THANOS CLEANING SERVICES PTY LTD (Type your given name) (Type your surname) (Type your student...

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THANOS CLEANING SERVICES PTY LTD (Type your given name) (Type your surname) (Type your student numbe)Student Number: ____________________________Surname:____________________________ (Type your lecturetuto)Given Name: ____________________________LectureTutor:___________________________MID-TRIMESTER ASSESSMENT (ACC700 PRINCIPLES OF ACCOUNTING PGMID TRIMESTER EXAMSubmission: a word file via MoodleSubmission due: 9PM15AUG 2020 Instructions for Students:You areappointed as an accountant andequired to prepare a special-purpose financial report for the Thanos Cleaning Services Pty Ltd. Use the financial template provided in this pape and fill in the highlighted sections (light blue).Basic informationBusiness structure: Australian Proprietary CompanyBusiness Industry: Cleaning ServicesIgnore GST and Income taxTransactions are given. Use your own amounts (the amount should be multiples of $100 and the maximum of $200,000)The business made a loss for the year ended 30 June 2020Details of financial eportChart of accounts of the business- GivenTrial balance as at 31 May 2020 - GivenTransactions for the month of June 2020 & Year End AdjustmentsJournal Entries for the month of June 2020General Ledger (use three-column format)Accounting WorksheetPrepare adjusting entries at year endPrepare 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 eaching 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 ASSESSMENTTHANOS CLEANING SERVICES PTY LTDSpecial purpose financial reportFor the year ended 30 June 2020     prepared by: (Your name) (Student numbe) (Mobile phone numbe)Table of contents1.0 The Chart of accounts     32.0 Trial balance as at 31 May 2020    43.0 Transactions for the month of June 2020& Year End Adjustments    54.0 General Journal    65.0 General Ledger    76.0 Accounting Worksheet    117.0 Adjusting Journals    128.0 Closing Journals    129.0 Financial Statements    139.1Income Statement    139.2Statement of changes in equity    139.3Balance Sheet     1410.0 Accountant’s Note    151.0 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 Expense2.0 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 AdjustmentsTransactions for the month of June 2020YOU MUST USE YOUR OWN NUMBERS    Date    Transactions    Amount    03/06/2020    Issue of additional shares by private placement    50,000    05/06/2020    Boowed 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 incued    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 incued    2500    29/06/2020    Received a bill for accounting services    3000    30/06/2020    Received a bill for utilities used    2000Year 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 uncollectable4.0 General Journal    Date    Accounts    Debit    Credit    03/06/2020    Cash D    50,000            Share capital C        50,000    05/06/2020    Cash D    25,000            Bank loan C        25,000    06/06/2020    Rent D    15,000            Cash C        15,000    08/06/2020    Cash D    5,000            Account receivable C        5,000    13/06/2020    Account Payable D    6,000            Cash C        6,000    14/06/2020    Wages D    2,000            Cash C        2,000    15/06/2020    Cash D    5,000            Service revenue        5,000    20/06/2020    Account Receivable D    6,000            Service revenue C        6,000    23/06/2020    Legal expenses D    5,000            Cash c        5,000    28/06/2020    Wages D    2,500            Cash C        2,500    29/06/2020    Accounting services D    3,000            Account Payable c        3,000    30/06/2020    Utilities DR    2,000            Account payable         2,0005.0 General Ledge    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

Nitish Lath · Accepted Answer

THANOS CLEANING SERVICES PTY LTD
Student Number: ____________________________Surname:____________________________Type your given name
Type your surname
Type your student number
Given Name: ____________________________Type your lecturer/tutor
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 areappointed as an accountant andrequired to prepare a special-purpose financial report for the Thanos Cleaning Services Pty Ltd. Use 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. Use your own amounts (the amount should be multiples of $100 and the maximum of $200,000)
· The business made a loss for the year ended 30 June 2020
Details of financial report
1. Chart of accounts of the business- Given
2. Trial balance as at 31 May 2020 - Given
3. Transactions for the month of June 2020 & Year End Adjustments
4. Journal Entries for the month of June 2020
5. General Ledger (use three-column format)
6. Accounting Worksheet
7. Prepare adjusting entries at year end
8. Prepare closing entries 
9. Prepare the financial statements (P&L, Changes in equity and B/S)
10. 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:
Table of contents
1.0 The Chart of accounts 	3
2.0 Trial balance as at 31 May 2020	4
3.0 Transactions for the month of June 2020& Year End Adjustments	5
4.0 General Journal	6
5.0 General Ledger	7
6.0 Accounting Worksheet	11
7.0 Adjusting Journals	12
8.0 Closing Journals	12
9.0 Financial Statements	13
9.1Income Statement	13
9.2Statement of changes in equity	13
9.3Balance Sheet 	14
10.0 Accountant’s Note	15
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
	
	
	Loan Payable 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,

THANOS CLEANING SERVICES PTY LTD ( Type your given name ) ( Type your surname ) ( Type your student number )Student Number: Surname: ( Type your...

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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...