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Manual Accounting Practice Set


Disc-O-Tech, Australasian Edition 3

Feedback: Adjusting entries


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You are now asked to journalise and post the adjusting entries after completing the worksheet. This is because, in the
manual accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments
column in the worksheet does not automatically update the appropriate ledger accounts. Since this practice set is a
manual accounting practice set, you are still required to manually journalise the adjusting entries and post them to the
general ledger as a separate step.
The purpose of adjusting entries is to ensure that the general ledger account balances reflect the income earned and
expenses incurred during the accounting period.
Remember that the details of the end of month adjustments for June are as follows:
Cash Registers owned by the business: original purchase price was $7,000, estimated useful life was 4 years, and
estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis
using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense
divided by the number of months in a year.
Store Fixtures owned by the business: original purchase price was $38,000, estimated useful life was 10 years,
and estimated residual value was $6,000 at the end of the useful life. Depreciation is calculated on a monthly basis
using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense
divided by the number of months in a year.
The water usage for the month of June is estimated to be $107.
The estimated electricity payable as at the end of June is $325.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were
last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are
estimated to have been $390 per day.
Interest expense incurred during the month of June but not yet paid to Earth Bank for the bank loan is $205.
Office supplies totalling $439 are still on hand at 30 June.
One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two
month's worth of rent in advance.
3 months of advertising remained pre-paid at the start of June.

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5 months of insurance remained pre-paid at the start of June.


When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an
equal amount of expense is incurred per month.
Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of
the Inventory account. This means there is no adjusting entry required for inventory shrinkage.
Instructions for adjusting entries
1) Use the worksheet to assist you in recording the adjusting entries in the general journal.
2) Post the adjusting entries from the general journal to the general ledger accounts.
3) Record the final adjusted balance of each ledger account in the Adjusted Balance row of each ledger, even for
ledgers with a balance of zero. Although each ledger already has a running balance, the Adjusted Balance row must
still be filled out in order to receive full points.
Back-On-Track functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in a
popup information page) have been reset, if necessary, to the correct answers. Your particular answers from
previous pages are no longer shown.
Remember:
Enter all answers to the nearest whole dollar.
You are also required to apply the journals and ledgers instructions provided in previous weeks.
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed.

Show All Special Journals General Journal

Subsidiary Ledgers General Ledger


(Q=861.generalJournalAdjEntries)

GENERAL JOURNAL
Post
Date

Account and Explanation

Debit

Credit

Ref.
Jun 30 Depn Expense: Cash Registers

560

115

Accum Depn: Cash Registers

151

115

Jun 30 Depn Expense: Store Fixtures

561

267

161

267

Jun 30 Water Expense

542

107

Water Payable

222

107

Jun 30 Electricity Expense

541

263

Electricity Payable

221

263

516

2340

Accum Depn: Store Fixtures

Jun 30 Wages Expense

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Wages Payable

220

2340

Jun 30 Interest Expense

571

205

Interest Payable

225

205

Jun 30 Office Supplies Expense

544

146

Office Supplies

130

146

540

4750

140

4750

511

4000

Prepaid Advertising

141

4000

Jun 30 Insurance Expense

543

860

142

860

Jun 30 Rent Expense


Prepaid Rent

Jun 30 Advertising Expense

Prepaid Insurance

Feedback

GENERAL JOURNAL
Post
Date

Explanation

Debit

Credit

Ref.
Jun

19 Sales Returns and Allowances

Jun

19

ARC - The Wikie Wah Hut

401

1,890

110/110-3

1,890

(sales return)

Jun

19 Inventory

120

Jun

19

500

Cost of Sales

1,071
1,071

(sales return)

Jun

28 APC - Phin records

Jun

28

Inventory

210/210-5

252

120

252

(purchase return)

Jun

30 Depn Expense: Cash Registers

560

115

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Jun

30

Accum Depn: Cash Registers

151

115

(adjusting entry)

Jun

30 Depn Expense: Store Fixtures

561

Jun

30

161

Accum Depn: Store Fixtures

267
267

(adjusting entry)

Jun

30 Water Expense

542

Jun

30

222

Water Payable

107
107

(adjusting entry)

Jun

30 Electricity Expense

541

Jun

30

221

Electricity Payable

263
263

(adjusting entry)

Jun

30 Wages Expense

516

Jun

30

220

Wages Payable

2,340
2,340

(adjusting entry)

Jun

30 Interest Expense

571

Jun

30

225

Interest Payable

205
205

(adjusting entry)

Jun

30 Office Supplies Expense

544

Jun

30

130

Office Supplies

146
146

(adjusting entry)

Jun

30 Rent Expense

540

Jun

30

140

Prepaid Rent

4,750
4,750

(adjusting entry)

Jun

30 Advertising Expense

511

Jun

30

141

Prepaid Advertising

4,000
4,000

(adjusting entry)

Jun

30 Insurance Expense

543

Jun

30

142

Prepaid Insurance

860
860

(adjusting entry)

(Q=870-130.StoreSupplies_adjEntry)

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Account: Office Supplies


Account No. 130

Date
May

Description

Ref.

