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The balance in prepaid insurance is a 1-year premium paid on June 1, 2022.

INSTRUCTIONS TO CANDIDATES
ANSWER ALL QUESTIONS

Assignment 01

Course Instructor: Kirubel Asegidew (Ass Prof)

Individual assignment: for the course Requirements

Legible and neat Page format will be rewarded. Strictly follow the instruction given below.

Clear and observable computation is required The project will be marked out of 25%.

Doing this assignment negligently will reduce your point.

 

Instruction: Show your computation (NB. Neatness and clear presentations has its own values)

1) Nuru Meda Golf and Driving Range plc was opened on March 1 by Nuru. The following selected events and transactions occurred during March.

Mar. 1 Invested Br.120,000 cash in the business in exchange for ordinary shares.

3 Purchased Mechare Meda’s Golf Land for Br. 76,000 cash. The price consists of land Br. 20,000, building Br. 44,000, and equipment Br. 12,000. (Make one compound entry.)

5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of Br. 3,200.

6 Paid cash Br. 2,480 for a 1-year insurance policy.

10 Purchased golf equipment for Br.5,000 from Young Company, payable in 30 days.

18 Received golf fees of Br.2,400 in cash.

25 Declared and paid a Br.2,000 cash dividend. 30 Paid salaries and wages of Br.1,800.

 

30 Paid Young Company in full.

31 Received Br. 1,500 of fees in cash.

Snyder uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Share Capital—Ordinary, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Instructions

Journalize the March transactions.

2) Haile Resort opened for business on June 1 with eight air conditioned units. Its trial balance on August 31 is as follows.

 

Haile Resort

Trial Balance August 31, 2022

Debit Credit

Cash Br. 39,200

Prepaid Insurance 9,000

Supplies 5,200

Land 40,000

Buildings 240,000

Equipment 32,000

Accounts Payable Br. 9,000

Unearned Rent Revenue 9,200

Mortgage Payable 100,000

Share Capital—Ordinary 200,000

Retained Earnings 0

Dividends 10,000

Rent Revenue 172,400

Salaries and Wages Expense 89,600

Utilities Expense 18,400

Maintenance and Repairs Expense 7,200

Br.490,600 Br.490,600

Other data:

1. The balance in prepaid insurance is a 1-year premium paid on June 1, 2022.

2. An inventory count on August 31 shows Br.1,300 of supplies on hand.

3. Annual depreciation rates are buildings (4%) and equipment (10%).

4. Unearned rent revenue of Br.7,600 should be recognized as revenue prior to August 31.

 

5. Salaries and wages of Br.750 were unpaid at August 31.

6. Rentals of Br.1,600 were due from tenants at August 31.

7. The mortgage note is dated 1/1/2022. The mortgage interest rate is 8% per year.

 

(5/5)
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