ACC106 Task 2 Accounting Cycle Completion For June 2018

Chart of Accounts
Account Name	Account Type	Usual Balance	Account Type
Cash at Bank	Asset	Debit	Current Asset
Accounts Receivable	Asset	Debit	Current Asset
Allowance for Doubtful Debts	Contra – Asset	Credit	Contra – Current Asset
Supplies	Asset	Debit	Current Asset
Inventory	Asset	Debit	Current Asset
Prepaid rent	Asset	Debit	Current Asset
GST Paid	Asset	Debit	Current Asset
Office Equipment	Asset	Debit	Non Current Asset
Accum Dep – Office	Contra – Asset	Credit	Contra – Non Current Asset
Computer Systems	Asset	Debit	Non Current Asset
Accum Dep – Computer	Contra – Asset	Credit	Contra – Non Current Asset
Vehicles	Asset	Debit	Non Current Asset
Accum Dep – Vehicles	Contra – Asset	Credit	Contra – Non Current Asset
Accounts Payable	Liability	Credit	Current Liability
GST Collected	Liability	Credit	Current Liability
Unearned Service Revenue	Liability	Credit	Current Liability
PAYG Tax Payable	Liability	Credit	Current Liability
Superannuation Payable	Liability	Credit	Current Liability
Private health Payable	Liability	Credit	Current Liability
Wages Payable	Liability	Credit	Current Liability
N Gee, Capital	Equity	Credit	Equity
N Gee, Drawings	Equity	Debit	Equity
Sales Revenue	Revenue	Credit	Revenue
Discount Received	Revenue	Credit	Revenue
Service Revenue	Revenue	Credit	Revenue
Cost of Sales	Expenses	Debit	Expenses
Advertising Expense	Expenses	Debit	Expenses
Electriciy Expense	Expenses	Debit	Expenses
Doubtful Debts expense	Expenses	Debit	Expenses
Discount Allowed Expense	Expenses	Debit	Expenses
Wages Expense	Expenses	Debit	Expenses
Supplies Expense	Expenses	Debit	Expenses
Rent Expense	Expenses	Debit	Expenses
Depreciation Expense	Expenses	Debit	Expenses
Income Summary	Temporary only	N/A	Temporary only

CASH PAYMENTS JOURNAL—JUNE																	all other acc’s not listed
Date	Details	Credits	Debits
Cash at Bank	Discount Received	Wages	Accounts Payable (inc GST)	Inventory	Prepaid Rent	Supplies	Wages Expense	Drawings	Advertising Exp	Electricity	Other Accounts	GST Paid
GST Paid	Net	PAYG Tax Payable	Private Health Payable	Employer Super Payable	Account Name	Amt ex GST
02-Jun	Paid rent in advance	2860.00								2600.00								260.00
05-Jun	Saddlery maintenance supplies purchased	2200.00									2000.00							200.00
10-Jun	20 x Top Tack Rugs & 6 x Suede Seat Saddles purchased	6160.00							5600.00									560.00
11-Jun	Advertising expense paid	1650.00												1500.00				150.00
14-Jun	Wages paid	1397.00			255.00	22.00	159.03					1833.03
19-Jun	Drawings made	1300.00											1300.00
21-Jun	Wages paid	1524.00			318.00	22.00	177.08					2041.08
26-Jun	Electricity paid	290.00													263.64			26.36
27-Jun	TechTime	1858.36	5.23	52.25				1915.83
28-Jun	Wages paid	1475.00			291.00	22.00	169.86					1957.86


Total columns here			20714.36	5.23	52.25	864.00	66.00	505.97	1915.83	5600.00	2600.00	2000.00	5831.97	1300.00	1500.00	263.64	0.00	0.00	1196.36
								22207.80											22207.80


								DR	22,207.80
								CR	22,207.80
								difference	0

SALES JOURNAL—JUNE
			Credit	Debit	Credit	Debit
Date	Details	Sales Revenue	GST Collected	Accounts Receivable	Inventory	Cost of Sales

05-Jun	Clancey’s Pony Club	3200	320.00	3,520.00	1,000.00	1,000.00
08-Jun	Mr Banjo	2,440.00	244.00	2,684.00	795.00	795.00
09-Jun	Clancey’s Pony Club	4,880.00	488.00	5,368.00	1,590.00	1,590.00
20-Jun	Mr Banjo	2,900.00	290.00	3,190.00	1,657.14	1,657.14
21-Jun	Miss Sunshine	2,530.00	253.00	2,783.00	835.00	835.00



	Total columns here	15,950.00	1,595.00	17,545.00	5,877.14	5,877.14

				DR	23,422.14
				CR	23,422.14
				difference	0

PURCHASES JOURNAL —JUNE
			Debit	Debit	Credit
Date	Details	Inventory	Vehicles	Computer Systems	Office Furniture	GST Paid	Accounts Payable

