24 july paid motor vehicle expenses 10500 11 july

24 July Paid motor vehicle expenses $105.00
11 July Paid accounts payable $1,349.00
12 July Paid accounts payable $1,361.00
09 July Paid accounts payable $1,087.00
3. Additional information:
Selling Price per unit (GST inclusive) $55.00
Insurance paid from the first of the current month and for: 7 months in total. Insurance commences
from the first of the month in which it is paid.
All asset purchases and expenses except wages include GST
Cost of opening inventory items per unit $20.00
Depreciation rate motor vehicle 20%
Residual value motor vehicle: $2,892.00
Depreciation rate office furniture 20%
Residual value office furniture: $556.00
Regardless of purchase date, company policy is to depreciate new assets for 15 days in the month
of purchase. Depreciation rate computer 35%
No residual value is expected for computers.
The company counted inventory at the end of the month. They discovered that 5 units were missing
and these must be removed from inventory.
Office supplies on hand at end of the month were $256.00
At the end of the month the company records potential bad debts expense using the percentage of
sales method. The business uses 1% of sales to determine estimated bad debts.
Interest owing on the bank loan at the end of the month is $60.00

© Copyright Deakin University 2019. 3 Tue, 07 May 19 17:42:22 +1000
REQUIRED:
Computerised Records Using Xero (8 marks)
In this part, you process recording of the transactions including the additional items using Xero.
SORT THE TRANSACTIONS IN DATE ORDER . This is critically important for any inventory
transactions (sales and purchases) as Xero calculates the value of inventory using the moving
weighted average method.
You are required to submit the PDF/EXCEL file of an adjusted Trial Balance and General
Ledger Report generated by Xero (i.e. the trial balance after you have conducted the necessary
adjusting entries).
Xero is a cloud-based computerised accounting package. To access to Xero, using your internet
browser click on
A Xero practice case, manual guide, videos have been uploaded to Cloud Deakin. It is
highly recommended that you view and review these resources and go through the
practice case before undertaking this section
• Once you have signed up Xero, set up the company based on the information that has been
supplied in the case. Refer the practice case, manual guide, and videos on how to do this. Note
that, for this assessment, you MUST enter the company name in the following format:
Company name - Your name and Student ID (e.g. ABCDE PtyLtd - Egor Evdokimov
123456789). Marks will be penalised if you fail to do so.