1/06/2020 cash receipts from customers for money owed $19,800
2/06/2020 purchased a work van paying a 20% cash deposits and taking out a 4-year 6% loan to cover the balance $67,100
5/06/2020 purchased office supplies on credit, due 15 July $2,200
9/06/2020 received a cash deposit upfront from a customer for financial advisory work to be completed during July 2020 $4730
12/06/2020 cash receipts from customers for moneys owed $22,185
15/06/2020 paid all outstanding accounts payable from previous month
22/06/2020 received gas bill $330
24/06/2020 paid June salaries to this date $2,400
26/06/2020 received and paid mobile phone and internet bill for month of June $374
28/06/2020 settled previous month GST with ATO
29/06/2020 cash receipts from customers for moneys owed $3,250
30/06/2020 record all June sales on credit $21,340
30/06/2020 received bank interest $230
30/06/2020 one customer was declared bankrupt during June. Their debt is judged to be non-recoverable (a bad debt). $2,310
Additional Information:
All sales are credit sales (30 days).
Unless stated all amounts are GST inclusive or GST exempt.
Interest expense of $227 has accrued in June on the loans payable
A physical count of office supplies on 30 June shows $2400 of unused supplies on hand
Depreciation of the office equipment this year is estimated to be $9,400.
Depreciation of the motor vehicle will be determined using the straight-line method. The business estimates the useful life of the van to be 5 years, and the residual value to be $16,000. Based on these values, the business estimates annual depreciation on the van to be $9,000 per year.
Prepaid insurance was paid on the 1st of April 2020 and covered a period of 6 months.
Prepaid rent balance as at 1 July 2020 should be $2,800.
Of the unearned fees balance as at 31st May, 60% were refunded to a customer as the business was unable to complete the work prior to 30 June as previously agreed, the remainder of the unearned fees were earned during June.
Salaries expense accrued for the last week in June amounts to $2,800. Ignore PAYG related to salaries.
The fuel expense for June of approximately $800 has not been recorded or paid.
At the end of the month A, Peak withdrew $4,500 for his own use
Consider the information provided for Peak Financial Services June transactions Date transaction amount 1/06/2020 cash receipts from customers for money owed $19,800 Record adjusting entries for the end of June. Include narrations. Construct the "T" formatted ledger accounts. Prepare the protit and loss statement for the year ended 30 June 2020. Prepare the classified narrative formatted balance sheet as at 30 June 2020. 2/06/2020 purchased a work van paying a 20% cash deposits and taking out a 4-year 6% loan lo cover the balance $67,100 You must use formula to construct the ledger accounts, profit and loss statement, and balance sheet. 5/06/2020 purchased office supplies on credit, due 15 July $2,200 9/06/2020 received a cash deposit upfront from a customer for financial advisory work to be corripleled during July 2020 $4730 PEAK FINANCIAL SERVICES 12/06/2020 cash receipts from customers tor moneys owed $22,185 15/06/2020 paid all outstanding accounts payable from previous month UNADJUSTED TRIAL BALANCE AS AT 31 MAY 2020 ACCOUNT DR CASH AT BANK 88,300 ACCOUNTS RECEIVABLE 48,300 22/06/2020 received gas bill $330 24/06/2020 paid June salaries to this date $2,400 GST RECEIVABLE 4.380 PREPAID RENT 9,000 26/06/2020 received and paid mobile phone and internet bill for month of June $374 28/06/2020 settled previous month GST with ATO PREPAID INSURANCE 8,000 29/06/2020 cash receipts from customers for moneys owed $3,250 OFFICE SUPPLIES 4,700 30/06/2020 record all lune sales on credit $ 21,340 OFFICE EQUIPMENT 92,400 30/06/2020 received bank interest $230 25,000 26,800 12,200 ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT