Manual Accounting Practice Set - Intermaweb Computer Worksheet

08/02/2018 Worksheet
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/4
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Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3
Feedback: Worksheet
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Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Intermaweb Computer.
The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and
prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalise
and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Intermaweb Computer in a later section of
this practice set.
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 6 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 $39,000, estimated useful life was 11 years, and estimated residual value was $5,500 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.
The water usage for the month of June is estimated to be $115.
The estimated electricity payable as at the end of June is $408.
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 $1,870 per day.
Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $220.
Interest earned from short-term investments in MRMC Bank for the month of June is $125.
Office supplies totalling $1,780 are still on hand at 30 June.
15 days of rent remained pre-paid at the start of June.
3 months of advertising remained pre-paid at the start of June.
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 worksheet
Complete all columns in the worksheet. To do this, you need to use the unadjusted account balances provided in the general ledger. You are also required to calculate the
end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will
need to be filled.
Remember to enter all answers to the nearest whole dollar.
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Intermaweb Computer
Worksheet

08/02/2018 Worksheet
https://www.perdisco.com/elms/qsam/html/qsam.aspx 2/4
As at 30/06/2018
Acct.
No. Account Name
Unadjusted Trial
Balance Adjustments Adjusted Trial
Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
100 Cash at Bank 145222 145222 145222
102 Short-term Investments 25000 25000 25000
110 ARC - Accounts Receivable Control 164668 164668 164668
112 Interest Receivable 125 125 125
120 Inventory 76810 76810 76810
130 Office Supplies 2144 364 1780 1780
135 GST Outlays 21133 21133 21133
140 Prepaid Rent 3600 2400 1200 1200
141 Prepaid Advertising 6000 2000 4000 4000
142 Prepaid Insurance 3250 650 2600 2600
150 Cash Registers 7000 7000 7000
151 Accum Depn: Cash Registers 1757 76 1833 1833
160 Store Fixtures 39000 39000 39000
161 Accum Depn: Store Fixtures 11420 254 11674 11674
210 APC - Accounts Payable Control 17094 17094 17094
220 Wages Payable 11220 11220 11220
221 Electricity Payable 55 408 463 463
222 Water Payable 110 115 225 225
225 Interest Payable 220 220 440 440
240 GST Collections 53828 53828 53828
250 Bank Loan Payable 44000 44000 44000
300 Share Capital 50000 50000 50000
301 Retained Earnings 223302 223302 223302
400 Sales Revenue 346570 346570 346570
401 Sales Returns and Allowances 3600 3600 3600
402 Discount Received 300 300 300
403 Interest Revenue 826 125 1951 1951
500 Cost of Sales 199850 199850 199850
511 Advertising Expense 2000 2000 2000
516 Wages Expense 45134 11220 56354 56354
540 Rent Expense 2400 2400 2400
541 Electricity Expense 408 408 408
542 Water Expense 115 115 115
543 Insurance Expense 650 650 650
544 Office Supplies Expense 364 364 364
545 Salary Expense 6600 6600 6600
560 Depn Expense: Cash Registers 76 76 76
561 Depn Expense: Store Fixtures 254 254 254
571 Interest Expense 220 220 220
572 Bank Charges 11 11 11