Assignment on What is Hi-Fi Way?

Hi-Fi Way (MONIYSHA MURUGAN)
206 MACKINTOSH AVENUE MELBOURNE,VIC,3000 AUSTRALIA
Trial Balance
January 2019
8/14/2019
3:10:44 AM
Page 1
Account Debit Credit YTD Debit YTD Credit
Cheque Account $23,479.00 $110,914.00
Undeposited Funds $0.00 $0.00
Electronic Clearing Account $0.00 $0.00
ACCOUNTS RECEIVABLE $51,904.00 $88,127.00
Less Prov'n for Doubtful Debts $1,610.00 $2,334.00
Inventory $15,840.00 $108,380.00
OFFICE SUPPLIES $896.00 $1,211.00
PREPAID RENT $5,000.00 $5,000.00
PROPERTY & EQUIPMENT at $1,500.00 $50,500.00
PROPERTY & EQUIPMENT A $474.00 $30,333.00
ACCOUNTS PAYABLE $24,014.00 $57,157.00
GST Collected $9,340.00 $17,281.00
GST Paid $5,838.00 $12,049.00
SALARIES PAYABLE $0.00 $0.00
PAYG Withholding Payable $1,005.00 $2,925.00
INTEREST PAYABLE $150.00 $150.00
SHORT TERM LOANS $18,000.00 $18,000.00
Bank Loans $0.00 $42,000.00
SHARE CAPITAL $0.00 $55,000.00
Retained Earnings $0.00 $146,869.00
Historical Balancing $0.00 $0.00
SALES REVENUE $93,400.00 $252,213.00
COST OF SALES $61,820.00 $172,989.00
Depreciation Expense $474.00 $30,333.00
OFFICE SUPPLIES EXPENS $704.00 $3,582.00
SALARIES EXPENSES $6,700.00 $26,646.00
Rent $1,000.00 $1,000.00
Telephone $1,700.00 $5,680.00
Electricity $1,600.00 $5,118.00
BANK CHARGES $9.00 $42.00
BAD DEBT EXPENSES $1,610.00 $2,672.00
Interest Income $761.00 $761.00
Interest Expense $360.00 $780.00
Total: $164,594.00 $164,594.00 $625,023.00 $625,023.00