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u need to undertake at least 5 adjusting entries. The adjusting entry amounts and items recorded should be from the information provided below.     Cash     100 1-Apr Share Capital

u need to undertake at least 5 adjusting entries. The adjusting entry amounts and items recorded should be from the information provided below.     Cash     100 1-Apr Share Capital

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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It is the end of April, you need to undertake at least 5 adjusting entries. The adjusting entry amounts and items recorded should be from the information provided below.

    Cash     100
1-Apr Share Capital 20 000 1-Apr Motor Vehicles 5 000
28-Apr Accounts Receivable  16 879 2-Apr Prepaid Insurance 5 600
      4-Apr Office Equipment 1 100 
      5-Apr Rent Expense 200
      5-Apr Prepaid Rent 800
      11-Apr Workers Compensation 1 000
      23-Apr Repairs & Maintenance  1 167
      26-Apr Accounts Payable  200
      30-Apr Fuel Expense 796
      30-Apr Bank Loan 6 872
      30-Apr Dividends 900
    36 879 30-Apr Closing Balance 13 244
1-May Opening Balance 13 244      
          36 879
           
    Accounts Receivable      610
7-Apr Service Revenue 16 879 28-Apr Cash 16 879
20-Apr Service Revenue 896      
      30-Apr Closing Balance 896
    17 775     17 775
1-May Opening Balance 896      
           
    Motor Vehicle     715
1-Apr Cash 5 000      
1-Apr Bank Loan 420 000      
           
    Accumulated depreciation – motor vehicle     716
      30-Apr Depreciation 3,852
           
           
    Prepaid Insurance     620
2-Apr Cash 5 600      
           
           
    Prepaid Rent     622
5-Apr Cash 800      
           
           
    Bank Loan     337
30-Apr Cash 6 872 1-Apr Motor Vehicles 420 000
30-Apr Closing Balance 413 128      
      1-May Opening Balance 413 128
           
    Accounts Payable     800
26-Apr Cash 200 5-Apr Uniforms 150
30-Apr Closing Balance 250 10-Apr Advertising 200
    450 10-Apr Cleaning Supplies 100
          450
      1-May Opening Balance 250
           
    Interest payable     332
      17-Apr Interest expense 2,500
           
           
    Salaries payable     804
      17-Apr Salaries 1,520
           
           
    Share Capital     970
      1-Apr Cash 20 000
           
           
    Dividends     960
30-Apr Cash 900      
           
           
    Service Revenue     201
      7-Apr Account Receivables 16 879
      20-Apr Account Receivables 896
           
