IUI UUJUJULICITIS. Assignment questions: 1. Record transactions in the general journal. Give narrations. (17 Marks) 2 Complete the ledger accounts. (15 Marks) 3. Complete the Trial Balance as at 30 June 2019 without taking into accounts of the information for adjustments. (9 Marks) 4. Record the transactions in the adjusting entryjournal. (6 Marks) 5. Compete the Adjusted Trial Balance as at 30 June 2019. (9 marks) 6. Prepare an income statement and a statement of changes in equity (proper format) for the year ended 30 June 2019. (12 Marks) 7. Prepare a statement of financial position (proper format and classification) as at 30 June 2019. (7 Marks) 8. Compete Excel worksheet clearly showing, Trial balance, adjustments, adjusted trial balance, and all 3 financial statements – income statement changes in equity and balance sheet, in ONE Sheet (25 marks) Table 1. Business transactions Date Business transactions Amount ($) 1 July 2018 150,000 Dave Chang invested his own money to set up business and named it 'Dave Chang Pty Ltd Prepaid public liability insurance for 3 years 1 July 2018 3,600 9,000 1 July 2018 Prepaid office rent for 18 months as per tenancy agreement Purchased office supplies paying cash 1 Aug 2018 1,100 1 Aug 2018 | Purchased office computers. Itis expected to have useful life of 5 years with no salvage value 3,000 1 Aug 2018 12,000 Paid for office fixture and furniture. This is to be deprecated annually assuming the useful life of 10 years 1 Oct 2018 Paid staff salary for Jul to Sep quarter 5 Oct 2018 Paid all utilities expenses for Jul to Sep quarter 15 Oct 2018 Received cash for service provided 11,500 900 44,500 13,000 1100 55,000 2 Jan 2019 Paid staff salary for Oct to Dec quarter 7 Jan 2019 Paid utilities for Oct to Dec quarter 10 Feb 2019 Invoiced customer for service provided 1 Apr 2019 Paid staff salary for Jan to Mar quarter 1 Apr 2019 Purchased a car for company use from borrowing the money from ANZ bank at 9% interest loan. The loan is for the term of 5 years at fixed interest rate. 8 Apr 2019 Paid utilities for Jan to Mar quarter 14,500 22,000 1,150 15 Apr 2019 Received cash from customer for invoice sent on 10 Feb i 55,000 10 May 2019 Owner withdrew cash from the business accounts 2,500 1 Jun 2019 Received cash for service. However, service for 50% of 60,000 the cash received is yet to be provided. Information for adjustments at 30 June 2019. a) The used up 'prepaid insurance' has not been recognised b) The used up 'prepaid renť has not been recognised. c) Office supplies account shows the balance of $450 as at 30 Jun 2019, d) Depreciation expenses for computers, office furniture and car are yet to be recorded e) Interest on the loan is paid annually and therefore due on 30 March 2020. So, interest expenses for the first 3 months remain outstanding. f) Staff salaries for the Apr to Jun 2019 quarter of $14,500 is due on 3 Jul 2019 g) Utilities expenses for the Apr to Jun 2019 quarter of $1,200 is due on 5 Jul 2019 h) The outstanding service for which the cash was received on 1 Jun 2019 remains outstanding as at 30 June 2019.
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