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xiv. Water expenses average $4,200 per year. The water meter was last read four months ago. The financial year ends today. Record the adjusting entry. xv. The balance in Transporting Fees Revenue account includes $2,500 received last month for removal work that is yet to be carried out. If the financial period ends today record the adjusting entry. xvi. Huang Advertising provided promotional services to Nguyen Ltd. Huang charged $330,000 for these services based on the success of the campaign. Huang recorded the entire amount as Accounts Receivable. It appears that Nguyen Ltd. may only pay for 50% of the promotional services provided because the campaign was not as successful. Record an adjusting entry for Huang Advertising. xvii. When supplies are purchased they are recorded as an expense. An end of period stock-take (count) revealed a closing balance of $12,000. There was no opening balance and during the period $23,000 of supplies were purchased. Record the adjusting entry. xviii. Jonathan has a ‘prepaid’ coffee membership. He paid $100 for the card and is entitled to 50 cups of coffee. The purchase of the membership was recorded as an expense. Record the adjusting entry if Jon has consumed 30 cups of coffees by the end of the financial year. xix. Ball Limited paid rent on the first day of June, a total of $180,000 in advance for ten months commencing on that day and records it as an asset. Record the adjusting entry for the financial year ending August 31 for Ball Limited. xx. Tyler Constructions builds a new warehouse for Bentley Ltd. The building cost a total of $20,000,000 and was completed on 30 April 2007, with an expected useful life of 50 years and residual value of $5,000,000. The building is depreciated on a straight-line basis. Record the adjusting entry for the financial year ending 30 June 2011. 5 Question 9 Hannah Hair Dressers Unadjusted Trial Balance at June 30, 2011 ACCOUNT TITLE DEBIT CREDIT Cash at bank GST Receivable Prepaid insurance Accounts receivable Computers Accumulated depreciation – computer 5% Government Bonds* GST Payable Contributed Capital Retained earnings Consulting service revenue Office supplies expense Repairs expense Wages expense 25,000 2,000 15,000 30,000 15,000 40,000 2,500 20,000 50,500 5,000 5,000 25,000 15,000 150,000 200,000 200,000 *A Government Bonds is an investment from which the company earns interest Additional Accounts: Account titles: Interest Revenue Receivable Office supplies Repairs Payable Interest Revenue Depreciation Expense – Computer Consulting Revenue Receivable Adjustments required for events realised at financial year end are (take into account GST where appropriate): |
