© Copyright Deakin University 2019. 1 Tue, 07 May 19 17:42:22 +1000 MPA701 Assessment Task 3 MPA701: Accounting Deakin Business School First Name: TRANQUIDONG Last Name: NGUYEN Student ID: 219054135 Trimester: T1 2019 Company Name: Abcde Pty Ltd The company began operations as a retailer on 1 July 2017. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June. It uses the Weighted Average cost allocation method and the perpetual inventory recording method. The company uses the straight line depreciation method for office furniture and computers and the reducing balance method for motor vehicles. The company employs two people who are rostered over a seven day working week. The employees are paid fortnightly up to and including the day of payment. The company has one debtor (Debtor1) and one creditor (Creditor1). Terms for all credit sales and purchases are 30 days. Relevant information 1. The company has the following opening balances at the 1 July in the current financial year: Cash at Bank: $23,634.00 Accounts receivable: $3,216.00 Allowance for doubtful debt: $460.00 Inventory: $10,060.00 Motor vehicle: $23,129.00 Accumulated depreciation motor vehicle: $2,305.00 Accounts payable: $5,772.00 Bank loan owing (due in 20 months): $11,880.00 Office furniture: $13,838.00 Accumulated depreciation office furniture: $1,254.00 Office supplies: $431.00 Share capital: $34,296.00 Retained earnings: balance amount $18,341.00 2. Transactions for the month (all dollar amounts include GST where applicable). 02 July Sales on credit 51 units 05 July Sales on credit 79 units
© Copyright Deakin University 2019. 2 Tue, 07 May 19 17:42:22 +1000 11 July Sales on credit 52 units 18 July Sales on credit 65 units 22 July Sales on credit 57 units 29 July Sales on credit 55 units 09 July Paid Wages (ignore PAYG tax) $2,135.00 23 July Paid Wages (ignore PAYG tax) $2,109.00 10 July Paid rent for the current month $3,704.00 23 July Paid insurance $2,419.00 05 July Received advertising invoice (due in 30 days) $651.00 20 July Purchased computer on credit $2,487.00 07 July Purchased inventory on credit 29 units at the cost per unit of $26.00 14 July Purchased inventory on credit 26 units at the cost per unit of $25.00 20 July Purchased inventory on credit 29 units at the cost per unit of $26.00 24 July Purchased inventory on credit 30 units at the cost per unit of $27.00 30 July Purchased inventory on credit 21 units at the cost per unit of $25.00 20 July Received payment from accounts receivable $890.00 24 July Received payment from accounts receivable $983.00 20 July Received payment from accounts receivable $1,117.00 13 July Purchased office supplies on credit $611.00
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