ID: S0252251

Chenxu Li

Assessment item 1- Individual Assignment

ACCT20052- Issues in Financial Accounting
Term 3, 2014

Student name: Chenxu Li

Student number: S0252251
Tutor name: Peter Zhang
Due Date: 11th December, 2014

ID: S0252251

Chenxu Li

Question 1 Required a) & c)

T-Format of Ledger
DR
Particulars

Date
Sep

2
4
18
29

Peter Robertson,
Capital
Service Revenue
Service Revenue
Accounts Receivable
Balance

Sep

11
19

Service Revenue
Service Revenue
Balance

Sep

Accounts Payable
Balance

Sep

Accounts Payable
Balance

Sep

Cash
Balance

Sep

16

Cash

Re
f

Date

Cash
39,000
Sep
1,300
2,400
700

Particulars

30

Cash
Balance

Land Expenses

26,000

15
16
30
30
30

Salary Expense
Accounts Payable
Salary Expense
Rent Expense
Drawing

590
600
590
670
2,400

Cash

700

Supplies & Furniture

Balance

2,600
2,000

Cash
Balance

39,000
39,000

Cash
Accounts Receivable

1,300
700

12,550
Accounts receivable
700
Sep
29
800
800
Supplies
600
600
Furniture expense
2,000
2,000
Land expense
26,000
26,000
Accounts payable
600
Sep
3

Peter Robertson, Drawing

2,400
2,400
Service revenue
Sep
4
11
2

Peter Robertson, Capital

Sep
2
Sep

CR
Re
f

ID: S0252251

Chenxu Li
18
19

Sep

15
30

Cash
Cash
Balance

Sep

30

Cash
Balance

Cash
Accounts Receivable
Balance

Salary expense
590
590
1,180
Rent expense
670
670

General Journal
DATE
Sep

2
3

4
7

2,400
800
5,200

Page 01

ACCOUNTS AND EXPLANATIONS

Cash
Peter Robertson, Capital

POST.
REF.

DEBIT
$39,000

CREDIT
$39,000

Supplies
Furniture
Accounts Payable

$600
$2,000

Cash
Service Revenue

$1,300

$2,600
$1,300

Land Expenses
Cash

$26,000
$26,000

11 Accounts Receivable
Service Revenue

$700

15 Salary Expenses
Cash

$590

16 Accounts Payable
Cash

$600

18 Cash
Service Revenue

$2,400

$700
$590
$600
$2,400

19 Accounts Receivable
Service Revenue

$800
$800

ID: S0252251
29 Cash
Accounts Receivable

Chenxu Li
$700
$700

30 Salary Expenses
Cash

$590

30 Rent Expenses
Cash

$670

$590
$670

30 Peter Robertson, Drawing

Cash

$2,400
$2,400

Question 1 Required b)

Peter Robertson Solicitor

Question 1 Required d)
Peter Robertson Solicitor

Trial Balance
As at 30 September 2014
ACCOUNT

DEBIT
$12,550
$800
$600
$2,000
$26,000

Cash
Accounts Receivable
Supplies
Furniture Expense
Land Expense
Accounts Payable
Peter Robertson, Capital
Peter Robertson, Drawing
Service Revenue
Salary Expense
Rent Expense
Total

CREDIT

$2,000
$39,000
$2,400
$5,200
$1,180
$670
$46,200

$46,200

ID: S0252251

Chenxu Li

Question 2 Required a)
Robert Palmer

General Journal
DATE
Jun
1
1
2

Page 02

ACCOUNTS AND EXPLANATIONS

Journal Entries
Furniture Expense
Cash
Prepaid Insurance
Cash

POST.
REF.

DEBIT

CREDIT

$7,560
$7,560
$1,800
$1,800

Cash
Loans payable

$10,000
$10,000

11 Supplies Expenses
Cash

$370

15 Prepaid Rent
Cash

$450

$370
$450

18 Accounts Receivable

$1,200
5

ID: S0252251
Service Revenue

Chenxu Li
$1,200

28 Telephone and Internet Expense

Accounts payable

$350
$350

Question 2 Required b)

Journal

Page 01

DATE
ACCOUNTS AND EXPLANATIONS
June
Adjusting Entries
30 Insurance Expense
Prepaid Insurance

POST.
REF.

DEBIT

CREDIT

$150
$150

30 Interest Expenses
Interest payable

$750

30 Supplies Expenses
Supplies

$220

30 Rent Expense
Prepaid rent

$225

$750
$220
$225
6

ID: S0252251

Chenxu Li

30 Unearned Service Revenue

Service Revenue

$120
$120

TRIAL BALANCE
ACCOUNT TITLE
DEBIT
CREDIT

EVERTON REMOVALISTS
Worksheet
For the year ended 30 June 2014
ADJUSTMENTS
ADJUSTED TRIAL
BALANCE

INC