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THANOS CLEANING SERVICES PTY LTD ( Type your given name ) ( Type your surname ) ( Type your student number )Student Number: ____________________________Surname:____________________________ ( Type your lecturer/tutor )Given Name: ____________________________ Lecturer/Tutor:___________________________ MID-TRIMESTER ASSESSMENT ( ACC700 PRINCIPLES OF ACCOUNTING PG MID TRIMESTER EXAM Submission: a word file via Moodle Submission due: 9PM15AUG 2020 Instructions for Students: You are appointed as an accountant and required to prepare a special-purpose financial report for the Thanos Cleaning Services Pty Ltd . U se the financial template provided in this paper and fill in the highlighted sections (light blue ). Basic information Business structure: Australian Proprietary Company Business Industry: Cleaning Services Ignore GST and Income tax Transactions are given. U se your own amounts (the amount should be multiples of $100 and the maximum of $ 2 00,000) The business made a loss for the year ended 30 June 2020 Details of financial report Chart of accounts of the business- Given Trial balance as at 31 May 2020 - Given Transactions for the month of Ju ne 2020 & Year End Adjustments Journal Entries for the month of June 2020 General Ledger (use three-column format) Accounting Worksheet Prepare adjusting entries at year end Prepare closing entries Prepare the financial statements (P&L, Changes in equity and B/S) Accountant’s note ) ( Examination Conditions: King’s Own Institute examinations are run in accordance with KOI examination procedures. Any student breaching these procedures will be dealt with in accordance with KOI’s Student Academic Misconduct Policy. It is your responsibility to fill out and complete your details in the space provided on all the examination material provided. You are not permitted to obtain assistance by improper means or to ask for or give help to any other person. Penalty will apply on late submission ) ACC 700 INDIVIDUAL ASSESSMENT THANOS CLEANING SERVICES PTY LTD Special purpose financial report For the year ended 30 June 2020 prepared by: ( Your name ) ( Student number ) ( Mobile phone number ) Table of contents 1.0 The Chart of accounts 3 2.0 Trial balance as at 31 May 20204 3.0 Transactions for the month of June 2020& Year End Adjustments5 4.0 General Journal6 5.0 General Ledger7 6.0 Accounting Worksheet11 7.0 Adjusting Journals12 8.0 Closing Journals12 9.0 Financial Statements13 9.1Income Statement13 9.2Statement of changes in equity13 9.3Balance Sheet 14 10.0 Accountant’s Note15 1.0 The Chart of accounts Cash at Bank Service Revenue Accounts Receivable Accounting Fee Allowance for doubtful debts Advertising Expense Supplies Bad debt Expense Prepaid Insurance Bank Servicing Fee Cleaning Equipment Bank Interest Expense Accumulated Depreciation - Equip. Depreciation Expense Accounts Payable Insurance Expense Wages and Salaries Payable Legal Fee Unearned Revenue Rent Expense Interest Payable Repair & Maintenance Expense Loan Payable Wages and Salaries Expense Share Capital Supplies Expense Retained Earning Telephone Expense Dividend Utilities Expense 2.0 Trial balance as at 31 May 2020 THANOS CLEANING SERVICES PTY LTD Unadjusted Trial Balance as at 31 May 2020 Accounts DR CR Cash at Bank $20,000 Accounts Receivable $25,000 Allowance for doubtful debts $200 Supplies $12,000 Prepaid Insurance $9,000 Cleaning Equipment $20,000 Accumulated Depreciation - Equip. $0 Accounts Payable $37,500 Wages and Salaries Payable $0 Unearned Revenue $60,000 Interest Payable $0 Loan Payable $0 Share Capital $200,000 Retained Earning $35,000 Dividend $20,000 Service Revenue $250,000 Accounting Fee $3,000 Advertising Expense $70,000 Bad debt Expense $0 Bank Servicing Fee $220 Bank Interest Expense $0 Depreciation Expense $0 Insurance Expense $78,000 Legal Fee $0 Rent Expense $110,000 Repair & Maintenance Expense $18,000 Wages and Salaries Expense $173,500 Supplies Expense $0 Telephone Expense $15,000 Utilities Expense $8,980 $582,700 $582,700 3.0 Transactions for the month of June 2020& Year End Adjustments Transactions for the month of June 2020 YOU MUST USE YOUR OWN NUMBERS Date Transactions Amount 03/06/2020 Issue of additional shares by private placement 50,000 05/06/2020 