ACC5000 

Assignment 1 

Due: 20th August 2018

Assignment Requirements:

Consider the information provided for Legal Eagle Law Services and use Excel to:

  1. Record the journal entries for June transactions.
  2. Record adjusting entries.
  3. Construct the “T” formatted leger accounts.
  4. Prepare the profit and loss statement.
  5. Prepare the classified narrative formatted balance sheet

 

You must use formula to construct the leger accounts, profit and loss statement, and balance sheet. 

 

Legal Eagle Law Services

Unadjusted Trial Balance
as at 31 May 2019
  Debit   Credit
Cash at bank $11,670
Accounts receivable 32,550
GST receivable 3,900
Prepaid rent 3,150
Prepaid insurance 4,095
Office supplies 6,030
Office equipment 18,300
Accumulated depreciation — office equipment $3,705
Accounts payable 4,200
Unearned fees 1,650
Loan payable — due May 30 2020 13,800
GST collections 12,090
Capital 24,900
Drawings 78,000
Fees revenue 207,600
Salaries expense 85,800
Telephone expense 9,150
Rent expense 15,300
$267,945 $267,945

 

June Transactions:

 

Date Transaction Amount
1/6/2019 Receipts from customers $15,400
15/6/2019 Receipts from customers $7,700
22/6/2019 Received electricity bill $4,020
26/6/2019 Paid salaries $9,600
29/6/2019 Receipts from customers $7,700
30/6/2019 June Sales $23,100
30/6/2019 Received bank interest $270
30/6/2019 Purchased motor vehicle using bank loan ($22,000) and cash. $33,000
30/6/2019 One customer was declared bankrupt during June. Their debt is judged to be non-recoverable (a bad debt). $1,100

 

Additional Information:

  • All sales are credit sales (30 days).
  • Unless stated all amounts are GST inclusive or GST exempt.
  • Interest expense of $680 has accrued on the loan payable.
  • A physical count of office supplies on 30 June shows $790 of unused supplies on hand.
  • Depreciation of the office equipment this year is estimated to be $1520.
  • Half the amount in the Unearned Fees account had been earned by the end of June.
  • The amount in the Prepaid Rent account covers June and the next 2 months.
  • Of prepaid insurance, 30% expired this period.
  • Salaries expense accrued for the last 4 days in June amounts to $2490.
  • The telephone expense for June of $670 has not been recorded or paid.
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