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ManualAccountingPracticeSet

HiFiWay,AustralasianEdition3

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734

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Thetimeframesweprovideareaguideonly.Itmay
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Nowthatyouhavecompletedtheendofmonthpostingprocedure,youareaskedtocompletetheworksheetforHiFiWay.
Theworksheetisaninternaldocumentthatexistsoutsidethejournalsandledgers.Itisoftenusedinthemanualaccountingsystemtohelprecordadjustingentriesand
preparefinancialstatements.Afteryouhavepreparedtheworksheet,inthenextsectionofthepracticesetyouwillbeaskedtousethecompletedworksheettohelp
journaliseandpostadjustingentriestogeneralledger.YouwillalsousethisworksheettoassistyouinpreparingthefinancialstatementsforHiFiWayinalatersectionof
thispracticeset.
ThedetailsoftheendofmonthadjustmentsforJuneareasfollows:
CashRegistersownedbythebusiness:originalpurchasepricewas$9,000,estimatedusefullifewas6years,andestimatedresidualvaluewas$1,500attheendof
theusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciation
expensedividedbythenumberofmonthsinayear.
StoreFixturesownedbythebusiness:originalpurchasepricewas$49,000,estimatedusefullifewas8years,andestimatedresidualvaluewas$5,500attheendof
theusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciation
expensedividedbythenumberofmonthsinayear.
ElectricityexpenseforthemonthofJuneisestimatedtobe$968.
ThewaterusageforthemonthofJuneisestimatedtobe$236.
Salesstaffworkeverysingledayduringtheweekincludingweekendsandarenotpaiduntiltheendofeachtwoweeks.Wageswerelastpaiduptoandincluding28
June.Wagesincurredafterthatday(from29Juneto30Juneinclusive)areestimatedtohavebeen$780perday.
InterestexpenseincurredduringthemonthofJunebutnotyetpaidtoEarthBankforthebankloanis$265.
InterestearnedfromshortterminvestmentsinBitiBankforthemonthofJuneis$105.
Officesuppliestotalling$3,470arestillonhandat30June.
2monthsofrentremainedprepaidatthestartofJune.
3monthsofadvertisingremainedprepaidatthestartofJune.
5monthsofinsuranceremainedprepaidatthestartofJune.
WhencalculatingtheportionofprepaymentsthatexpireduringthemonthofJune,youareaskedtoassumethatanequalamountofexpenseisincurredpermonth.
Instructionsforworksheet
Completeallcolumnsintheworksheet.Todothis,youneedtousetheunadjustedaccountbalancesprovidedinthegeneralledger.Youarealsorequiredtocalculatethe
endofmonthadjustmentsforJuneandenterthemintotheworksheetbeforecompletingtheremainingcolumns.Notethatnotallboxesineachcolumnoftheworksheet
willneedtobefilled.
Afterperformingastocktake,thebalanceofinventoryonhandasat30Juneis$63,948.YouwillneedtousethisinformationtocompleteboththeIncomeStatement
andtheBalanceSheetcolumnsoftheworksheet.Hint:Thisinformationwillassistyouincalculatingcostofsalesundertheperiodicinventorysystem.
Remembertoenterallanswerstothenearestwholedollar.
BackOnTrackfunctionality
Pleasenotethatanyanswersfrompreviouspagescarriedthroughontothispage(eitheronthepageorinapopupinformationpage)havebeenreset,ifnecessary,
tothecorrectanswers.Yourparticularanswersfrompreviouspagesarenolongershown.
Ifyouwanttoprintthispage,pleasereadandfollowthespecialprintinginformationtoensureyoucanprinttheworksheetinfull.

(Q=820.worksheetQuestion)

