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On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transaction
On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations.
Adjusting entry for unearned revenue
Adjusting entries for depreciation
Use the following account titles and numbers:
Cash at Bank, Accounts Receivable, Supplies, Equipment, Loan Payable, Nicole Andreou – Capital, Nicole Andreou – Drawings, Revenue, Rent Expense, Advertising Expense, Insurance Expense, Telephone Expense.
Required:
Prepare the general journal entries to record the transactions.
Post the entries from the general journal to the correct general ledger accounts.
Prepare a trial balance as at 31 July 2018.
Prepare an Income Statement, Statement of Changes in Equity and the Balance Sheet for the period ending 31 July 2018.
Easy Rentals Ltd received 4 months’ rent in advance from tenants on 1 April 2018. The entire amount of $6400 was credited to the Unearned Revenue account at this date. Ignore GST.
Required
(a) Give the adjusting entry at 30 June 2018.
(b) What amount (if any) should be reported in the statement of financial position at 30 June 2018?
(c) If no adjusting entry were made on 30 June, by how much would profit be overstated or understated? Would liabilities be overstated or understated? Explain.
(d) What would your adjusting entry be in requirement A if the amount of $6400 had been credit to Rental Revenue on 1 April 2018?
Trev’s Gardening Services purchased a trailer on 1 July 2019 for $26 200. It was estimated to have a useful life of 5 years and a residual value at the end of that time of $2800.
Required
(a) What is the depreciation expense for the year ended 30 June 2020?
(b) What is the balance of the Accumulated Depreciation account at the end of June 2021?
(c) What is the carrying amount of the hearse in the statement of financial position at 30 June 2020 and at 30 June 2021?
(d) Explain why an entry is made to the Accumulated Depreciation account rather than to the Trailer account.
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