The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).
Helena’s Hire Cars Trial Balance
As at 30 June 2019
|Cash at bank||18,140|
|Accumulated Depreciation – hire cars||39,400|
|Unearned hire fees||2,260|
|Hire fees revenue||98,700|
|Fuel and oil expense||10,680|
- Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded.
- A physical count showed office supplies totalling $340 were still on hand at 30 June.
- Depreciation for 1 year on the hire cars is $12,400.
- Prepaid advertising has a balance of $600 at the end of the month.
- The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services completed in June.
Prepare a 10-column worksheet for the year ended 30 June 2019.
Below is information about Adam Ltd’s cash position for the month of May 2020.
- The general ledger Cash at Bank account had a balance of $42,400 on 30 April.
- The cash receipts journal showed total cash receipts of $585,408 for May.
- The cash payments journal showed total cash payments of $530,148 for May.
- The June bank statement reported a bank balance of $82,368 on 30 May.
- Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.
- Cash receipts of $20,180 for 31 May were not included in the May bank statement.
- A dishonoured cheque written by a client Jim Ltd, $272
- A credit for an electronic transfer from a customer of $1,288
- Interest earned, $88
- Account and transaction fees, $240.
- Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May.
- Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.
- Prepare a bank reconciliation statement at 31 May.
On 1 June 2020, Mason Ltd. had Accounts Receivable $424,778 and Allowance for Doubtful Debts accounts $6,050. Ignore GST.
During June, the following transactions occurred:
- Revenue earned on credit, $597,500.
- Sales returns, $12,050.
- Accounts receivable collected, $700,000.
- Accounts written off as uncollectable, $5,926.
Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $6,750 on the balance sheet as at 30 June 2020. Ignore GST.
- Prepare general journal entries to record the four transactions.
- Prepare journal entries to adjust the bad debts expense and allowance for doubtful debts account.
- Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June 2020.
- On 10 July 2020, Kent Ltd, whose $1,300 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection.
The following information relates to the inventory of Margaret’s Megamart Ltd during December. Ignore GST.
|Date||Units||Units cost||Total cost|
|1/12||Beginning inventory||700||$ 12.00||$ 8,400|
Margaret’s Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand.
- Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO costing method.
- Determine the Ending inventory and Cost of Sales for the month of December, using the weighted average costing method.
- Which cost flow method(s) resulted in higher gross profit on sales? a higher ending inventory? Explain your results.
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