Submitted by: Submitted by rickardl
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Category: Business and Industry
Date Submitted: 01/20/2016 09:49 PM
Manual Accounting Practice Set
HiFi Way, Australasian Edition 3
Feedback: Worksheet
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Now that you have completed the end of month posting procedure, you are asked to complete the worksheet for HiFi Way.
The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and
prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help
journalise and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for HiFi Way in a later section of
this practice set.
The details of the end of month adjustments for June are as follows:
Cash Registers owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,500 at the end of
the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation
expense divided by the number of months in a year....