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ACC106 Business Scenario And Instructions

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Question:

1 The stocktake on 30 June revealed $668 worth of supplies on hand.
4.2 The next wages payment will occur on Thursday 5 July for the employee earnings in the final week of June. N Rider worked for 20 hours between 26th and 30th June; B Gee worked a usual week.
4.3 Calculate the amounts for depreciation expense for each of the three types of non-current Assets: office equipment; computer systems; vehicles (Estimate expense as though assets held for whole of month of June.)
 
4.4 Calculate and record the adjusting entry for rent for the end of the month given that June rent has been used up.
4.5 During the last week of June, Nelly’s Saddlery earned one third of the advance payment for the Paynter’s Pony Club saddlery work.
4.6 Calculate the Allowance for Doubtful Debts based on 5% of accounts receivable at the end of the year and make the necessary adjusting entry.
5 Accounting Requirements and Instructions

5.1 Spreadsheet software
The file on the course Blackboard site (ACC106 Task 2 Student Templates) contains a series of worksheets that you should use to complete the requirements below. Make changes as required including formulas and links.
5.2 Completing the Accounting Cycle
5.2.1 Record all the business transactions from section 3 above in the relevant special journals and post the Account totals to the relevant ledgers using EXCEL linking function. Use the accounts listed in the Chart of Accounts and enter names of the ledger accounts as required. In the ledgers, use formulas to create running totals. DO NOT POST

5.2.2 Prepare an ‘Unadjusted’ Trial Balance as at 30 June 2018 by linking balances in the ledger accounts to the Trial Balance. It will be a ‘Live’ Trial Balance but at this point it is unadjusted as the Adjustments have not yet been posted. When completed, check the debit and credit columns are equal in the Trial Balance. Then copy and special paste (as
values only) the Trial Balance into the Worksheet columns ‘Unadj Trial Balance’. These should not change now as they are raw figures. (Tip: Use Paste Special to paste in as values.)

5.2.3 Record the end of year Adjustments, listed above at section 4, in the Worksheet and complete the Worksheet by calculating balances in the Adjusted Trial Balance columns. Then complete the Income Statement and Balance Sheet columns in the Worksheet.

5.2.4 Record the Adjustments in the General Journal and post these adjustments to the General Ledger using new accounts as necessary. (This will change the figures in your Trial Balance which should now match the Adjusted Trial Balance figures in the Worksheet.)

5.2.5 Prepare the closing entries in the General Journal, and post these to the General Ledger. (As with adjustments, this will change your Trial Balance figures if you have linked correctly. NOW, your Adjusted Trial Balance figures in the Worksheet will NOT match the Trial Balance figures for the Revenue and Expense accounts and totals.)

Remember: for closing, close revenue and expense accounts to the Income Summary Account, then close Income Summary Account to the Capital account and finally, close drawings to the Capital account.
5.2.6 Finally, prepare the Financial Statements for 30 June 2018 by copying or linking the appropriate figures into your Financial Statements. Refer to your textbook or course Learning Materials for guidance on the format of these Statements. For Balance Sheet,use the Classified Balance Sheet in report form as demonstrated on p.184 of the text;
and Income Statement and Statement of Changes in Equity as demonstrated on p.240 of the text. (Note, for the Income Statement, there will be three revenue streams including discount received.) 
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