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ACC/ACF1100 Assignment #: 777 The business has the following opening balances: Cash At Bank $17,143 Account Receivable $23,228 Motor Vehicle $30,040 Account Payable $9,041 Bank Loan (due 2022) $20,716 Hair Styling Equipment $21,788 Hair Styling Supplies $722 Capital ? Additional Information: Bank loan interest rates (% per year) 10 Motor vehicle useful life (years) 5 Motor vehicle scrap value ($) 5,353 Insurance paid for (months) 3 Rent paid for (months) 5 Hair styling equipment useful life (years) 2 Hair styling equipment scrap value ($) 3,888 Closing stock of hair styling supplies on 30/6 ($) 622 Staff work a 14 day fortnight and are paid on the 15th day
ACC/ACF1100
Assignment #: 777
The business has the following opening balances:
Cash At Bank $17,143
Account Receivable $23,228
Motor Vehicle $30,040
Account Payable $9,041
Bank Loan (due 2022) $20,716
Hair Styling Equipment $21,788
Hair Styling Supplies $722
Capital ?
Additional Information:
Bank loan interest rates (% per year) 10
Motor vehicle useful life (years) 5
Motor vehicle scrap value ($) 5,353
Insurance paid for (months) 3
Rent paid for (months) 5
Hair styling equipment useful life (years) 2
Hair styling equipment scrap value ($) 3,888
Closing stock of hair styling supplies on 30/6 ($) 622
Staff work a 14 day fortnight and are paid on the 15th day.
Transactions:
Date Description Amount
1-Jun Paid General Insurance $2,442
3-Jun Hair styling fees - Cash $1,296
3-Jun Receive Payment from Account Customers $1,126
7-Jun Manicure services - Cash $881
9-Jun Cash Withdrawals by Owner $1,061
13-Jun Payment to Account Payable $650
14-Jun Hair styling fees - Account $1,714
15-Jun Staff Wages $2,130
18-Jun Hair styling fees - Account $1,737
20-Jun Manicure services - Cash $958
23-Jun Facial services fees - Cash $1,644
25-Jun Additional cash contributed by owner $2,792
26-Jun Motor Vehicle Expenses $436
29-Jun Staff Wages $2,130
Date Description Amount
1-Jun Purchase hair styling supplies - account $883
3-Jun Rent of Business Premises $3,423
6-Jun Manicure services - Account $1,339
8-Jun Hair styling fees - Cash $1,370
10-Jun Manicure services - Account $1,281
14-Jun Sundry Expenses $287
14-Jun Purchase books and magazines $100
18-Jun Payment to Account Payable $1,467
19-Jun Advertising Expense - Account $1,552
22-Jun Facial services fees - Cash $1,462
25-Jun Facial services fees - Cash $1,691
26-Jun Advertising Expense - Cash $782
27-Jun Receive Payment from Account Customers $1,404
Comments:
- Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019.
- Note the list of transactions is in date order, left to right, line by line.
- Use three separate ledger accounts for revenue, namely hair styling services, manicure services and facial services. All revenues relate to the month of June.
- Transactions involve cash unless specified as ‘Account’.
- Record payments for rent and insurance in prepaid accounts initially.
- Information relevant to complete adjusting entries can be found in the top right section of this page.
- The periods to which the rent and insurance apply commence on 1 June.
- Round your calculations to the nearest dollar.
Expert Solution
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