Comprehensive%20Example_2010

Comprehensive%20Example_2010 - THE UNIVERSITY OF NEW SOUTH...

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Session 1, 2010 AFM1A 1 THE UNIVERSITY OF NEW SOUTH WALES School of Accounting ACCT 1501: Accounting and Financial Management 1A Weeks 3 – 6 APPENDIX: COMPREHENSIVE CLASS EXAMPLE – PIANO TUNING SERVICES LTD Adapted from Hoggett, Edwards and Medlin, Problem 5.7, pp. 217-8. Student Handout Blackboard: http://telt.unsw.edu.au
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Session 1, 2010 AFM1A 2 Alex Schubert owns Piano Tuning Service Ltd. The post-closing trial balance at 30 June 2009 is shown below. Account Account number Debit Credit Cash at bank A1 3 280 Accounts receivable A2 3 880 Prepaid insurance A3 190 Supplies A4 210 Motor vehicle A5 21 400 Accumulated depreciation – motor vehicle A5.1 8 026 Accounts payable L1 1 940 Interest payable L2 440 Bank loan L3 7 000 Share capital 0E1 11 000 Retained profits OE2 554 $28 960 $28 960 The Chart of Accounts is shown below: Account Account number Account Account number Cash at bank A1 Retained profits OE2 Accounts receivable A2 Profit and loss summary OE3 Prepaid insurance A3 Piano tuning fees R1 Supplies A4 Piano repair fees R2 Motor vehicle A5 Petrol and oil expense E1 Accumulated depreciation – motor vehicle A5.1 Depreciation expense – motor vehicle E2 Accounts payable L1 Supplies expense E3 Interest Payable L2 Insurance expense E4 Bank loan L3 Telephone expense E5 Telephone expense payable L4 Interest expense E6 Share capital OE1 Transactions completed during the year ended 30 June 2010 are summarised below: 1. Tuning fees of $28 600 were receivable during the year; $23 940 of this total was received in cash. The remainder consisted of transactions on credit. 2.
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Comprehensive%20Example_2010 - THE UNIVERSITY OF NEW SOUTH...

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