Debit

Credit

Balance

30 Balance

Jun

243 DR

6 Cash purchase
Office Supplies Expense

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

CPJ

342

GJ

585 DR
146

439 DR

439 DR

Feedback

Account: Office Supplies


Account No. 130

Date
May

Description

Ref.

Debit

Credit

Balance

30 Balance

243 DR

Jun

6 Cash purchase

CPJ

Jun

30 Supplies used

GJ

Jun

30 Adjusted Balance

342

585 DR
146

439 DR
439 DR

(Q=870-140.PrepaidRent_adjEntry)

Account: Prepaid Rent


Account No. 140

Date
May

Description

Ref.

Debit

Credit

Balance

30 Balance

Jun

1 Prepaid rent
Rent Expense

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

CPJ
GJ

9,500
0

9,500 DR
4750

4750 DR

4750 DR

Feedback

Account: Prepaid Rent


Account No. 140

Date
May

Description
30 Balance

Ref.

Debit

Credit

Balance
0

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Jun

1 Prepaid rent

CPJ

Jun

30 Rent expired

GJ

Jun

30 Adjusted Balance

9,500

9,500 DR
4,750

4,750 DR
4,750 DR

(Q=870-141.PrepaidAdvertising_adjEntry)

Account: Prepaid Advertising


Account No. 141

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
12,000 DR

Advertising Expense

GJ

4000

8000 DR

8000 DR

Feedback

Account: Prepaid Advertising


Account No. 141

Date

Description

May

30 Balance

Jun

30 Benefits consumed

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
12,000 DR

GJ

4,000

8,000 DR
8,000 DR

(Q=870-142.PrepaidInsurance_adjEntry)

Account: Prepaid Insurance


Account No. 142

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Insurance Expense

Ref.

Debit

Credit

Balance
4,300 DR

GJ

860

3440 DR

3440 DR

Feedback

Account: Prepaid Insurance


Account No. 142

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Date

Description

May

30 Balance

Jun

30 Insurance expired

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
4,300 DR

GJ

860

3,440 DR
3,440 DR

(Q=870-151.AccDepnCapitalAsset2_adjEntry)

Account: Accum Depn: Cash Registers


Account No. 151

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
1,375 CR

Accumulated Depreciation

GJ

115

1490 CR

1490 CR

Feedback

Account: Accum Depn: Cash Registers


Account No. 151

Date

Description

May

30 Balance

Jun

30 Depreciation - one month

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
1,375 CR

GJ

115

1,490 CR
1,490 CR

(Q=870-161.AccDepnCapitalAsset1_adjEntry)

Account: Accum Depn: Store Fixtures


Account No. 161

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Accumulated Depreciation

Ref.

Debit

Credit

Balance
16,800 CR

GJ

267

17067 CR

17067 CR

Feedback

Account: Accum Depn: Store Fixtures

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Account No. 161

Date

Description

May

30 Balance

Jun

30 Depreciation - one month

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
16,800 CR

GJ

267

17,067 CR
17,067 CR

(Q=870-220.WagesPayable_adjEntry)

Account: Wages Payable


Account No. 220

Date
May

Description

Ref.

Debit

Credit

Balance

30 Balance

Jun

1,429 CR

4 Paid staff wages


Staff Wages expense

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

CPJ

1,429

GJ

0
2340

2340 CR

2340 CR

Feedback

Account: Wages Payable


Account No. 220

Date
May

Description

Ref.

Debit

Credit

30 Balance

Jun

1,429 CR

4 Paid staff wages

Jun

30 Accrued wages expense

Jun

30 Adjusted Balance

Balance

CPJ

1,429

GJ

0
2,340

2,340 CR
2,340 CR

(Q=870-221.ElectricityPayable_adjEntry)

Account: Electricity Payable


Account No. 221

Date
May
Jun

Description

Ref.

Debit

Credit

30 Balance
4 Paid electricity bill
Electricity Expense

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Balance
985 CR

CPJ
GJ

923
0

62 CR
263

325 CR

325 CR

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Feedback

Account: Electricity Payable


Account No. 221

Date
May

Description

Ref.

Debit

Credit

Balance

30 Balance

Jun

985 CR

4 Paid electricity bill

Jun

30 Accrued electricity expense

Jun

30 Adjusted Balance

CPJ

923

62 CR

GJ

263

325 CR
325 CR

(Q=870-222.WaterPayable_adjEntry)

Account: Water Payable


Account No. 222

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
102 CR

Water Expense

GJ

107

209 CR

209 CR

Feedback

Account: Water Payable


Account No. 222

Date

Description

May

30 Balance

Jun

30 Accrued water expense

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
102 CR

GJ

107

209 CR
209 CR

(Q=870-225.InterestPayable_adjEntry)

Account: Interest Payable


Account No. 225

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Interest Expense

Ref.

