Reference no: EM131207962
Accounting Principles Assignment-
Q1. Smith Catering Service completed the following transactions during its first month of operations for July 2016:
a. Smith Catering Service commenced operations by receiving $12000 cash and a generator (non-current asset) valued at $22000.
b. Paid office rent, $1200. This rent isn't paid in advance.
c. Prepaid insurance for $1400.
d. Completed a large catering service, billed the customer for $3000 and received a promise to collect the $3000 within one week.
e. Paid employee salary, $1400.
f. Paid $600 cash for supplies.
g. Received $24000 cash for performing catering services.
h. Collected $1200 in advance for catering service to be performed later.
i. Collected $3000 cash from a customer on credit.
j. Owner withdrew cash of $4200.
k. Purchased $400 for fuel for the generator on credit.
l. Performed catering services on credit, $1800.
m. Paid $400 on account.
n. Performed catering services for a customer and received $1600 cash.
Requirements:
1. Record each transaction in the journal. Key each transaction by its letter. Explanations aren't required.
2. Post the transactions that you recorded in Requirement 1 in the T-accounts (all).
3. Enter the trial balance in the worksheet (including Income statement and Balance Sheet columns) for the month ended 31 July 2016. Complete the worksheet using the adjustment data given at 31 July:
i. Accrued salary expense, $1400.
ii. Depreciation expense, $120.
iii. Prepaid insurance expired, $500.
iv. Supplies on hand, $400.
v. Unearned service revenue earned during July, $1000.
4. Prepare Smith Catering Service's income statement and statement of changes in equity for the month ended 31 July 2016, and the classified balance sheet as at that date.
5. Journalise and post the adjusting entries, beginning with i.
6. Journalise and post the closing entries.
7. Prepare a post-closing trial balance as at 31 July 2016.
Q2. Perfect Ltd's financial year runs from 1 July to 30 June. The following information regarding inventory transactions is available for the month of July 2016:
Date
|
Description
|
Qty
|
Unit cost or selling price
|
Jul 1
|
Beginning Inventory
|
1000
|
$ 12
|
Jul 7
|
Purchase
|
500
|
14
|
Jul 11
|
Sale
|
700
|
|
Jul 18
|
Sale
|
600
|
|
Jul 20
|
Purchase
|
1000
|
15
|
Jul 25
|
Sale
|
600
|
|
Required: Determine the correct balances at 31 July for Merchandise inventory and Cost of goods sold under each of the following inventory methods: (a) FIFO, (b) LIFO and (c) weighted-average. (For the purposes of the question, please ignore GST).
Prepare bank reconciliation
: The following data were accumulated for use in reconciling the bank account of Zek’s Co. for May 2016: Cash balance according to the company’s records at May 31, 2016, $24,403. Prepare a bank reconciliation, using the format shown in Exhibit 13. Refe..
|
Compute unit conversion cost on cost of production report
: Department W had 2,282 units, one-third completed at the beginning of the period, 13,357 units were transferred to Department X from Department W during the period, and 567 units were one-half completed at the end of the period. What is the equivalen..
|
What were total cost of units completed during the period
: Department S had no work in process at the beginning of the period. 10,420 units of direct materials were added during the period at a cost of $72,940, 7,815 units were completed during the period, and 2,605 units were 32% completed as to labor and o..
|
Identify and briefly describe four trends in the macro
: Identify and briefly describe four trends in the macro/marketing environment that will have or recently had an influence on the given industry
|
Prepare a post-closing trial balance as at 31 july 2016
: Determine the correct balances at 31 July for Merchandise inventory and Cost of goods sold under each of the following inventory methods: (a) FIFO, (b) LIFO and (c) weighted-average. (For the purposes of the question, please ignore GST).
|
Write a program that displays the colored pyramid
: CMPS 151 Programming Assignment. In this assignment you are requested to write a C++ program that displays the following colored pyramid on the screen: The pyramid is 71 characters wide and 21 characters high
|
Describe the components or subsytems of the system
: Describe the components or subsytems of the system and what business function they address. Identify one vendor or open source solution for the system you chose to describe.
|
Mission and values of better world books
: What are the mission and values of Better World Books? Critically evaluate their usefulness to the company's management in formulating strategy.
|
Crm help subaru conduct successful
: As Marketing Manager for Subaru, respond to the following- "In what ways could CRM help Subaru conduct successful target marketing and positioning of their products?"
|