ACCOUNTS PAYABLE UNEARNED FEES LOAN PAYABLE - DUE 31 DECEMBER 2019 GST PAYABLE CAPITAL (A, PEAK) DRAWINGS (A, PEAK) 25,000 5,980 32,000 12,500 FEES REVENUE 213,700 30/06/2020 one customer was declared bankrupt during June. Their debt is judged to be non- recoverable (a bad debt). $2,310 Additional Information: All sales are credit sales (30 days). Unless stated all amounts arc GST inclusive or GST cxcmpt. . Interest expense of $227 has accrued in June on the loans payable A physical count of office supplies on 30 June shows $2400 of unused supplies on hard Depreciation of the office cquipment this year is estimated to be $9,400. Depreciation of the motor vehicle will be determined using the straight-line method. The business estirales the useful life of the van la tre 5 years, and the residual value la te $16,000. Based on these values, the business estimates annual depreciation on the van to be $9,000 per year. Prepaid insurance was paid on the 1st of April 2020 and covered a period of 6 months Prepaid rent balance as at 1 July 2020 should be $2,800. Of the uncarned tecs balance as at 31st May, 60% were refunded to a customer as the business was unable to complete the work prior to 30 June as previously agreed, the remainder of the unearned fees were earned during June. Salaries expense accrued for the last week in June amounts to $2,800. Ignore PAYG related to salaries. The fuel expense for June of approximalely $800 has nol been recorded or paid. At the end of the month A, Peak withdrew $4,500 for his own use GAS EXPENSE 750 FUEL EXPENSE 6,400 30,000 RENT EXPENSE SLALARIES EXPENSE 32,800 PHONE AND INTERNET EXPENSE 3,150 TOTALS 3,40,680 3,40,680 Consider the information provided for Peak Financial Services June transactions Date transaction amount 1/06/2020 cash receipts from customers for money over $19,800 . . Record adjusting entries for the end of June. Include narrations. Consitucih formalled ledger accounts. Prepare the profit and loss statement for the year ended 30 June 2020. Prepare the classified narrative formatted balance sheet as at 30 June 2020. 2/05/2020 purchased a work van paying a 20% cash deposits and taking out a 4-year 6% loan to cover the balance $67,100 5/05/2020 purchased ollice supplies on credit, due 15 July $2,200 You must use formula to construct the ledger accounts, profit and loss statement and balance shrct. 9/06/2020 received a cash deposit upfront from a customer for financial advisory work to be completed during July 2020 $4730 12/C16/2020 cash receipts from customers for money owed $22,185 15/06/2020 paid all outstanding accounts payable from previous month 22/06/2020 received gas bill $330 24/06/2020 paid lune salaries to this date $2,400 25/06/2020 received and paid mobile phone and internet bill for month of June $374 20/06/2020 settled previous month GST with ATO 29/06/2020 cash receipts from customers for money owed $3,250 30/06/2020 record all Junie sales on credi. $21,310 20/06/2020 received bank interest $230 30/06/2020 one customer was declared bankrupt during June. Their debt is judged to be non- recoverable fa bed debt). $2,310 PEAK FINANCIAL SERVICES UNADJUSTED TRIAL BALANCE AS AT 31 MAY 2020 ACCOUNT DR CASH AT BANK 98,300 MCCOUNTS RECEIVABLE 18,300 GST RECEIVAALE PREPAID HENT 9,000 PREPAID INSURANCE 4,000 OFFICE SUPPLIES 1,700 OFFICE EQUIPMENT 92,400 ACCUMULATED DEPRECIATION OFFICE EQUIPMENT ACCOUNTS PAYABLE UNEARNED FEES LOAN PAYABLE-DUE 31 DECEMBER 2019 GST PAYABLE CAPITALIA, PEAKS DRAWINGS IA PENKI 12,500 FEES REVENUE CAS EXPENSE 750 FUEL EXPENSE 6400 RENT EXPENSE 30,000 SLALARIES EXPENSE 22,800 PHONE AND INTERNET EXPENSE 3,150 TOTALS 2,40,680 25.000 26,800 12.200 25,000 5,980 32,000 213,700 Additional Information: . All sales are credit sales 130 days). . Unless stated all arounts are GST inclusive of GST exempt. . Interest expense of $227 has