Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / 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

Accounting

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.

Option 1

Low Cost Option
Download this past answer in few clicks

16.99 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE