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ACC506 Accounting Fundamentals Reserch

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Course Code: ACC506
University: University Of The Sunshine Coast

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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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