ACC1AIS XERO Assignment: Journal Report for Pin-Heng Lin, May 2019

This assignment presents a detailed XERO journal report for a new business, including various financial transactions recorded in May 2019. The report encompasses manual journal entries for accrued wages, office supplies adjustments, fuel card accruals, doubtful debts, insurance and advertising expenses, and depreciation of delivery vans and office furniture. It also includes entries for interest earned, rent payments, and loan and interest payments. The assignment provides a comprehensive overview of accounting practices, including the recording of capital contributions, purchases, and freight charges, offering a practical application of financial accounting principles within the XERO platform. The report demonstrates the student's ability to record and analyze financial data, create journal entries, and understand the impact of different transactions on financial statements. The report also showcases the student's understanding of various accounting concepts like depreciation, accruals, and revenue recognition.

Journal Report
Journal Report | 19585150 Pin-Heng Lin | 17 May 2019 Page 1 of 2
19585150 Pin-Heng Lin
From 31 May 2019 to 31 May 2019
ID 135 Accrued wages at 31 May 2019 (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Wages and Salaries (477) 8,000.00
Wages Payable - Payroll (804) 8,000.00
8,000.00 8,000.00
ID 134 Office supplies adjustment given that the supplies on hand total is $220 incl. GST (Manual
Journal: Posted by pinheng lin on 17 May 2019)
31 May 2019
Account Debit Credit
Office supplies (622) 220.00
miscellaneous office supplies (409) 220.00
220.00 220.00
ID 131 Liberty Petrol fuel card accrual adjustment (Manual Journal: Posted by pinheng lin on 17 May
2019)
31 May 2019
Account Debit Credit
Cash at Bank (100) 600.00
Liberty Petrol businesses debit card (802) 600.00
600.00 600.00
ID 128 Estimate of doubtful debts is 10% of Accounts Receivable as at 31st May (Manual Journal:
Posted by pinheng lin on 17 May 2019)
31 May 2019
Account Debit Credit
Sales (200) 84.70
Doubtful debts (611) 84.70
84.70 84.70
ID 127 Insurance expense amount for the month of May (Manual Journal: Posted by pinheng lin on 17
May 2019)
31 May 2019
Account Debit Credit
Insurance (433) 200.00
Prepayments (620) 200.00
200.00 200.00
ID 122 Advertising expense amount for the month of May (Manual Journal: Posted by pinheng lin on 17
May 2019)
31 May 2019
Account Debit Credit
Advertising (400) 1,000.00
Prepayments (620) 1,000.00
1,000.00 1,000.00
ID 121 Delivery Van depreciation for May (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Depreciation (416) 341.67
Depreciation on delivery van (741) 341.67

Journal Report
Journal Report | 19585150 Pin-Heng Lin | 17 May 2019 Page 2 of 2
341.67 341.67
ID 120 Interest earned at month end (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Investment account (750) 625.00
Interest Income (270) 625.00
625.00 625.00
ID 119 Office furniture depreciation for May (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Depreciation (416) 416.67
Depreciation on office fittings (731) 416.67
416.67 416.67
ID 118 paid rent (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Rent (469) 9,090.91
Prepaid rent (621) 10,000.00
GST (820) 909.09
10,000.00 10,000.00
ID 117 Loan & interest payments (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Loan (900) 5,940.00
Cash at Bank (100) 5,940.00
5,940.00 5,940.00
ID 116 Loan & interest payments (Manual Journal: Posted by pinheng lin on 17 May 2019) 31 May 2019
Account Debit Credit
Interest Expense (437) 1,750.00
Cash at Bank (100) 1,750.00
1,750.00 1,750.00