interest expense 1,022 635 Motor vehicles expense 5,334 640 Printing, postage and stationery expense 437 645 Rent expense 24,791 650 Repairs and maintenance expense 681 655 Sundry expenses 352 660 Superannuation expense 3,232 665 Telephone expense 4,132 670 Wages expense 34,038 301,838 301,838 Refer to the office memorandum below to record the end-of-period adjustments in the general journal, post the adjusting entries to the general ledger and complete the adjustments and adjusted tria balance columns in the worksheet. (Note: Enter accounts in ascending account number order according to the chart of accounts numbers.) OFFICE MEMORANDUM Date: 30/06/20XX To: Maria Italiano SUBJECT: End of period adjustments Adjusting journal entries are required for the following: 1. Wages payable at the end of June are $1,322 2. Transfer 1/3rd of the prepaid insurance to the expense account 3. Transfer 50% of the prepaid advertising to the expense account 4. Superannuation payable for June is $257 5. Record depreciation for the year. Use the straight line (prime cost) method and the rates shown below: а. Motor vehicles 20% b. Store equipment – 10% 6. Interest charged on the bank loan for the month was $84 7. The end of June stocktake has determined that the closing inventory value of food is $1,946 and packaging $4,457. Signed: Accountant GENERAL JOURNAL Page: 20 Description Post ref. Date Debit Credit 20XX June 30 Wages expense 670 1,322 Wages payable 230 1,322 (Wages owing at 30 June 20XX) June 30 Insurance expense 625 + 720 Prepaid insurance 160 720 (Adjustment for insurance) June 30 Advertising expense 605 328 Prepaid advertising 150 328 (Adjustment for advertising) June 30 Superannuation expense 660 357 Superannuation payabl 220 357 (Superannuation owing at 30 June 20XX) June 30 Depreciation 615 3653 Accumulated depreciati 171 2485 Accumulated depreciati 181 1168 (Entry to record annual depreciation on motor vehicles and store equipment) June 30 Interest expense 630 84 Cash 100 84 (Loan interest for the month) Prepaid advertising No. 150 Post ref. Post Date Detalls Debit Date Detalls Credit ref. June 1 Balance 656 June Prepaid insurance No. 160 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 2,160 June Accumulated depreciation - motor vehides No. 171 Post ref. Post ref. Date Detalls Deblt Date Detalls Credit June 1 Balance 12,425 Accumulated depreciation - store equipment No. 181 Post ref. Post ref. Date Detalls s Debit Date Detalls Credit June 1 Balance 11,680 Superannuation payable No. 220 Details Post ref. Post ref. Date Debit Date Details Credit June 17 Cash CPJ12 257 June 1 Balance 257 Wages payable No. 230 Post ref. Post ref. Date Details Debit Date Details Credit June Bank loan No. 280 Post Post Date Details Debit Date Details Credit ref. ref. June 20 Cash CPJ12 940 June 1 Balance 19,998 Advertising expense No. 605 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 3,589 Depreciation No. 615 Post ref. Post ref. Date Details Debit Date Details Credit Accumulated depreciation - June motor vehicles Accumulated depreciation - store equipment Insurance expense No. 625 Post Post Date Details Debit Date Details Credit ref. ref. June 1 Balance 2,063 Interest expense No. 630 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 1,022 Superannuation expense No. 660 Post Post Date Detalls Debit Date Detalls Credit ref. ref. June 1 Balance 3,232 Wages expense No. 670 Post ref. Post ref. Date Details Debit Date Details Credit June 1 Balance 31,304 Cash CPJ12 1,367 17 Cash CPJ12 1,367 Mario's Pizza Palace Worksheet as at 30 June 20XX Account number Unadjusted trial balance Adjusted trial balance Account Adjustments Debit Credit Debit Credit Debit Credit 100 Cash 40,813 110 Cash float 450 120 Accounts receivable 688 130 Inventory - food 1,357 140 Inventory - packaging 969 150 Prepaid advertising 656 160 Prepaid insurance 2,160 170 Motor vehicles (cost) 19,160 171 Accumulated depreciation - motor vehicles 12.425 180 Store equipment (cost) 35,360 Accumulated depreciation - store equipment 181 11,680 200 Accounts payable 14,180 210 PAYG withholding payable 1,344 220 Superannuation payable 230 Wages payable 280 Bank loan 19,058 300 Owner's capital 55,273 310 Owner's drawings 39,121 400 Sales income 186,927 410 Sales returns and allowances 46 420 Discounts received 505 430 Delivery income 28 500 Food purchases 63,220 510 Purchase returns and allowances 418 520 Packaging costs 13,039 530 Discount given 265 540 Freight inwards 83 600 Accountancy fees 1,133 605 Advertising expense 3,589 610 Bank charges 761 615 Depreciation 620 Electricity and gas expense 2,886 625 Insurance expense 2,063 630 Interest expense 1,022 635 Motor vehicles expense 5,334 640 Printing, postage and stationery expense 437 645 Rent expense 24,791 650 Repairs and maintenance expense 681 655 Sundry expenses 352 660 Superannuation expense 3,232 665 Telephone expense 4,132 670 Wages expense 34,038 301,838 301,838

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Marios Pizza Palace Worksheet For the period ending 30620XX Adjusted Adjustments Debit in Credit in ... View the full answer