ZuoTi.Pro
Question

Rooneys Sporting Equipment sells equipment and is owned and operated by Wayne Rooney. The following trial balance has been prepared at years end. ROONEYS SPORTING EQUIPMENT-TRIAL BALANCE AS AT 30 JUNE 2018 Debit (S Credit (S Cash Accounts Receivable Inventory (1 July 2017) Prepaid Insurance Supplies Furniture Accumulated Depreciation - Fumiture 10 400 45 600 43 000 5 400 310 12 000 5 880 23 000 Accumulated Depreciation Equipment Accounts Payable Capital (1 July 2017) Drawings Sales Sales Retums & Allowances Discount Allowed Purchases Discount Received Supplies Expense Freight In Expense Freight Out Expense Sales Staff Wages Expense Local Government Rates Expense Rent Expense Advertising Expense General Expense 4 500 32 250 72 370 12 500 212 650 2250 400 130 200 900 190 2 150 1 200 24 000 800 4 800 3 750 -6600 S328 550 328 550 (continued....
The following additional information is also provided at the 30 of June 2018: () The business has paid insurance of S450 per month for 12 months on the 1 of May 2018. (2) The owner of the business wants to repair the equipment. He has signed a contract with someone to repair the equipment. He will pay $400 cash for the repairs once the repairs have been finished. The repairs will begin on the 14h of June 2018 and will finish on the 30 of June. Payment will then be made on the 3 of July 2018. (3) Both the Furniture and Equipment are expected to be used evenly over their useful lives. The expected total useful lives and residual values of both assets is as follows: Estimated Useful life Estimated Residual Value 3 200 S2 700 Equipment 12 years Furniture 10 years 4) Rent for 12 months was paid on the 1 of March 2018 by the business. (5) One customer has paid $300 cash to the business for some equipment on the 21 of May 2018. The equipment will be delivered by the business to the customer on the 1S of July 2018. By the 30 of June 2018, nothing has been delivered to the customer yet. (6) The owner paid $2000 cash for 8 months advertising on the 30 of June 2018. The advertising will occur for the period July until the end of end of February 2019 (7 A bill for the electricity for S210 was received on the 20 of June. The bill for the water used was also received on the 21 of June for $380. The electricity bill was paid on the 30 of June and the water bill has not been paid yet. Nothing has been recorded yet relating to the telephone and electricity bill by the business. (8) The owner has paid the telephone bill for the business for S320 using cash from his personal bank account on the 28 of June. The $320 cash paid has not been recorded yet by the business. (9) A physical stock take of inventory at 30 June 2018 revealed $41 800 on hand (10) The owner checked how much supplies had been used for the year (that is what has been used so far). He checked and found that at the end of June 2018 a total of S330 of supplies had been used for the period
REQUIRED Prepare the journal entries to account for all of the items above. (20 marks)
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

age r ROONEYS SPORTINIG EQVIPMENT JOURNAL 2018 o Junt 30 J Mainativamc MD 0 30 tuue 2018eina 0 32 00 00D Cas .C haa

0 0
Add a comment
Know the answer?
Add Answer to:
Rooney's Sporting Equipment sells equipment and is owned and operated by Wayne Rooney. The following trial...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • QUESTION 1 - Accrual Accounting Murray's Seafood Shop sells seafood and is owned and operated by...

    QUESTION 1 - Accrual Accounting Murray's Seafood Shop sells seafood and is owned and operated by Callum Murray. The following trial balance has been prepared at year's end. MURRAY'S SEAFOOD SHOP HARDWARE - TRIAL BALANCE AS AT 30 JUNE 2019 Debit (8) Credit (5) Cash 10 400 Accounts Receivable 45 600 Inventory (1 July 2018) 43 000 Prepaid Rent 5 400 Supplies 310 Furniture 32 500 Accumulated Depreciation - Furniture 5880 Equipment 53 000 Accumulated Depreciation - Equipment 4 500...

  • ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank...

    ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank Accounts receivable GST receivable Prepaid insurance Party equipment Accumulated depreciation –          party equipment Furniture Accumulated depreciation – furniture Accounts payable GST payable E. Johns, Capital E. Johns, Drawings Hire fees revenue Salaries expense Rent expense Maintenance expense Electricity expense $ 5 200 2 400 3 300 1 200 31 400 47 300 18 310 26 500 5 700 3 100 1 400 $...

  • The following unadjusted trial balance is for Ace Construction Co. as of the end of its...

    The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $57,600, and the owner invested $25,000 cash in the company during the 2019 fiscal year. No. Credit Debit 17,500 8,500 5,500 143, 350 $ 21,000 5, 800 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated...

  • D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently...

    D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2018, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000; Common Stock, $60,000. Business transactions during July are summarized as follows: A. Joel Palk invested...

  • D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently...

    D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2018, are as follows: Cash, $17,850; Accounts Receivable, $46,550; Supplies, $3,400; Land, $42,500; Accounts payable, $15,300; Common Stock, $10,000. Business transactions during July are summarized as follows: Joel Palk invested additional...

  • a. On July 1, 2018, a two-year Insurance premium on equipment in the amount of $860...

    a. On July 1, 2018, a two-year Insurance premium on equipment in the amount of $860 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018, the unadjusted balance in the Supplies account was $1,260. A physical count of supplies on December 31, 2018, Indicated supplies costing $430 were still on hand. c. On December 31, 2018, YY's Garage completed repairs on one of Brokeback's trucks at...

  • ulah has the following transactions in the month of May, 2018. Show how these transactions can...

    ulah has the following transactions in the month of May, 2018. Show how these transactions can be recorded in his JOURNAL. srarres May. 1 Commefced business with a captal of AEDSO,000 with cash and Bank AED25, 000. May.2 Purchased supplies for AED 10,000 cash May.3 Purchased equipment on Credit for AED 10,000 from Modern Suppliers. May.5 Provided service for cash AED 15,000 May.7 Purchased Furniture for business use AED10,000 May.12 Borrowed a loan from ADCB AED 25,000 May.18 Purchased supplies...

  • Transaction Analysis: Directions: Nally's Nook opened for business on April 1, 2018. General ledger accounts used...

    Transaction Analysis: Directions: Nally's Nook opened for business on April 1, 2018. General ledger accounts used by the business are listed below. Determine the debit and credit pieces for each transaction. A. Cash B. Petty Cash C. Accounts Receivable D. Supplies E. Office Furniture F. Accounts payable G. R. Nally, Capital H. R. Nally, Drawing I. Fees income J. Miscellaneous Expense K. Rent Expense L. Repairs Expense M. Utilities expense Date (April) Transaction Debit Credit 1 R. Nally, the owner,...

  • Prepare the Balance Day Adjustment Journals for the ‘Shore Read’ where required. The journals must be...

    Prepare the Balance Day Adjustment Journals for the ‘Shore Read’ where required. The journals must be correctly formatted and include a narration (explanation) for each journal entry.     Debit ($) Credit ($) Shore Read Unadjusted Trial Balance 30 June 2020 18 000 2 387 3001 85 104 27 400 140 000 1536 85 000 848 7 360 1 336 5 920 211 580 520 62 840 7 200 Shop Cleaning Expense Gas Expense Water Expense Motor Vehicle Cash at Bank...

  • this is the unadjusted trial balance Adjusting Entry Events: 1. Jim recalls finishing up a job...

    this is the unadjusted trial balance Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980. 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be paid until July 5. 3. An inspection of the insurance policy purchased from No State Insurance on June 12 indicates that it is a 12 month policy that included coverage for the entire month of June....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT