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19.5 - Recording prepaid revenue

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VCE Accounting - Michael Allison
VCE Accounting - Michael Allison

19.5 - Recording prepaid revenue

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19.5 RECORDING PREPAID REVENUE
© Michael Allison, Trinity Grammar School. Author’s permission required for external use  A customer ordered 3 tables on 15 May and paid upfront:  Selling price = $100 each (plus GST)  Cost = $40 each (plus GST) 19.5 RECORDING PREPAID REVENUE Fancy Furniture Customer Fancy Furniture makes the furniture $300 + $30 GST May June Customer prepaid
© Michael Allison, Trinity Grammar School. Author’s permission required for external use 19.5 RECORDING PREPAID REVENUE Cash [A] 31/5 Sales/GST clearing 330 GST Clearing [L] 31/5 Cash 30 Prepaid Revenue [L] 31/5 Cash 300 Cash [A] 31/5 Sales/GST clearing 330 GST Clearing [L] 31/5 Cash 30 Prepaid Revenue [L] 31/5 Cash 300 Fancy Furniture Customer $300 + $30 GST
© Michael Allison, Trinity Grammar School. Author’s permission required for external use  By balance-day on 30 June:  2 tables have been made and delivered to the customer  1 table remains unfinished Fancy Furniture Customer Fancy Furniture makes the furniture 19.5 RECORDING PREPAID REVENUE May June Customer prepaid Balance-day Revenue earned Liability
© Michael Allison, Trinity Grammar School. Author’s permission required for external use 19.5 RECORDING PREPAID REVENUE General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Prepaid revenue 200 Sales 200 Prepaid Revenue [L] 31/5 Sales 200 31/5 Cash 300 Sales [R] 31/5 Prepaid revenue 200 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 Sales [R] 30/6 Prepaid revenue 200 Fancy Furniture Customer Fancy Furniture makes the furniture General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Prepaid revenue 200 Sales 200 General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Prepaid revenue 200 Sales 200
© Michael Allison, Trinity Grammar School. Author’s permission required for external use 19.5 RECORDING PREPAID REVENUE Fancy Furniture Customer Fancy Furniture makes the furniture Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 Sales [R] 30/6 Prepaid revenue 200 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 300 300 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 30/6 Balance 100 300 300 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 30/6 Balance 100 300 300 1/7 Balance 100 Sales [R] 30/6 Profit and loss summary 200 30/6 Prepaid revenue 200 Sales [R] 30/6 Profit and loss summary 200 30/6 Prepaid revenue 200 200 200
© Michael Allison, Trinity Grammar School. Author’s permission required for external use  The firm’s financial reports can now be prepared… Balance Sheet (Extract) as at 30 June 2015 Current Liabilities $ $ Prepaid Revenue 100 Income Statement (Extract) for June 2015 Revenue $ $ Sales 200 19.5 RECORDING PREPAID REVENUE Balance Sheet (Extract) as at 30 June 2015 Current Liabilities $ $ Prepaid Revenue 100 Income Statement (Extract) for June 2015 Revenue $ $ Sales 200
© Michael Allison, Trinity Grammar School. Author’s permission required for external use TASK In-class Homework SQ5 X Ex19.1 X Ex19.2 X Ex19.3 X

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19.5 - Recording prepaid revenue

  • 2. © Michael Allison, Trinity Grammar School. Author’s permission required for external use  A customer ordered 3 tables on 15 May and paid upfront:  Selling price = $100 each (plus GST)  Cost = $40 each (plus GST) 19.5 RECORDING PREPAID REVENUE Fancy Furniture Customer Fancy Furniture makes the furniture $300 + $30 GST May June Customer prepaid
  • 3. © Michael Allison, Trinity Grammar School. Author’s permission required for external use 19.5 RECORDING PREPAID REVENUE Cash [A] 31/5 Sales/GST clearing 330 GST Clearing [L] 31/5 Cash 30 Prepaid Revenue [L] 31/5 Cash 300 Cash [A] 31/5 Sales/GST clearing 330 GST Clearing [L] 31/5 Cash 30 Prepaid Revenue [L] 31/5 Cash 300 Fancy Furniture Customer $300 + $30 GST
  • 4. © Michael Allison, Trinity Grammar School. Author’s permission required for external use  By balance-day on 30 June:  2 tables have been made and delivered to the customer  1 table remains unfinished Fancy Furniture Customer Fancy Furniture makes the furniture 19.5 RECORDING PREPAID REVENUE May June Customer prepaid Balance-day Revenue earned Liability
  • 5. © Michael Allison, Trinity Grammar School. Author’s permission required for external use 19.5 RECORDING PREPAID REVENUE General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Prepaid revenue 200 Sales 200 Prepaid Revenue [L] 31/5 Sales 200 31/5 Cash 300 Sales [R] 31/5 Prepaid revenue 200 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 Sales [R] 30/6 Prepaid revenue 200 Fancy Furniture Customer Fancy Furniture makes the furniture General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Prepaid revenue 200 Sales 200 General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Prepaid revenue 200 Sales 200
  • 6. © Michael Allison, Trinity Grammar School. Author’s permission required for external use 19.5 RECORDING PREPAID REVENUE Fancy Furniture Customer Fancy Furniture makes the furniture Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 Sales [R] 30/6 Prepaid revenue 200 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 300 300 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 30/6 Balance 100 300 300 Prepaid Revenue [L] 30/6 Sales 200 31/5 Cash 300 30/6 Balance 100 300 300 1/7 Balance 100 Sales [R] 30/6 Profit and loss summary 200 30/6 Prepaid revenue 200 Sales [R] 30/6 Profit and loss summary 200 30/6 Prepaid revenue 200 200 200
  • 7. © Michael Allison, Trinity Grammar School. Author’s permission required for external use  The firm’s financial reports can now be prepared… Balance Sheet (Extract) as at 30 June 2015 Current Liabilities $ $ Prepaid Revenue 100 Income Statement (Extract) for June 2015 Revenue $ $ Sales 200 19.5 RECORDING PREPAID REVENUE Balance Sheet (Extract) as at 30 June 2015 Current Liabilities $ $ Prepaid Revenue 100 Income Statement (Extract) for June 2015 Revenue $ $ Sales 200
  • 8. © Michael Allison, Trinity Grammar School. Author’s permission required for external use TASK In-class Homework SQ5 X Ex19.1 X Ex19.2 X Ex19.3 X