01-Jun	Tmart Purchase				21,200.00	2,120.00	23,320.00
02-Jun	SaddleSeat Traders Purchase	6,240.00				624.00	6,864.00
02-Jun	TechTime Purchase			20,900.00		2,090.00	22,990.00
03-Jun	Mitsubishi Purchase		23,620.00			2,362.00	25,982.00
07-Jun	SaddleSeat Traders Purchase	2,340.00				234.00	2,574.00
23-Jun



	Total columns here	8,580.00	23,620.00	20,900.00	21,200.00	7,430.00	81,730.00
							########	########


							DR	81,730.00
							CR	81,730.00
							difference	0

GENERAL JOURNAL
Date	Details	Debit	Credit
ADJUSTING ENTRIES
June	30	Supplies Expense	1,332.00
		Supplies		1332
		Supplies used up during the year

June	30	Doubtful Debts expense	232.85
		Allowance for Doubtful Debts		232.85
		Bad debts provision made for the year

June	30	Rent Expense	$ 650.00
		Prepaid rent		650.00
		Rent expired for the month of Jun

June	30	Depreciation Expense	1,241.47
		Accum Dep – Office		353.33
		Accum Dep – Computer		435.42
		Accum Dep – Vehicles		452.72
		Depreciation charged for the month of June

June	30	Unearned Service Revenue	2,633.33
		Service Revenue		2,633.33
		Service revenue earned recorded

June	30	Wages Expense	1916.25
		PAYG Tax Payable		278.00
		Superannuation Payable		166.25
		Private health Payable		22.00		DR	8,005.90
		Wages Payable		1450.00		CR	8,005.90
		Wages accrued for the month of June				difference	0

			8005.90	8005.90

CLOSING ENTRIES

June	30	Sales Revenue	22790.00
		Discount Received	52.25
		Service Revenue	8,343.33
		Income Summary		31,185.58
		(Income accounts closed to Income Summary)

June	30	Income Summary	21,136.92
		Cost of Sales		8,007.14
		Advertising Expense		1,500.00
		Electriciy Expense		263.64
		Doubtful Debts expense		232.85
		Discount Allowed Expense		161.60
		Wages Expense		7,748.22
		Supplies Expense		1,332.00
		Rent Expense		650.00
		Depreciation Expense		1,241.47
		(Expenses accounts closed to Income Summary)

June	30	Income Summary	10,048.67
		Capital		10,048.67
		(Profit transferred to capital account)

June	30	Capital	1,300.00
		Drawings		1,300.00
		(Drawings closed to capital account)				DR	63,671.17
						CR	63,671.17
						difference	0

			63,671.17	63,671.17


Schedule of Accounts Receivable	Schedule of Accounts Payable
as at 30 June 2018		as at 30 June 2018

Account Name	Amount	5%			Account Name	Amount
Clancey’s Pony Club	0.00	0.00			Tmart	23,320.00
Mr Banjo	1,874.00	93.70			SaddleSeat Traders	9,438.00
Miss Sunshine	2,783.00	139.15			TechTime	21,074.17
					Mitsubishi	25,982.00

Total	4,657.00	232.85			Total	79,814.17


Amount showing in Accounts Receivable General Ledger Trial Balance			4,657.00			Amount showing in Accounts Payable General Ledger Trial Balance			79,814.17
Difference between Schedule total and General Ledger balance			0			Difference between Schedule total and General Ledger balance			0

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER		ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Clancey’s Pony Club						Tmart
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
05-06-2018	1x Suede Seat	3,520.00		3,520.00		01-06-2018	Office Furniture		23,320.00	23,320.00
09-06-2018	2 x All Purpose Saddle	5,368.00		8,888.00						23,320.00
12-06-2018	Cash received		8,888.00	0.00						23,320.00
				0.00						23,320.00
				0.00						23,320.00


Mr Banjo						SaddleSeat Traders
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
08-06-2018	1 x All Purpose Saddle	2,684.00		2,684.00		02-06-2018	4 x All Purpose Saddles and 3 x Suede Seat Saddles		6,864.00	6,864.00
20-06-2018	2 x Suede Seat Saddles	3,190.00		5,874.00		07-06-2018	3 x All Purpose Saddles		2,574.00	9,438.00
25-06-2018	Cash received		4,000.00	1,874.00						9,438.00
				1,874.00						9,438.00
				1,874.00						9,438.00


Miss Sunshine						TechTime
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
21-06-2018	1 x All Purpose Saddle & 1 x Top Tack Rug	2,783.00		2,783.00		02-06-2018	Computer System		22,990.00	22,990.00
				2,783.00		27-06-2018	Cash paid	1,915.83		21,074.17
				2,783.00						21,074.17
				2,783.00						21,074.17
				2,783.00						21,074.17


						Mitsubishi
						Date	Details	Debit	Credit	Balance
						03-06-2018	Vehicle		25,982.00	25,982.00
										25,982.00
										25,982.00
										25,982.00
										25,982.00



Inventory Reconciliation
30-Jun-18
Item Number	On Hand $
All Purpose Saddle	1,590.00
Suede Seat Saddles	4,142.86
Top Tack Rugs	440.00
Total	6,172.86
Link to General Ledger Inventory	6,172.86
Difference	0


