代写AC5803 Assignment 1代做Python程序

AC5803 Assignment 1

Part	a	b	c	d	e	Total
Marks

(a). Type your answer to part (a) here

(b). Type your answer to part (b) here

…

(5). Type journal entries as follows:

Part a.
Date	Account Name	Amount
Jan. 1	Dr. Cash	10,000
	Cr. Sales Revenue	10,000

Assignment 1: [Total = 50 marks]

Due: Beginning of week 5 class. Late submission will not be accepted.

The Brady Company has the following balance sheet at Dec. 31, 2022.

The Brady Company

Balance Sheet as of Dec. 31, 2022

Assets			Liabilities
Cash	160,000		Bank Loan	50,000
Inventory	40,000
			Equity
			Shareholder Capital	150,000
Total	200,000		Total	200,000

The company has the following transactions in 2023:

(1). Jan. 1, signed a three-year service contract with Manning Company, and received full payment of $30,000.

(2). Feb. 28, paid two years’ office rental starting from Mar. 1. The total payment is $48,000.

(3). April 1, purchased a machine for $100,000. The machine has an expected useful life of 20 years, and residual value of $10,000.

(4). July 26, sell inventory to Rogers Company on credit for 20,000, inventory worth 15,000 delivered.

(5). Dec. 1, announced dividends $10,000 to shareholders, to be paid on Mar. 31, 2024.

(6). Dec. 15, received $5,000 payment from Rogers Company.

(7). Dec. 31, recorded total wages $40,000 to all employees, to be paid on Jan. 1, 2024.

Additional

(i). The bank loan is borrowed on Dec. 31, 20202022. It is for 5 years with annual interest rate 4%. Interest payment is to be made on January 1 and July 1 of each year. (No interest payment on Jan. 1 2023.)

(ii). Depreciation for PPE (such as machine) starts in the month of acquisition, using the straight-line method.

(iii). Dec. 31, it is estimated that 40% of the amount due from Rogers Company may not be paid.

(iv). For expenses, clearly specify the type of expenses such as COGS, etc in your journal entries. Do not simply use expense.

Required

a. Prepare journal entry for the above transactions. [25 marks]

b. Prepare adjusting entries at Dec. 31, 2023. [25 marks]