HiFiWay
Worksheet
Asat30/06/2014

Acct.
AccountName
No.
100 CashatBank

UnadjustedTrial
Balance
Debit
94700

Adjustments

Credit

Debit

AdjustedTrialBalance

Credit

Debit
94700

Credit

IncomeStatement
Debit

BalanceSheet

Credit

Debit
94700

Credit

102 ShorttermInvestments

21000

21000

21000

5785

5785

5785

105

105

105

75233

75233

75233

63948

63948

130 OfficeSupplies

7886

4416

3470

3470

140 PrepaidRent

6000

3000

3000

3000

12000

4000

8000

8000

142 PrepaidInsurance

3000

600

2400

2400

150 CashRegisters

9000

9000

9000

2292

104

2396

2396

49000

49000

49000

161 AccumDepn:StoreFixtures

17672

453

18125

18125

210 APCAccountsPayableControl

880

880

880

220 WagesPayable

1560

1560

1560

221 ElectricityPayable

968

968

968

222 WaterPayable

236

236

236

225 InterestPayable

265

265

265

250 BankLoanPayable

53000

53000

53000

300 ShareCapital

80000

80000

80000

301 RetainedEarnings

106215

106215

106215

400 SalesRevenue

46326

46326

46326

3504

3504

3504

402 DiscountReceived

66

66

66

403 InterestRevenue

217

105

322

322

4550

4550

4550

501 PurchaseReturnsandAllowances

1876

1876

1876

511 AdvertisingExpense

4000

4000

4000

10732

1560

12292

12292

540 RentExpense

3000

3000

3000

541 ElectricityExpense

968

968

968

542 WaterExpense

236

236

236

543 InsuranceExpense

600

600

600

544 OfficeSuppliesExpense

4416

4416

4416

5900

5900

5900

560 DepnExpense:CashRegisters

104

104

104

561 DepnExpense:StoreFixtures

453

453

453

571 InterestExpense

265

265

265

248

248

248

308544

308544

15707

15707

312235

312235

115775

112538

260408

263645

110 ARCAccountsReceivableControl
112 InterestReceivable
120 Inventory

141 PrepaidAdvertising

151 AccumDepn:CashRegisters
160 StoreFixtures

401 SalesReturnsandAllowances

500 Purchases

516 WagesExpense

545 SalaryExpense

572 BankCharges
573 DiscountAllowed

Totals

Profit/loss

3237

3237

Totals

115775

115775

263645

263645

Feedback

HiFiWay
Worksheet
Asat30/06/2014
UnadjustedTrial
Balance

Acct.No. AccountName

Debit

AdjustedTrial
Balance

Adjustments

Credit

Debit

Credit

Debit

IncomeStatement

Credit

Debit

BalanceSheet

Credit

Debit

Credit

100 CashatBank

94,700

94,700

94,700

102 ShorttermInvestments

21,000

21,000

21,000

5,785

5,785

5,785

105

105

105

75,233

75,233

75,233

63,948

63,948

130 OfficeSupplies

7,886

4,416

3,470

3,470

140 PrepaidRent

6,000

3,000

3,000

3,000

141 PrepaidAdvertising

12,000

4,000

8,000

8,000

142 PrepaidInsurance

3,000

600

2,400

2,400

150 CashRegisters

9,000

9,000

9,000

2,292

104

2,396

2,396

110 ARCAccountsReceivableControl
112 InterestReceivable
120 Inventory

151 AccumDepn:CashRegisters
160 StoreFixtures

49,000

49,000

49,000

161 AccumDepn:StoreFixtures

17,672

453

18,125

18,125

210 APCAccountsPayableControl

880

880

880

220 WagesPayable

1,560

1,560

1,560

221 ElectricityPayable

968

968

968

222 WaterPayable

236

236

236

225 InterestPayable

265

265

265

250 BankLoanPayable

53,000

53,000

53,000

300 ShareCapital

80,000

80,000

80,000

301 RetainedEarnings

106,215

106,215

106,215

400 SalesRevenue

46,326

46,326

46,326

3,504

3,504

3,504

402 DiscountReceived

66

66

66

403 InterestRevenue

217

105

322

322

4,550

4,550

4,550

501 PurchaseReturnsandAllowances

1,876

1,876

1,876

511 AdvertisingExpense

4,000

4,000

4,000

10,732

1,560

12,292

12,292

540 RentExpense

3,000

3,000

3,000

541 ElectricityExpense

968

968

968

542 WaterExpense

236

236

236

543 InsuranceExpense

600

600

600

544 OfficeSuppliesExpense

4,416

4,416

4,416

5,900

5,900

5,900

560 DepnExpense:CashRegisters

104

104

104

561 DepnExpense:StoreFixtures

453

453

453

571 InterestExpense

265

265

265

572 BankCharges

248

248

248

312,235

115,775

112,538

260,408

263,645

401 SalesReturnsandAllowances

500 Purchases

516 WagesExpense

545 SalaryExpense

573 DiscountAllowed

Totals

308,544

308,544

15,707

15,707

312,235

Profit/loss

3,237

3,237

Totals

115,775

115,775

263,645

263,645

ManualAccountingPracticeSet
HiFiWay,AustralasianEdition3(VBA3p)
2010Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com
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