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ACC1AMD Accounting for Management Decisions

ACC1AMD Accounting for Management Decisions

Question 1 (4 marks)

You have been provided (next page) with the unadjusted and adjusted trial balance for KayLee Limited’s operations at 30 June 2017. You are required to:

(a) Record the opening balance of each account in the correct T.Account(ie. Before adjusting entries) (b) Record the adjusting entries in the General Journal using the following format:

Date Account name (narration)

(c) Record the adjusting entries in the correct T.Account. (d) Balance the T.Accounts.

Post

$$ Ref

Debit

Credit

(e) Prepare a Statement of Profit and Loss, Statement of Changes in Owners’ Equity and a Statement of Financial Position (Balance Sheet) – please use the Net Asset Balance Sheet Format.

NOTE: to maximise your mark you must include correct titles, narrations, dates etc. This is an assignment, not under exam conditions, therefore attention to detail is expected.

KAYLEE LIMTED TRIAL BALANCE AT 30 JUNE 2017

Unadjusted

Adjusted

No.

Account Name

Dr

Cr

Dr

Cr

100

Cash

9

15,600

9

15,600

110

Accounts Receivable

43,200

1

03,200

120

Prepaid Rent

1

80,000

1

20,000

130

Supplies

72,000

36,000

150

Equipment

9

60,000

9

60,000

151

Accumulated Depreciation – Equipment

48,000

200

Accounts Payable

153,600

1

53,600

210

Salaries Payable

86,400

220

Interest Payable

7,200

230

Comm Rev. Rec’d in Advance

96,000

43,200

250

Bank Loan

720,000

720,000

300

Share Capital

840,000

840,000

310

Retained Earnings

311

Dividends

24,000

24,000

400

Service Revenue

621,600

681,600

410

Commission Revenue

360,000

412,800

500

Salaries Expense

434,400

520,800

510

Rent Expense

120,000

180,000

520

Depreciation Expense

48,000

530

Supplies Expense

36,000

540

Electricity Expense

42,000

42,000

550

Interest Expense

7,200

2,791,200

2,791,200

2,992,800

2,992,800

Question 2 (5 marks)

[Locker] The locker [id=8177] doesn't exist or the default lockers were deleted.

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