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ACC506 Accounting Fundamentals Reserch
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ACC506 Accounting Fundamentals Reserch
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Course Code: ACC506
University: University Of The Sunshine Coast
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Explain the circumstances and attach any necessary supporting documentation. Late penalties will be applied for assignments submitted after midnight on the due date without an approved extension. More details on late penalties are provided in the course outline.
Requirement:
Provide journal entries of the transactions (use appropriate format and formula in excel).
Post the journal to the General Ledger Accounts (use appropriate format and formula in excel).
Prepare a Trial Balance (use appropriate format, formula in excel and follow ALORE order for arranging the accounts).
Answer:
Introduction
Each and every organization needs to use the accounting concepts and standards to record the financial transactions in the books of accounts of company. In this report, three different tasks have been undertaken to record the financial transaction of organization. In this all three parts, financial transactions of Accounting Services Pty Ltd have been done. In first task, journal entries are prepared to record the financial transactions in the initial stage. After that journal entries are posted to ledgers and after that trial balance are prepared in tabular form (Weygandt, Kimmel, and Kieso, 2015).
Task-1
Journal entries
In simple words, journal entries in accounting are accounted as logging of transactions into accounting journal items. It assists in several recording of transactions and each of which is done either debit or credit. It is considered that the total of debit must be equal to total of credit (Ruch, and Taylor, 2015).
ACCOUNTING SERVICES PTY LTD.
JOURNAL ENTRIES
FOR APRIL 2018 TO JUNE 2018
Date
Account Title
Debit
Credit
Apr-01
Cash
51000
Accounts receivable
6000
Supplies
12000
Building
122000
Accounts payable
22600
GST
2400
Capital
166000
(being opening entries made)
Apr-01
Accounts receivable
8800
Service Revenue
8800
(being customer invoiced for accounting and tax services)
Apr-04
furniture
16000
Cash
16000
(being office furniture purchased)
Apr-10
Accounts receivable
16000
Service Revenue
16000
(being customers invoiced for financial planning services)
Apr-14
Cash
8000
Accounts receivable
8000
(being cash received from customers)
Apr-15
Cash
8360
Discount
440
Accounts receivable
8800
(being cash received from customer billed on April 1)
Apr-20
Accounts Payable
4000
Cash
4000
(being payment made for office supplies)
Apr-28
Advertisement expenses
4000
Brisbane Voice Newspaper
4000
(being invoice billed for advertisement expenses)
May-07
Salaries
1600
PAYGW
160
Cash
1760
(being salaries paid after deducting taxes)
May-11
Brisbane Voice Newspaper
4000
Cash
4000
(being advertisement expenses paid)
May-15
Gas and electricity bill
240
Accounts Payable
240
(being billing made for gas and electricity)
May-23
Cash
3400
Service Revenue
3400
(being tax services rendered to customers)
May-30
Salaries
1000
PAYGW
100
Office Rent
1200
Cash
2300
(being salaries and office rent paid)
Jun-08
Accounts Payable
240
Cash
240
(being gas and electricity bill paid)
Jun-15
Cash
30000
Furniture
1500
Capital
31500
(being cash and furniture contributed by owners)
Jun-23
Accounts receivable
2000
Service Revenue
2000
(being accounting services rendered to customers)
Jun-29
Water bill
470
Accounts Payable
470
(being bill received for water bill)
Jun-30
Salaries
800
PAYGW
80
Cash
880
(being salaries paid)
Jun-30
Bank fees
20
Bank
20
(being bank fees paid)
Jun-30
Profit & Loss
10110
Discount
440
Gas & electricity bill
240
Advertisement expenses
4000
PAYGW
340
Water bill
470
Office rent
1200
Salaries
3400
Bank fees
20
(being expenses transferred to profit and loss account)
Jun-30
Service Revenue
30200
Profit & loss
30200
(being service revenues transferred to profit & loss)
Jun-30
Profit & loss
20090
Capital
20090
(being profit transferred to capital)
Task-2
Journal to the General Ledger Accounts
The journal entries are later on posted into the general leger accounts with a view to prepare the financial statement of company. The general ledger accounts are supported by the prepared journal entries (Reid, and Myddelton, 2017).
