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Fred’s Home Improvements, whose financial year ends on 30 June, had the following balances in its ledger at 30 June 2014. FRED’S HOME IMPROVEMENTS – TRIAL BALANCE AS AT 30 JUNE 2014 Debit ($) Credit ($) Cash at Bank 35 688 Accounts Receivable 102 528 Inventory 187 200 Prepaid Insurance 6 552 Office Supplies on hand 4 368 Furniture & Fittings 53 040 Accumulated Depreciation – Furniture & Equipment 15 912 Delivery Equipment 62 400 Accumulated Depreciation – Delivery Equipment 24 960 Accounts Payable 36 036 Loan Payable (long term) 156 000 Fred Nails – Capital 88 296 Fred Nails – Drawings 37 440 Sales Revenue 961 400 Sales Returns and Allowances 13 232 Cost of Sales 549 744 Discount received 11 232 Freight inwards 12 480 Sales Salary Expense 91 104 Delivery Expense 24 336 Advertising Expense 35 880 Rent Expense 38 064 Office Salaries Expense 45 000 Electricity Expense 13 344 Discount Allowed 9 048 GST outlays 67 205 GST collections 94 817 Fred has emailed you the following list of account information and asked you make the relevant adjustments on the worksheet for the year ended 30 June 2014: (1) Insurance expense for the year ended 30 June 2014 was $3 744. (2) The Office Supplies on hand at 30 June 2014 was $1 872. (3) The Furniture and Fittings is expected to have a useful life of ten years and have a zero scrap value (calculate and record the depreciation expense for the year) (4) The Delivery Equipment is expected to have a useful life of five years and have a zero scrap value (calculate and record the depreciation expense for the year). (5) $1 200 of the recorded sales represent payments for doors which will not be delivered until 4 July 2014. (6) Sales Salaries which are payable but not recorded as at 30 June are $3 000. (7) The bank has approved an overdraft facility for $25 000 for Fred’s Home Improvements. REQUIRED: a. Using the transactions provided above complete the worksheet provided.