           
    Advertising     403
10-Apr Accounts Payable 200      
           
           
    Cleaning Supplies     408
10-Apr Accounts Payable 100      
           
           
    Depreciation – motor vehicle     416
30-Apr Accumulated depreciation 3,852      
           
           
    Interest expense     437
17-Apr Interest payable 2,500      
           
           
    Fuel expense     400
30-Apr Cash 796      
           
           
    Rent Expense     486
5-Apr Cash 200      
           
           
    Repairs and maintenance     401
23-Apr Cash 1,167      
           
           
    Uniforms     496
5-Apr Accounts Payable 150      
           
           
    Office Expenses     418
4-Apr Cash 1 100      
           
           
    Workers compensation     432
11-Apr Cash 1,000      
           
           
    Salaries     477
17-Apr Salaries payable 1,520      
           
O'Rileys Coaches Trial Balance as at 30 April 2021 4 No. Account name Debit Credit $ $ 100 Cash 13,244 610 Account receivables 896 408 Cleaning supplies 100 496 Uniforms 150 622 Prepaid rent 800 1 620 Prepaid insurance 5,600 715 Motor vehicle 425,000 3 716 Accumulated depreciation- Motor vehicle 800 Accounts payable 332 Interest payable 804 Salaries payable 3,852 4 250 2,500 1,520 7 337 Bank loan 413,128 8 970 Share capital 20,000 9 960 Dividend 900 201 Service revenue 17,775 1 486 Rent expense 200 2 403 Advertising 200 3 432 Workers compensation 1,000 4 418 Office expense 1,100 437 Interest expense 2,500 6 477 Salaries 1,520 401 Repairs maintenance 400 Fuel expense 7 1,167 8. 796 9. 416 Depreciation expense- motor vehicle 3,852 Total 459 025 459,025 1
Transcribed Image Text:O'Rileys Coaches Trial Balance as at 30 April 2021 4 No. Account name Debit Credit $ $ 100 Cash 13,244 610 Account receivables 896 408 Cleaning supplies 100 496 Uniforms 150 622 Prepaid rent 800 1 620 Prepaid insurance 5,600 715 Motor vehicle 425,000 3 716 Accumulated depreciation- Motor vehicle 800 Accounts payable 332 Interest payable 804 Salaries payable 3,852 4 250 2,500 1,520 7 337 Bank loan 413,128 8 970 Share capital 20,000 9 960 Dividend 900 201 Service revenue 17,775 1 486 Rent expense 200 2 403 Advertising 200 3 432 Workers compensation 1,000 4 418 Office expense 1,100 437 Interest expense 2,500 6 477 Salaries 1,520 401 Repairs maintenance 400 Fuel expense 7 1,167 8. 796 9. 416 Depreciation expense- motor vehicle 3,852 Total 459 025 459,025 1
Date Account Name (Narration) Post Ref. Debit $ Credit $ 4 2021 5 April Cash 100 20 000 Share Capital (Issued Shares for cash) 6 970 20 000 7 8 1 Motor Vehicles 715 425 000 9 Cash 100 5 000 10 Bank Loan 800 420 000 11 (Purchased Bus) 12 2 Prepaid Insurance 620 5 600 13 Cash 100 5 600 14 (Paid Annual Insurance Policy) 15 4 Office Equipment 710 1 100 16 Cash 100 1 100 (Purchased Office Equipment) 5 Uniforms 17 18 496 150 Accounts Payable (Purchased Uniforms) 5 Prepaid Rent 19 800 150 20 21 622 800 22 Rent Expense 486 200 23 Cash 100 1 000 (Paid rent for 5 months) 7 Accounts Receivable 24 25 610 16 879 26 Service Revenue 201 16 879 27 (Invoiced Customers) 28 10 Advertising 403 200 29 Accounts Payable 800 200 30 (Purchased Advertising Expense) 31 10 Cleaning Supplies 408 100 32 Accounts Payable 800 100 33 (Purchased Cleaning supplies) 34 11 Workers Compensation 432 1 000 35 Cash 1 000 36 (Paid Workers Compensation) 37 17 Interest Expense 437 2 500 38 Interest Payable 332 2 500 39 40 17 Salaries 477 1 520 Salaries Payable (To record accrued salaries) 41 804 1 520 42 43 20 Accounts Receivable 610 896 44 Service Revenue 201 896 45 (Invoiced Customers) 46 23 Repairs & Maintenance 401 1 167 47 Cash 100 1 167 (Paid for Repairs) 26 Accounts Payable 48 49 800 200 50 Cash 100 200 51 (Paid accounts payable) 52 28 Cash 100 16 879 53 Accounts Receivable 610 16 879 (Collected cash from customers on account) 30 Fuel Expense 54 55 400 796 56 Cash 100 796 (Paid for Fuel) 30 Bank Loan 57 58 337 6 872 59 Cash 100 6 872 60 (Payment being made to bank for bus purchase) 61 30 Depreciation - Motor Vehicles 416 3 852 62 Accumulated Depreciation - Motor Vehicles 716 3 852 63 (To record depreciation expense) 64 30 Dividends 960 900 65 Cash 100 900 66 (Payment of Cash Dividend)
Transcribed Image Text:Date Account Name (Narration) Post Ref. Debit $ Credit $ 4 2021 5 April Cash 100 20 000 Share Capital (Issued Shares for cash) 6 970 20 000 7 8 1 Motor Vehicles 715 425 000 9 Cash 100 5 000 10 Bank Loan 800 420 000 11 (Purchased Bus) 12 2 Prepaid Insurance 620 5 600 13 Cash 100 5 600 14 (Paid Annual Insurance Policy) 15 4 Office Equipment 710 1 100 16 Cash 100 1 100 (Purchased Office Equipment) 5 Uniforms 17 18 496 150 Accounts Payable (Purchased Uniforms) 5 Prepaid Rent 19 800 150 20 21 622 800 22 Rent Expense 486 200 23 Cash 100 1 000 (Paid rent for 5 months) 7 Accounts Receivable 24 25 610 16 879 26 Service Revenue 201 16 879 27 (Invoiced Customers) 28 10 Advertising 403 200 29 Accounts Payable 800 200 30 (Purchased Advertising Expense) 31 10 Cleaning Supplies 408 100 32 Accounts Payable 800 100 33 (Purchased Cleaning supplies) 34 11 Workers Compensation 432 1 000 35 Cash 1 000 36 (Paid Workers Compensation) 37 17 Interest Expense 437 2 500 38 Interest Payable 332 2 500 39 40 17 Salaries 477 1 520 Salaries Payable (To record accrued salaries) 41 804 1 520 42 43 20 Accounts Receivable 610 896 44 Service Revenue 201 896 45 (Invoiced Customers) 46 23 Repairs & Maintenance 401 1 167 47 Cash 100 1 167 (Paid for Repairs) 26 Accounts Payable 48 49 800 200 50 Cash 100 200 51 (Paid accounts payable) 52 28 Cash 100 16 879 53 Accounts Receivable 610 16 879 (Collected cash from customers on account) 30 Fuel Expense 54 55 400 796 56 Cash 100 796 (Paid for Fuel) 30 Bank Loan 57 58 337 6 872 59 Cash 100 6 872 60 (Payment being made to bank for bus purchase) 61 30 Depreciation - Motor Vehicles 416 3 852 62 Accumulated Depreciation - Motor Vehicles 716 3 852 63 (To record depreciation expense) 64 30 Dividends 960 900 65 Cash 100 900 66 (Payment of Cash Dividend)
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