All Purpose Saddle	Purchases	Cost of Sales	Inventory on Hand
Date	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total cost
	Cost
02-Jun	4	810	3,240.00				4	810.00	3,240.00
07-Jun			0.00	1	810.00	810.00	3	810.00	2,430.00
07-Jun	3	780	2,340.00			0.00	6	795.00	4,770.00
08-Jun			0.00	1	795.00	795.00	5	795.00	3,975.00
09-Jun			0.00	2	795.00	1,590.00	3	795.00	2,385.00
21-Jun			0.00	1	795.00	795.00	2	795.00	1,590.00
			0.00			0.00		#DIV/0!	1,590.00
			0.00			0.00		#DIV/0!	1,590.00

Suede Seat Saddles	Purchases	Cost of Sales	Inventory on Hand
Date	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total cost
	Cost
02-Jun	3	1000	3000				3	1,000.00	3,000.00
05-Jun			0	1	1,000.00	1,000.00	2	1,000.00	2,000.00
07-Jun			0	1	1,000.00	1,000.00	1	1,000.00	1,000.00
10-Jun	6	800	4800			0.00	7	828.57	5,800.00
20-Jun			0	2	828.57	1,657.14	5	828.57	4,142.86



Top Tack Rugs	Purchases	Cost of Sales	Inventory on Hand
Date	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total cost
	Cost
10-Jun	20	40	800.00				20	40.00	800.00
13-Jun				8	40.00	320.00	12	40.00	480.00
21-Jun				1	40.00	40.00	11	40.00	440.00
								#DIV/0!	440.00





REVENUE		EXPENSES
Sales Revenue		Cost of Sales
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Receipt Journal (CRJ)		6,840.00	6,840.00		30-Jun	Cash Receipt Journal (CRJ)	########		2130.00
30-Jun	Sales Journal (SJ)		15,950.00	22,790.00		30-Jun	Sales Journal (SJ)	########		8007.14
30-Jun	General Journal (GJ)	#######		–		30-Jun	General Journal (GJ)		$ 8,007.14	0.00
				–						0.00
				–						0.00
				–						0.00
				–						0.00
				–						0.00


Discount Received		Advertising Expense
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Payment Journal (CPJ)		52.25	52.25		30-Jun	Cash Payment Journal (CPJ)	########		1500.00
30-Jun	General Journal (GJ)	$ 52.25		0		30-Jun	General Journal (GJ)		1,500.00	0.00
				0						0.00
				0						0.00
				0						0.00
				0						0.00
				0						0.00
				–						0.00


Service Revenue		Electricity Expense
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	Cash Receipt Journal (CRJ)		5,710.00	5,710.00		30-Jun	Cash Payment Journal (CPJ)	$ 263.64		263.64
30-Jun	General Journal (GJ)		2,633.33	8,343.33		30-Jun	General Journal (GJ)		263.64	0.00
30-Jun	General Journal (GJ)	8,343		–						0.00
				–						0.00
				–						0.00
				–						0.00
				–						0.00
				–						0.00


Income Summary		Doubtful Debts expense
Date	Details	Debit	Credit	Balance		Date	Details	Debit	Credit	Balance
30-Jun	General Journal (GJ)		31,185.58	31,185.58		30-Jun	General Journal (GJ)	$ 232.85		232.85
30-Jun	General Journal (GJ)			10,048.67		30-Jun	General Journal (GJ)		232.85	0.00
30-Jun	General Journal (GJ)	10,049		–						0.00
				–						0.00
				–						0.00
				–						0.00
				–						0.00
				–						0.00


						Discount Allowed Expense
						Date	Details	Debit	Credit	Balance
						43281	Cash Receipt Journal (CRJ)	$ 161.60		161.60
						30-Jun	General Journal (GJ)		161.60	0.00
										0.00
										0.00
										0.00
										0.00
										0.00
										0.00


						Wages Expense
						Date	Details	Debit	Credit	Balance
						30-Jun	Cash Payment Journal (CPJ)	########		5831.97
						30-Jun	General Journal (GJ)	########		7748.22
						30-Jun	General Journal (GJ)		$ 7,748.22	0.00
										0.00
										0.00
										0.00
										0.00
										0.00


						Supplies Expense
						Date	Details	Debit	Credit	Balance
						30-Jun	General Journal (GJ)	########		1332.00
						30-Jun	General Journal (GJ)		1,332.00	0.00
										0.00
										0.00
										0.00
										0.00
										0.00
										0.00


						Rent Expense
						Date	Details	Debit	Credit	Balance
						30-Jun	General Journal (GJ)	$ 650.00		650.00
						30-Jun	General Journal (GJ)		650.00	0.00
										0.00
										0.00
										0.00
										0.00
										0.00
										0.00


						Depreciation Expense
						Date	Details	Debit	Credit	Balance
						30-Jun	General Journal (GJ)	########		1241.47
						30-Jun	General Journal (GJ)		1,241.47	0.00
										0.00
										0.00
										0.00
										0.00
										0.00
										0.00

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