Preparation of Accounting Records using Spreadsheets

Assessment item 1
Assignment 1

Question 1:
Preparation of accounting records – using spreadsheets
1: Journal Entries
Flash Cleaning Services
Journal Entries
Date Particulars Dr
July $
7/1/2018 Cash at bank $ 30,000.00
Capital-Sally Flash
(being capital invested by owner in business)
7/1/2018 Cash at bank $ 20,000.00
Loan Payable
(being loan taken from bank at 12% interest pa)
7/1/2018 Motor Vehicle $ 18,000.00
Cash at Bank
(motor vehicle purchased)
7/1/2018 Prepaid Insurance $ 3,600.00
Cash at bank
(Being insurance taken)
7/1/2018 Cleaning Equipment $ 4,800.00
Cash at bank
(being equipment purhased)
7/9/2018 Cleaning Supplies $ 2,400.00
Account Payable
(being supplies purchased)
7/13/2018 Cash at bank $ 500.00
Service Revenue
(being service provided to rainbow childcare)
7/20/2018 Wages $ 1,600.00
Cash at bank
(Wages paid)
7/25/2018 Cash at bank $ 5,500.00

7/27/2018 Account Payable $ 2,000.00
Cash at bank $ 2,000.00
(Amount paid to supplier)
7/31/2018 Interest on loan $ 300.00
Cash at bank $ 300.00
(Interest paid)
7/31/2018 Advertising Expenses $ 1,600.00
Cash at bank $ 1,600.00
$ 90,300.00 $ 90,300.00
(Davies & Crawford, 2011)
Formula view:

### Cash at bank ###
Service Revenue
(being service provided to rainbow childcare)

2: T-Accounts
Debit Flash Cleaning Services Credit
General Ledger for the period ending on July 2018
Cash at bank
01/07/18 Capital-Sally Flash $30,000 01/07/18 Motor Vehicle $18,000
01/07/18 Loan Payable $20,000 01/07/18 Prepaid Insurance $3,600
7/13/2018 Service Revenue $500 01/07/18 Cleaning Equipment $4,800
7/25/2018 $5,500 20/07/18 Wages $1,600
27/07/18 Account payable $2,000
31/07/18 Interest on loan $300
31/07/18 Advertising Expenses $1,600
31/07/18 Balance C/D $24,100
$56,000 $56,000
Unearned service
revenue
31/07/18 Advertising Expenses $1,600
31/07/18 Balance C/D $24,100
$56,000 $56,000
31/07/18 Balance C/D $24,100
31/07/18 Balance C/D $30,000
$30,000 $30,000
31/07/18 Balance C/D $30,000

31/07/18 Balance C/D $20,000
$20,000 $20,000
31/07/18 Balance C/D $20,000
01/07/18 Cash at bank $18,000
31/07/18 Balance C/D $18,000
$18,000 $18,000
31/07/18 Balance C/D $18,000
31/07/18 Balance C/D $3,600
$3,600 $3,600
31/07/18 Balance C/D $3,600
Cleaning Equipment
01/07/18 Cash at bank $4,800
31/07/18 Balance C/D $4,800
$4,800 $4,800
31/07/18 Balance C/D $4,800
7/9/2018 Account Payable $2,400
31/07/18 Balance C/D $2,400
$2,400 $2,400
31/07/18 Balance C/D $2,400

Account Payable
27/07/18 Cash at bank $2,000 7/9/2018 Cleaning Supplies $2,400
31/07/18 Balance C/D $400
$2,400 $2,400
Service Revenue
7/13/2018 Cash at bank $500
31/07/18 Balance C/D $500
Wages
20/07/18 Cash at bank $1,600
31/07/18 Balance C/D $1,600
Unearned service revenue
25/07/18 Cash at bank $5,500
31/07/18 Balance C/D $5,500
$5,500 $5,500
31/07/18 Balance C/D $300
$300 $300
31/07/18 Balance C/D $300

(Davies & Crawford, 2011)