Borrowed money from ANZ. 25000 06/06/2020 Paid rent for June 15,000 08/06/2020 Collected a partial payment on an outstanding account receivable 5,000 13/06/2020 Paid a partial payment on the open account 6000 14/06/2020 Paid wages expense incurred 2000 15/06/2020 Provided services to customers, received cash 5000 20/06/2020 Provided services on account 6000 23/06/2020 Paid cash for legal advice associated with liquidation 5000 28/06/2020 Paid wages expense incurred 2500 29/06/2020 Received a bill for accounting services 3000 30/06/2020 Received a bill for utilities used 2000 Year End Adjustments 30/06/2020 During the period the business used one third of supplies 30/06/2020 Accrued wages expense ($1,000) for June 29 & June 30 30/06/2020 Prepaid insurance represents premiums for 1 year paid on 1 January 2020 30/06/2020 The interest on loan accrued (Interest rate is 6% per annum) 30/06/2020 Depreciation Expense for Equipment (purchased 1 July 2019. It has a useful life of 4 years and no salvage value. The business uses a straight-line method) 30/06/2020 Half of the unearned revenue has been earned by 30 June 2020 30/06/2020 Overlooked bank servicing fee ($20) withdrawn 30/06/2020 Telephone bill for June ($900) was not recorded (not paid) 30/06/2020 2% of the accounts receivable amounts expected to be uncollectable 4.0 General Journal Date Accounts Debit Credit 03/06/2020 Cash Dr 50,000 Share capital Cr 50,000 05/06/2020 Cash Dr 25,000 Bank loan Cr 25,000 06/06/2020 Rent Dr 15,000 Cash Cr 15,000 08/06/2020 Cash Dr 5,000 Account receivable Cr 5,000 13/06/2020 Account Payable Dr 6,000 Cash Cr 6,000 14/06/2020 Wages Dr 2,000 Cash Cr 2,000 15/06/2020 Cash Dr 5,000 Service revenue 5,000 20/06/2020 Account Receivable Dr 6,000 Service revenue Cr 6,000 23/06/2020 Legal expenses Dr 5,000 Cash cr 5,000 28/06/2020 Wages Dr 2,500 Cash Cr 2,500 29/06/2020 Accounting services Dr 3,000 Account Payable cr 3,000 30/06/2020 Utilities DR 2,000 Account payable 2,000 5.0 General Ledger Cash at Bank Date Description Debit Credit Balance 01/06/2020 Opening balance 20,000 20,000 03/06/2020 Share Capital 50,000 70,000 05/06/2020 Bank loan 25,000 95,000 06/06/2020 Rent 15,000 80,000 08/06/2020 Account reaceivable 5,000 85,000 13/6/2020 Account payable 6,000 79,000 14/06/2020 Wages 2,000 77,000 15/06/2020`` Service revenue 6,000 83,000 23/06/2020 Legal expenses 5,000 78,000 28/06/2020 `Wages 2,500 80,500 30/06/2020 Ending balance 80,500 Accounts Receivable Date Description Debit Credit Balance 01/06/2020 Opening balance 25,000 25,000 08/06/2020 Cash 5,000 20,000 20/06/2020 Service Revenue 6,000 26,000 30/06/2020 Ending balance 26,000 Allowance for doubtful debts Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Supplies Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Prepaid Insurance Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Cleaning Equipment Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Accumulated Depreciation - Equip. Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Accounts Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Wages and Salaries Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Unearned Revenue Date Description Debit Credit Balance 01/06/2019 Opening balance 30/06/2020 Ending balance Interest Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Loan Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Share Capital Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Retained Earning Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Dividend Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Service Revenue Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Accounting Fee Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Advertising Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Bad debt Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Bank Servicing Fee Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Bank Interest Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Depreciation Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Insurance Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Legal Fee Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Rent Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Repair & Maintenance Expense Date Description Debit Credit Balance 01/06/2020 Opening