10/1/2020 Worksheet

Manual Accounting Practice Set

Mercedes Blends, Australasian Edition 3

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Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for Mercedes Blends.

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 Mercedes Blends 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 $10,000, estimated useful life was 6 years, and estimated residual value was $1,000 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 $35,000, estimated useful life was 8 years, and estimated residual value was $6,000 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.
The water usage for the month of June is estimated to be $1,150.
The estimated electricity payable as at the end of June is $309.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after
that day (from 25 June to 30 June inclusive) are estimated to have been $330 per day.
Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $250.
Office supplies totalling $450 are still on hand at 30 June.
One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance.
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.

Additionally, a stocktake revealed that the balance of inventory on hand as at 30 June is equal to the closing balance of the Inventory account. This means there is no adjusting entry
required for inventory shrinkage.

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.

Remember to enter all answers to the nearest whole dollar.

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Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the
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If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full.

(Q=820.worksheetQuestion)

Mercedes Blends

Worksheet
As at 30/06/2020

Unadjusted Trial
Acct. Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Name Balance
No.
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
100 Cash at Bank 103062 103062 103062

110 ARC - Accounts Receivable Control 62952 62952 62952

120 Inventory 38268 38268 38268

130 Office Supplies 536 86 450 450

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10/1/2020 Worksheet

140 Prepaid Rent 9000 4500 4500 4500

141 Prepaid Advertising 9000 3000 6000 6000

142 Prepaid Insurance 4500 900 3600 3600

150 Cash Registers 10000 10000 10000

151 Accum Depn: Cash Registers 2625 125 2750 2750

160 Store Fixtures 35000 35000 35000

161 Accum Depn: Store Fixtures 21146 302 21448 21448

210 APC - Accounts Payable Control 43326 43326 43326

220 Wages Payable 0 1980 1980 1980

221 Electricity Payable 86 309 395 395

222 Water Payable 1170 1150 2320 2320

225 Interest Payable 250 250 500 500

250 Bank Loan Payable 50000 50000 50000

300 Share Capital 60000 60000 60000

301 Retained Earnings 62291 62291 62291

400 Sales Revenue 109422 109422 109422

401 Sales Returns and Allowances 1500 1500 1500

402 Discount Received 125 125 125

403 Interest Revenue 582 582 582

500 Cost of Sales 65168 65168 65168

511 Advertising Expense 0 0 3000 3000 3000

516 Wages Expense 7564 1980 9544 9544

540 Rent Expense 0 0 4500 4500 4500

541 Electricity Expense 0 0 309 309 309

542 Water Expense 0 0 1150 1150 1150

543 Insurance Expense 0 0 900 900 900

544 Office Supplies Expense 0 0 86 86 86

545 Salary Expense 4000 4000 4000

560 Depn Expense: Cash Registers 0 0 125 125 125

561 Depn Expense: Store Fixtures 0 0 302 302 302

571 Interest Expense 0 0 250 250 250

572 Bank Charges 9 9 9

573 Discount Allowed 464 464 464

Totals 351023 351023 12602 12602 355139 355139 91307 110129 263832 245010

Profit/loss 18822 18822

Totals 110129 110129 263832 263832

Feedback

Mercedes Blends

Worksheet
As at 30/06/2020

Unadjusted Trial Adjusted Trial

Adjustments Income Statement Balance Sheet
Acct. No. Account Name Balance Balance

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

100 Cash at Bank 103,062 103,062 103,062

110 ARC - Accounts Receivable Control 62,952 62,952 62,952

120 Inventory 38,268 38,268 38,268

130 Office Supplies 536 86 450 450

140 Prepaid Rent 9,000 4,500 4,500 4,500

141 Prepaid Advertising 9,000 3,000 6,000 6,000

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10/1/2020 Worksheet
142 Prepaid Insurance 4,500 900 3,600 3,600

150 Cash Registers 10,000 10,000 10,000

151 Accum Depn: Cash Registers 2,625 125 2,750 2,750

160 Store Fixtures 35,000 35,000 35,000

161 Accum Depn: Store Fixtures 21,146 302 21,448 21,448

210 APC - Accounts Payable Control 43,326 43,326 43,326

220 Wages Payable 1,980 1,980 1,980

221 Electricity Payable 86 223 309 309

222 Water Payable 1,170 1,150 2,320 2,320

225 Interest Payable 250 250 500 500

250 Bank Loan Payable 50,000 50,000 50,000

300 Share Capital 60,000 60,000 60,000

301 Retained Earnings 62,291 62,291 62,291

400 Sales Revenue 109,422 109,422 109,422

401 Sales Returns and Allowances 1,500 1,500 1,500

402 Discount Received 125 125 125

403 Interest Revenue 582 582 582

500 Cost of Sales 65,168 65,168 65,168

511 Advertising Expense 3,000 3,000 3,000

516 Wages Expense 7,564 1,980 9,544 9,544

540 Rent Expense 4,500 4,500 4,500

541 Electricity Expense 223 223 223

542 Water Expense 1,150 1,150 1,150

543 Insurance Expense 900 900 900

544 Office Supplies Expense 86 86 86

545 Salary Expense 4,000 4,000 4,000

560 Depn Expense: Cash Registers 125 125 125

561 Depn Expense: Store Fixtures 302 302 302

571 Interest Expense 250 250 250

572 Bank Charges 9 9 9

573 Discount Allowed 464 464 464

Totals 351,023 351,023 12,516 12,516 355,053 355,053 91,221 110,129 263,832 244,924

Profit/loss 18,908 18,908

Totals 110,129 110,129 263,832 263,832

Manual Accounting Practice Set

Mercedes Blends, Australasian Edition 3 (VSA3q)
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