Manual Accounting Practice Set for Ball-Mart: Worksheet Feedback and Instructions

6/7/2018 Worksheet
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Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3
Feedback: Worksheet
This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback
page, click Continue at the bottom of this page to move on to the next page of your practice set.
Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Ball-Mart.
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 Ball-Mart 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 $8,000, 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 $50,000, estimated useful life was 10 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.
Electricity expense for the month of June is estimated to be $837.
The water usage for the month of June is estimated to be $249.
Sales staff work every single day during the week including weekends and are not paid until the end of each two weeks. Wages were last paid up to and including 28
June. Wages incurred after that day (from 29 June to 30 June inclusive) are estimated to have been $660 per day.
Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $250.
Interest earned from short-term investments in BitiBank for the month of June is $105.
Office supplies totalling $2,994 are still on hand at 30 June.
2 months 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.
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.
After performing a stocktake, the balance of inventory on hand as at 30 June is $60,765. You will need to use this information to complete both the Income Statement and
the Balance Sheet columns of the worksheet. Hint: This information will assist you in calculating cost of sales under the periodic inventory system.
Remember to enter all answers to the nearest whole dollar.
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(Q=820.worksheetQuestion)
Ball-Mart
Worksheet
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 105347 105347 105347