It is now 30 June and our business is preparing adjustments via a worksheet. Complete the following adjustments in the worksheet (if no adjustment is necessary enter "0" in the relevant box). Then answer the 3 questions at the bottom of the table. 1 Prepaid 12000 rent on 1 April for three months. Adjustments have been done for April and May. 2 30 June is a Sunday. Wages are paid fortnightly (8000) with the last payment made on Friday 21 June. As the busienss operates from Monday to Firday we need to accrue one week. 3 Earned 2500 of Subscriptions Revenue which had already being paid for by the client. 4 Work in Progress (for Services) is calculated to be 2800. (Use accrued revenue). 5 Office Supplies were counted on 30 June. They totalled 4550. 6 Depreciation for June is 1350. 7 Interest on Note Payable is 600. This is payable in July. Worksheet for the month ended 30 June Unadjusted TB Adjustments Adjusted TB Account Dr Cr Ref Dr Cr Dr Cr Cash At Bank 31600 Answer Accounts Receivable 41350 Answer Inventory 22890 Answer Office Supplies 4850 Answer Answer Answer Answer Prepaid Rent 4000 Answer Answer Answer Answer Accrued Revenue 0 Answer Answer Answer Answer Equipment 72100 Answer Accum Depreciation 36700 Answer Answer Answer Answer Accounts Payable 32550 Answer Interest Payable 0 Answer Answer Answer Answer Salaries Payable 0 Answer Answer Answer Answer Unearned Revenue 4200 Answer Answer Answer Answer Notes Payable 75000 Answer Owners Capital 30980 Answer Income Summary Service Revenue 152300 Answer Answer Answer Answer Subscriptions Revenue 98700 Answer Answer Answer Answer COGS 56670 Answer Bank Fees 320 Answer Depreication Expense 14850 Answer Answer Answer Answer Interest Expense 6000 Answer Answer Answer Answer Rent Expense 26000 Answer Answer Answer Answer Salaries Expense 143000 Answer Answer Answer Answer Supplies Expense 6800 Answer Answer Answer Answer Total 430430 430430 Answer Answer Has this business made a profit or loss? What are total assets Will owners equity increase or decrease?

It is now 30 June and our business is preparing adjustments via a worksheet. Complete the following adjustments in the worksheet (if no adjustment is necessary enter "0" in the relevant box). Then answer the 3 questions at the bottom of the table. 1 Prepaid 12000 rent on 1 April for three months. Adjustments have been done for April and May. 2 30 June is a Sunday. Wages are paid fortnightly (8000) with the last payment made on Friday 21 June. As the busienss operates from Monday to Firday we need to accrue one week. 3 Earned 2500 of Subscriptions Revenue which had already being paid for by the client. 4 Work in Progress (for Services) is calculated to be 2800. (Use accrued revenue). 5 Office Supplies were counted on 30 June. They totalled 4550. 6 Depreciation for June is 1350. 7 Interest on Note Payable is 600. This is payable in July. Worksheet for the month ended 30 June Unadjusted TB Adjustments Adjusted TB Account Dr Cr Ref Dr Cr Dr Cr Cash At Bank 31600 Answer Accounts Receivable 41350 Answer Inventory 22890 Answer Office Supplies 4850 Answer Answer Answer Answer Prepaid Rent 4000 Answer Answer Answer Answer Accrued Revenue 0 Answer Answer Answer Answer Equipment 72100 Answer Accum Depreciation 36700 Answer Answer Answer Answer Accounts Payable 32550 Answer Interest Payable 0 Answer Answer Answer Answer Salaries Payable 0 Answer Answer Answer Answer Unearned Revenue 4200 Answer Answer Answer Answer Notes Payable 75000 Answer Owners Capital 30980 Answer Income Summary Service Revenue 152300 Answer Answer Answer Answer Subscriptions Revenue 98700 Answer Answer Answer Answer COGS 56670 Answer Bank Fees 320 Answer Depreication Expense 14850 Answer Answer Answer Answer Interest Expense 6000 Answer Answer Answer Answer Rent Expense 26000 Answer Answer Answer Answer Salaries Expense 143000 Answer Answer Answer Answer Supplies Expense 6800 Answer Answer Answer Answer Total 430430 430430 Answer Answer Has this business made a profit or loss? What are total assets Will owners equity increase or decrease?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3Q: On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2....

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Question

It is now 30 June and our business is preparing adjustments via a worksheet.

Complete the following adjustments in the worksheet (if no adjustment is necessary enter "0" in the relevant box).

Then answer the 3 questions at the bottom of the table.

1 Prepaid 12000 rent on 1 April for three months. Adjustments have been done for April and May.

2 30 June is a Sunday. Wages are paid fortnightly (8000) with the last payment made on Friday 21 June. As the busienss operates from Monday to Firday we need to accrue one week.

3 Earned 2500 of Subscriptions Revenue which had already being paid for by the client.

4 Work in Progress (for Services) is calculated to be 2800. (Use accrued revenue).

5 Office Supplies were counted on 30 June. They totalled 4550.

6 Depreciation for June is 1350.

7 Interest on Note Payable is 600. This is payable in July.

Worksheet for the month ended 30 June
	Unadjusted TB		Adjustments	Adjusted TB
Account	Dr	Cr	Ref	Dr	Cr	Dr	Cr
Cash At Bank	31600					Answer
Accounts Receivable	41350					Answer
Inventory	22890					Answer
Office Supplies	4850		Answer	Answer	Answer	Answer
Prepaid Rent	4000		Answer	Answer	Answer	Answer
Accrued Revenue	0		Answer	Answer	Answer	Answer
Equipment	72100					Answer
Accum Depreciation		36700	Answer	Answer	Answer		Answer
Accounts Payable		32550					Answer
Interest Payable		0	Answer	Answer	Answer		Answer
Salaries Payable		0	Answer	Answer	Answer		Answer
Unearned Revenue		4200	Answer	Answer	Answer		Answer
Notes Payable		75000					Answer
Owners Capital		30980					Answer
Income Summary
Service Revenue		152300	Answer	Answer	Answer		Answer
Subscriptions Revenue		98700	Answer	Answer	Answer		Answer
COGS	56670					Answer
Bank Fees	320					Answer
Depreication Expense	14850		Answer	Answer	Answer	Answer
Interest Expense	6000		Answer	Answer	Answer	Answer
Rent Expense	26000		Answer	Answer	Answer	Answer
Salaries Expense	143000		Answer	Answer	Answer	Answer
Supplies Expense	6800		Answer	Answer	Answer	Answer

Total	430430	430430				Answer	Answer

Has this business made a profit or loss?

What are total assets

Will owners equity increase or decrease?

Please show calculations as well.

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