accrued in June on the loans payable A physical count of office supplies on 30 lune shows $2400 of unused supplies on hand Depreciation of the office equipment this year is estimated to be $9.400 Depreciation of the mator vehicle will be determined using the straight-line method. The business estimates the useful life of the van to be wears, and the residual value to be $16.0DI. Based on these values, the business estimates annual depreciation on the van to be $9,000 per year. Prepaid insurance was paid on the Isl ol April 2020 aricl covered a period ol 5 months. Prepaid rent balance as at 1 July 2020 should be $2,000. hr uncarred fors balang at 31 May, GYX were refunded to a customer as the business was unable to complete the work priarta 2D June as previously agreed, the remainder of the unearned fees were carried during unie. Salaries expense accrued for the last week in June amounts to $2,900. Ignore PAYGrelated ta salaries. The fuel crachse for Junc of approximately $800 has not been recorded or paid. . At the end of the month A Peak withdrew $4,500 for his own use 2,40,620 Consider the information provided for Peak Financial Services June transactions Date transaction amount 1/06/2020 cash receipts from customers for money owed $19,800 Record adjusting entries for the end of June. Include narrations. Construct the "T" formatted ledger accounts. Prepare the protit and loss statement for the year ended 30 June 2020. Prepare the classified narrative formatted balance sheet as at 30 June 2020. 2/06/2020 purchased a work van paying a 20% cash deposits and taking out a 4-year 6% loan lo cover the balance $67,100 You must use formula to construct the ledger accounts, profit and loss statement, and balance sheet. 5/06/2020 purchased office supplies on credit, due 15 July $2,200 9/06/2020 received a cash deposit upfront from a customer for financial advisory work to be corripleled during July 2020 $4730 PEAK FINANCIAL SERVICES 12/06/2020 cash receipts from customers tor moneys owed $22,185 15/06/2020 paid all outstanding accounts payable from previous month UNADJUSTED TRIAL BALANCE AS AT 31 MAY 2020 ACCOUNT DR CASH AT BANK 88,300 ACCOUNTS RECEIVABLE 48,300 22/06/2020 received gas bill $330 24/06/2020 paid June salaries to this date $2,400 GST RECEIVABLE 4.380 PREPAID RENT 9,000 26/06/2020 received and paid mobile phone and internet bill for month of June $374 28/06/2020 settled previous month GST with ATO PREPAID INSURANCE 8,000 29/06/2020 cash receipts from customers for moneys owed $3,250 OFFICE SUPPLIES 4,700 30/06/2020 record all lune sales on credit $ 21,340 OFFICE EQUIPMENT 92,400 30/06/2020 received bank interest $230 25,000 26,800 12,200 ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT ACCOUNTS PAYABLE UNEARNED FEES LOAN PAYABLE - DUE 31 DECEMBER 2019 GST PAYABLE CAPITAL (A, PEAK) DRAWINGS (A, PEAK) 25,000 5,980 32,000 12,500 FEES REVENUE 213,700 30/06/2020 one customer was declared bankrupt during June. Their debt is judged to be non- recoverable (a bad debt). $2,310 Additional Information: All sales are credit sales (30 days). Unless stated all amounts arc GST inclusive or GST cxcmpt. . Interest expense of $227 has accrued in June on the loans payable A physical count of office supplies on 30 June shows $2400 of unused supplies on hard Depreciation of the office cquipment this year is estimated to be $9,400. Depreciation of the motor vehicle will be determined using the straight-line method. The business estirales the useful life of the van la tre 5 years, and the residual value la te $16,000. Based on these values, the business estimates annual depreciation on the van to be $9,000 per year. Prepaid insurance was paid on the 1st of April 2020 and covered a period of 6 months Prepaid rent balance as at 1 July 2020 should be $2,800. Of the uncarned tecs balance as at 31st May, 60% were refunded to a