Marios Pizza Palace Practice Set Part 4 The adjusted trial balance for Mario’s P

Question

Marios Pizza Palace Practice Set Part 4

The adjusted trial balance for Mario’s Pizza Palace at 30 June is presented below:

ADDITIONAL INFORMATION:

The end of June stocktake has determined that the closing inventory value of food is $1,775 and packaging is $3,825.

complete the general journal entries to close off the accounts for the end of the reporting period,

Mario's Pizza Palace
Adjusted trial balance
as at 30 June 20XX Account
number Account Debit Credit 100 Cash 42,350 110 Cash float 450 120 Accounts receivable 679 130 Inventory - food 1,366 140 Inventory - packaging 995 150 Prepaid advertising 293 160 Prepaid insurance 1,418 170 Motor vehicles (cost) 19,290 171 Accumulated depreciation – motor vehicles 15,995 180 Store equipment (cost) 32,750 181 Accumulated depreciation – store equipment 14,635 200 Accounts payable 14,767 210 PAYG withholding payable 1,356 220 Superannuation payable 243 230 Wages payable 1,238 280 Bank loan 17,822 300 Owner’s capital 60,275 310 Owner’s drawings 41,127 400 Sales income 183,203 410 Sales returns and allowances 48 420 Discounts received 522 430 Delivery income 31 500 Food purchases 55,560 510 Purchase returns and allowances 379 520 Packaging costs 14,926 530 Discount given 288 540 Freight inwards 77 600 Accountancy fees 1,138 605 Advertising expense 4,023 610 Bank charges 871 615 Depreciation 7,133 620 Electricity and gas expense 2,970 625 Insurance expense 2,536 630 Interest expense 1,019 635 Motor vehicles expense 4,927 640 Printing, postage and stationery expense 495 645 Rent expense 26,480 650 Repairs and maintenance expense 690 655 Sundry expenses 304 660 Superannuation expense 3,657 665 Telephone expense 3,773 670 Wages expense 38,833 310,466 310,466

Explanation / Answer

General Journal Entries: Accounts Titles Debit $ Credit $ Sales income 183203 Profit & Loss Summary 183203 Profit & Loss Summary 48 Sales returns and allow 48 Discounts received 522 Delivery income 31 Profit & Loss Summary 553 (Close income accounts to profit or loss summary) Profit & Loss Summary 55151 Food Inventory - Closing 1775 Food purchases 55560 Food Inventory - Opening 1366 Profit & Loss Summary 12096 Packaging Inventory - Closing 3825 Packaging costs 14926 Packaging Inventory - Opening 995 Purchase returns and all 379 Profit & Loss Summary 379 (Close purchase returns and record closing inventory to profit or loss summary) Profit & Loss Summary 99214 Discount given 288 Freight inwards 77 Acc fees expense 1138 Advert exp 4023 Bank charges exp 871 Depreci exp 7133 Electricity and gas exp 2970 insurance exp 2536 interest exp 1019 Motor Vehi expense 4927 Printing & Stationery exp 495 Rent exp 26480 Repairs and Mainte exp 690 Sundry exp 304 Superannuation exp 3657 Telephone exp 3773 Wages exp 38833 (Close opening inventory accounts and expenses to profit or loss summary) Profit & Loss Summary 17626 Owner's Capital 17626 (Transfer profit or loss summary to owner's capital) Owner's Capital 41127 Owner's drawings 41127

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