Debit

Credit

Balance
205 CR

GJ

205

410 CR

410 CR

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Feedback

Account: Interest Payable


Account No. 225

Date

Description

May

30 Balance

Jun

30 Accrued interest expense

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
205 CR

GJ

205

410 CR
410 CR

(Q=870-403.InterestRevenue_adjEntry)

Account: Interest Revenue


Account No. 403

Date

Description

May

30 Balance

Jun

30 Interest received from the bank

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

CRJ

420

420 CR

420 CR

Feedback

Account: Interest Revenue


Account No. 403

Date

Description

May

30 Balance

Jun

30 Interest received from the bank

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

CRJ

420

420 CR
420 CR

(Q=870-511.AdvertisingExpense_adjEntry)

Account: Advertising Expense


Account No. 511

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Prepaid Advertising

Ref.

Debit

Credit

Balance
0

GJ

4000

4000 DR

4000 DR

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Feedback

Account: Advertising Expense


Account No. 511

Date

Description

May

30 Balance

Jun

30 Benefits consumed

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

4,000

4,000 DR
4,000 DR

(Q=870-516.WagesExpense_adjEntry)

Account: Wages Expense


Account No. 516

Date

Description

May

30 Balance

Jun

30 Total from cash payments journal

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

CPJ

Staff Wages

8,917

GJ

8,917 DR

2340

11257 DR

11257 DR

Feedback

Account: Wages Expense


Account No. 516

Date

Description

Ref.

May

30 Balance

Jun

30 Total from cash payments journal

Jun

30 Accrued wages expense

Jun

30 Adjusted Balance

Debit

Credit

Balance
0

CPJ

8,917

8,917 DR

GJ

2,340

11,257 DR
11,257 DR

(Q=870-540.RentExpense_adjEntry)

Account: Rent Expense


Account No. 540

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

One month of Rent

Ref.

Debit

Credit

Balance
0

GJ

4750

4750 DR

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Jun

4750 DR

30 Adjusted Balance

Feedback

Account: Rent Expense


Account No. 540

Date

Description

May

30 Balance

Jun

30 Rent Expired

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

4,750

4,750 DR
4,750 DR

(Q=870-541.ElectricityExpense_adjEntry)

Account: Electricity Expense


Account No. 541

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

Electricity used

GJ

263

263 DR

263 DR

Feedback

Account: Electricity Expense


Account No. 541

Date

Description

May

30 Balance

Jun

30 Accrued electricity expense

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

263

263 DR
263 DR

(Q=870-542.WaterExpense_adjEntry)

Account: Water Expense


Account No. 542

Date

Description

May

30 Balance

Jun

30

Water used

Ref.

Debit

Credit

Balance
0

GJ

107

107 DR

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Jun

30

Jun

30

Jun

30 Adjusted Balance

107 DR

Feedback

Account: Water Expense


Account No. 542

Date

Description

May

30 Balance

Jun

30 Accrued water expense

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

107

107 DR
107 DR

(Q=870-543.InsuranceExpense_adjEntry)

Account: Insurance Expense


Account No. 543

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

One month of Insurance used

GJ

860

860 DR

860 DR

Feedback

Account: Insurance Expense


Account No. 543

Date

Description

May

30 Balance

Jun

30 Insurance expired

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

860

860 DR
860 DR

(Q=870-544.SuppliesExpense_adjEntry)

Account: Office Supplies Expense


Account No. 544

Date

Description

Ref.

Debit

Credit

Balance

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May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Office supplies used

GJ

146

146 DR

146 DR

Feedback

Account: Office Supplies Expense


Account No. 544

Date

Description

May

30 Balance

Jun

30 Supplies used

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

146

146 DR
146 DR

(Q=870-560.DepnExpenseCapitalAsset2_adjEntry)

Account: Depn Expense: Cash Registers


Account No. 560

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

Depreciation of Cash Registers

GJ

115

115 DR

115 DR

Feedback

Account: Depn Expense: Cash Registers


Account No. 560

Date

Description

May

30 Balance

Jun

30 Depreciation - one month

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

115

115 DR
115 DR

(Q=870-561.DepnExpenseCapitalAsset1_adjEntry)

Account: Depn Expense: Store Fixtures


Account No. 561

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Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

Depreciation of Store Fixtures

GJ

267

267 DR

267 DR

Feedback

Account: Depn Expense: Store Fixtures


Account No. 561

Date

Description

May

30 Balance

Jun

30 Depreciation - one month

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

267

267 DR
267 DR

(Q=870-571.InterestExpense_adjEntry)

Account: Interest Expense


Account No. 571

Date

Description

May

30 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

Interest paid to bank

GJ

205

205 DR

205 DR

Feedback

Account: Interest Expense


Account No. 571

Date

Description

May

30 Balance

Jun

30 Accrued interest expense

Jun

30 Adjusted Balance

Ref.

Debit

Credit

Balance
0

GJ

205

205 DR
205 DR

Manual Accounting Practice Set

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Disc-O-Tech, Australasian Edition 3 (VSA3m)


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