customer as the business was unable to complete the work prior to 30 June as previously agreed, the remainder of the unearned fees were earned during June. Salaries expense accrued for the last week in June amounts to $2,800. Ignore PAYG related to salaries. The fuel expense for June of approximalely $800 has nol been recorded or paid. At the end of the month A, Peak withdrew $4,500 for his own use GAS EXPENSE 750 FUEL EXPENSE 6,400 30,000 RENT EXPENSE SLALARIES EXPENSE 32,800 PHONE AND INTERNET EXPENSE 3,150 TOTALS 3,40,680 3,40,680 Consider the information provided for Peak Financial Services June transactions Date transaction amount 1/06/2020 cash receipts from customers for money over $19,800 . . Record adjusting entries for the end of June. Include narrations. Consitucih formalled ledger accounts. Prepare the profit and loss statement for the year ended 30 June 2020. Prepare the classified narrative formatted balance sheet as at 30 June 2020. 2/05/2020 purchased a work van paying a 20% cash deposits and taking out a 4-year 6% loan to cover the balance $67,100 5/05/2020 purchased ollice supplies on credit, due 15 July $2,200 You must use formula to construct the ledger accounts, profit and loss statement and balance shrct. 9/06/2020 received a cash deposit upfront from a customer for financial advisory work to be completed during July 2020 $4730 12/C16/2020 cash receipts from customers for money owed $22,185 15/06/2020 paid all outstanding accounts payable from previous month 22/06/2020 received gas bill $330 24/06/2020 paid lune salaries to this date $2,400 25/06/2020 received and paid mobile phone and internet bill for month of June $374 20/06/2020 settled previous month GST with ATO 29/06/2020 cash receipts from customers for money owed $3,250 30/06/2020 record all Junie sales on credi. $21,310 20/06/2020 received bank interest $230 30/06/2020 one customer was declared bankrupt during June. Their debt is judged to be non- recoverable fa bed debt). $2,310 PEAK FINANCIAL SERVICES UNADJUSTED TRIAL BALANCE AS AT 31 MAY 2020 ACCOUNT DR CASH AT BANK 98,300 MCCOUNTS RECEIVABLE 18,300 GST RECEIVAALE PREPAID HENT 9,000 PREPAID INSURANCE 4,000 OFFICE SUPPLIES 1,700 OFFICE EQUIPMENT 92,400 ACCUMULATED DEPRECIATION OFFICE EQUIPMENT ACCOUNTS PAYABLE UNEARNED FEES LOAN PAYABLE-DUE 31 DECEMBER 2019 GST PAYABLE CAPITALIA, PEAKS DRAWINGS IA PENKI 12,500 FEES REVENUE CAS EXPENSE 750 FUEL EXPENSE 6400 RENT EXPENSE 30,000 SLALARIES EXPENSE 22,800 PHONE AND INTERNET EXPENSE 3,150 TOTALS 2,40,680 25.000 26,800 12.200 25,000 5,980 32,000 213,700 Additional Information: . All sales are credit sales 130 days). . Unless stated all arounts are GST inclusive of GST exempt. . Interest expense of $227 has accrued in June on the loans payable A physical count of office supplies on 30 lune shows $2400 of unused supplies on hand Depreciation of the office equipment this year is estimated to be $9.400 Depreciation of the mator vehicle will be determined using the straight-line method. The business estimates the useful life of the van to be wears, and the residual value to be $16.0DI. Based on these values, the business estimates annual depreciation on the van to be $9,000 per year. Prepaid insurance was paid on the Isl ol April 2020 aricl covered a period ol 5 months. Prepaid rent balance as at 1 July 2020 should be $2,000. hr uncarred fors balang at 31 May, GYX were refunded to a customer as the business was unable to complete the work priarta 2D June as previously agreed, the remainder of the unearned fees were carried during unie. Salaries expense accrued for the last week in June amounts to $2,900. Ignore PAYGrelated ta salaries. The fuel crachse for Junc of approximately $800 has not been recorded or paid. . At the end of the month A Peak withdrew $4,500 for his own use 2,40,620
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