Ball-Mart Worksheet Solution: Manual Accounting - June 2018

This document provides a detailed solution to a worksheet assignment for Ball-Mart, Australasian Edition 3, a manual accounting practice set. The solution includes the completion of all columns in the worksheet, using unadjusted account balances from the general ledger, calculating end-of-month adjustments for June, and entering them into the worksheet. Adjustments cover depreciation of cash registers and store fixtures, electricity and water expenses, accrued wages and interest, and the amortization of prepaid expenses. The worksheet is used to prepare adjusting entries and financial statements, calculate cost of sales, and determine profit/loss. Inventory information is provided to assist in completing the Income Statement and Balance Sheet columns. The completed worksheet aids in journalizing and posting adjusting entries to the general ledger, and in preparing financial statements for Ball-Mart.

6/7/2018 Worksheet
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Manual Accounting Practice Set
Ball-Mart, 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 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

6/7/2018 Worksheet
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102 Short-term Investments 21000 21000 21000
110 ARC - Accounts Receivable Control 5464 5464 5464
112 Interest Receivable 105 105 105
120 Inventory 72339 72339 72339 71611 71611
130 Office Supplies 6850 3856 2994 2994
140 Prepaid Rent 4000 2000 2000 2000
141 Prepaid Advertising 9000 3000 6000 6000
142 Prepaid Insurance 2750 550 2200 2200
150 Cash Registers 8000 8000 8000
151 Accum Depn: Cash Registers 1264 90 1354 1354
160 Store Fixtures 50000 50000 50000
161 Accum Depn: Store Fixtures 14092 370 14462 14462
210 APC - Accounts Payable Control 1000 1000 1000
220 Wages Payable 1320 1320 1320
221 Electricity Payable 837 837 837
222 Water Payable 249 249 249
225 Interest Payable 250 250 250
250 Bank Loan Payable 50000 50000 50000
300 Share Capital 60000 60000 60000
301 Retained Earnings 127852 127852 125852
400 Sales Revenue 50979 50979 50979
401 Sales Returns and Allowances 2173 2173 2173
402 Discount Received 46 46 46
403 Interest Revenue 250 105 355 355
500 Purchases 3103 3103 3103
501 Purchase Returns and Allowances 2375 2375 2375
511 Advertising Expense 3000 3000 3000
516 Wages Expense 11299 1320 12619 12619
540 Rent Expense 2000 2000 2000
541 Electricity Expense 837 837 837
542 Water Expense 249 249 249
543 Insurance Expense 550 550 550
544 Office Supplies Expense 3856 3856 3856
545 Salary Expense 6300 6300 6300
560 Depn Expense: Cash Registers 90 90 90
561 Depn Expense: Store Fixtures 370 370 370
571 Interest Expense 250 250 250
572 Bank Charges 7 7 7
573 Discount Allowed 271 271 271
Totals 307903 307903 12522 12522 311124 311124 108014 125366 274721 257369
Profit/loss 17352 17352
Totals 125366 125366 274721 274721
Feedback
Ball-Mart
Worksheet

6/7/2018 Worksheet
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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 105,347 105,347 105,347
102 Short-term Investments 21,000 21,000 21,000
110 ARC - Accounts Receivable Control 5,464 5,464 5,464
112 Interest Receivable 105 105 105
120 Inventory 72,339 72,339 72,339 60,765 60,765
130 Office Supplies 6,805 3,811 2,994 2,994
140 Prepaid Rent 4,000 2,000 2,000 2,000
141 Prepaid Advertising 9,000 3,000 6,000 6,000
142 Prepaid Insurance 2,750 550 2,200 2,200
150 Cash Registers 8,000 8,000 8,000
151 Accum Depn: Cash Registers 1,264 90 1,354 1,354
160 Store Fixtures 50,000 50,000 50,000
161 Accum Depn: Store Fixtures 14,092 371 14,463 14,463
210 APC - Accounts Payable Control 1,000 1,000 1,000
220 Wages Payable 1,320 1,320 1,320
221 Electricity Payable 837 837 837
222 Water Payable 249 249 249
225 Interest Payable 250 250 250
250 Bank Loan Payable 50,000 50,000 50,000
300 Share Capital 60,000 60,000 60,000
301 Retained Earnings 127,852 127,852 127,852
400 Sales Revenue 50,979 50,979 50,979
401 Sales Returns and Allowances 2,173 2,173 2,173
402 Discount Received 46 46 46
403 Interest Revenue 250 105 355 355
500 Purchases 3,103 3,103 3,103
501 Purchase Returns and Allowances 2,375 2,375 2,375
511 Advertising Expense 3,000 3,000 3,000
516 Wages Expense 11,299 1,320 12,619 12,619
540 Rent Expense 2,000 2,000 2,000
541 Electricity Expense 837 837 837
542 Water Expense 249 249 249
543 Insurance Expense 550 550 550
544 Office Supplies Expense 3,811 3,811 3,811
545 Salary Expense 6,300 6,300 6,300
560 Depn Expense: Cash Registers 90 90 90
561 Depn Expense: Store Fixtures 371 371 371
571 Interest Expense 250 250 250
572 Bank Charges 7 7 7
573 Discount Allowed 271 271 271
Totals 307,858 307,858 12,583 12,583 311,080 311,080 107,970 114,520 263,875 257,325
Profit/loss 6,550 6,550
Totals 114,520 114,520 263,875 263,875
Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3 (VBA3q)
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