CASH A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-01
To balance b/d
51000
Apr-04
By furniture
16000
Apr-14
To accounts receivable
8000
Apr-20
By Accounts payable
4000
Apr-15
To accounts receivable
8360
May-07
By Salaries
1600
May-23
To service revenue
3400
May-07
By PAYGW
160
Jun-15
To capital
30000
May-11
By Brisbane voice newspaper
4000
May-30
By salaries
1000
May-30
By PAYGW
100
May-30
By office rent
1200
Jun-08
By accounts payable
240
Jun-30
By Salaries
800
Jun-30
By PAYGW
80
By balance c/f
71580
100760
100760
SUPPLIES A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-01
To balance b/d
12000
Jun-30
By balance c/f
12000
12000
12000
ACCOUNTS PAYABLE A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-20
To cash
4000
Apr-01
By balance b/d
22600
Jun-08
To cash
240
May-15
By gas & electricity bill
240
Jun-30
to balance c/f
19070
Jun-29
By water bill
470
23310
23310
CAPITAL A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-30
To balance c/f
217590
Apr-01
By balance b/d
166000
Jun-15
By cash
30000
Jun-15
By furniture
1500
Jun-30
By profit & loss
20090
217590
217590
FURNITURE A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-04
To cash
16000
Jun-30
By balance c/f
17500
Jun-15
To capital
1500
17500
17500
ADVERTISMENT EXPENSES
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-28
To Brisbane voice newspaper
4000
Jun-30
By profit & loss
4000
4000
4000
SALARIES A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
39203
To cash
1600
11110
By profit & loss
3400
11079
To cash
1000
11110
to cash
800
3400
3400
GAS & ELECTRICITY BILL A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
May-15
To accounts payable
240
Jun-30
By profit & loss
240
240
240
WATER BILL A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-29
To accounts payable
470
Jun-30
By profit & loss
470
470
470
ACCOUNTS RECEIVABLE A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-01
To balance b/d
6000
Apr-14
By cash
8000
Apr-01
To service revenue
8800
Apr-15
By cash
8360
Apr-10
To service revenue
16000
Apr-15
By discount
440
Jun-23
To service revenue
2000
Jun-30
By balance c/f
16000
32800
32800
BUILDING A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-01
To balance b/d
122000
Jun-30
By balance c/f
122000
122000
122000
GST A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-30
To balance c/f
2400
Apr-01
By balance b/d
2400
2400
2400
SERVICE REVENUE A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-30
To profit & loss a/c
28200
Apr-01
By accounts receivable
8800
Apr-10
By accounts receivable
16000
May-23
By cash
3400
28200
28200
DISCOUNT A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Apr-15
To accounts receivable
440
Jun-30
By profit & loss
440
440
440
BRISBANE VOICE NEWSPAPER
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
May-11
To cash
4000
Apr-28
By advertisement expenses
4000
4000
4000
PAYGW A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
May-07
To cash
160
Jun-30
By profit & loss
340
May-30
To cash
100
Jun-30
to cash
80
340
340
OFFICE RENT A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
May-30
To cash
1200
Jun-03
By profit & loss
1200
1200
1200
BANK FEES A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-30
To bank
20
Jun-30
By profit & loss a/c
20
20
20
BANK A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-30
To balance c/f
20
Jun-30
By bank fees
20
20
20
PROFIT & LOSS A/C
DATE
PARTICULARS
AMOUNT
DATE
PARTICULARS
AMOUNT
Jun-30
To Discount
440
Jun-30
By service Revenue
30200
Jun-30
To Gas & electricity bill
240
Jun-30
To Advertisement expenses
4000
Jun-30
To PAYGW
340
Jun-30
To Water bill
470
Jun-30
To Office rent
1200
Jun-30
To salaries
3400
Jun-30
To Bank fees
20
Jun-30
To capital
20090
30200
30200
Task-3
It is analyzed that the Trial balance is the statement of all the debit and credit in double-entry account book with any disagreement or indicating error (Teatime, and Granlund, 2017).
Prepare a Trial Balance
ACCOUNTING SERVICES PTY LTD.
TRIAL BALANCE
AS ON JUNE 30, 2018
ACCOUNT TITLE
DEBIT
CREDIT
Cash
71580
Accounts Receivable
16000
Supplies
12000
Building
122000
Furniture
17500
Bank
20
Accounts payable
19070
GST
2400
Capital
217590
239080
239080
(Miller-Nobles, Mattison, and Matsumura, 2016).
Conclusion
After recording of all these entries of the financial transactions, it would be easy for the accountants to prepare the financials statements of company. These statements are prepared with a view to keep the business financial transactions transparent to its stakeholders.
References
Miller-Nobles, T.L., Mattison, B. and Matsumura, E.M., 2016. Horngren’s Financial & Managerial Accounting: The Managerial Chapters. Pearson.
Reid, W. and Myddelton, D.R., 2017. The meaning of company accounts. Routledge.
Ruch, G.W. and Taylor, G., 2015. Accounting conservatism: A review of the literature. Journal of Accounting Literature, 34, pp.17-38.
Teittinen, H. and Granlund, M., 2017. Accounting Information Systems and decision-making. In The Routledge Companion to Accounting Information Systems (pp. 103-115). Routledge.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John Wiley & Sons.
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