Week 4 bus 285.docx - MURDOCH UNIVERSITY MANAGEMENT GOVERNANCE BUS285 TECHNOLOGY ACCOUNTING PROCESSES LECTURE 3 WORKSHEET Question 1 Simpsons Ltd had

Week 4 bus 285.docx - MURDOCH UNIVERSITY MANAGEMENT...

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MURDOCH UNIVERSITY MANAGEMENT & GOVERNANCE BUS285 TECHNOLOGY & ACCOUNTING PROCESSES LECTURE 3 WORKSHEET Question 1 Simpsons Ltd had the following balances in their accounts for the financial year ending 30 June 2015 before year-end adjusting entries. Account Dr. Cr. Accounts receivable 1,050 Cash 64,050 Deposit 2,000 Office furniture 25,000 Stationary supplies 1,500 Service revenue in advance 3,000 Share capital 80,000 Dividends 250 Service revenue 13,450 Electricity expense 100 Rent expense 1,200 Salary expense 1,000 Telephone expense 300 96,450 96,450 Simpsons Ltd had the following adjusting entries to be included in their financial reports: 1. Straight-line depreciation on office furniture costing $25,000 with useful life of 10 years. 2. Stationary supplies on hand were $500. 3. Invoices for June for electricity $180 and telephone $200, were received and paid for in July. 4. Services performed but not invoiced at 30 June totaled $300. 5. Revenue received in advance of $700 was earned in this period.
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