\$20 Bonus + 25% OFF

# ACC106 Introduction To Financial Accounting

0 Download37 Pages / 9,001 Words Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

## Question:

4.1 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
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.

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.)

### Cite This Work

My Assignment Help (2021) Introduction To Financial Accounting [Online]. Available from: https://myassignmenthelp.com/free-samples/acc106-introduction-to-financial-accounting/revenue-and-expense.html
[Accessed 10 April 2021].

My Assignment Help. 'Introduction To Financial Accounting' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acc106-introduction-to-financial-accounting/revenue-and-expense.html> accessed 10 April 2021.

My Assignment Help. Introduction To Financial Accounting [Internet]. My Assignment Help. 2021 [cited 10 April 2021]. Available from: https://myassignmenthelp.com/free-samples/acc106-introduction-to-financial-accounting/revenue-and-expense.html.

### Latest Accounting Samples

#### ACC303 Contemporary Issues In Accounting

Answer: The company which has been selected for analysis is 3D Resources Limited and the annual report which is being analyzed is for the period ended 30th June 2018. This is a company which is targeting the discovery of minerals in the provinces and states of Western Australia. It extracts minerals like zinc, lead, gold, copper, nickel and is looking for advanced mineral projects which can help the company in becoming the mineral producer in ...

#### MGB305 Accounting And Finance

Answers: Question 1: a.i) Indicating the payment Jayne should choose: Particulars Value New house  \$ 500,000.0 Time 30.0  Weekly pay 30 * 52 = 1,560.0  Fortnight 30 * 26 = 780.0 Weekly pay interest rate 4.55%/12 = 0.00088 Fortnight interest rate 4.75%/12 = 0.00183 Weekly Payments  \$      ...

Answers: Introduction Decision-making is a continuous process in which managers must engage daily. Advanced Management Accounting is the application of mathematical and accounting technique of analysis to assist the process of decision making. But the application of such techniques demands the knowledge of the various concepts to make the use of such techniques, hence an attempt has been made to discuss few of those concepts like activity-bas...

#### ACCT19066 Accounting Systems And Assurance

Answer:  Introduction: The aspect of effective risk management is a matter of concern for any organization. This may involve business risk, operational risk, financial risk, credit risk, managerial risk and more. Risk is a threat to any organization though if it is able to manage it effectively then the opportunity to utilize risk will come in the form of less or equal amount of return (Chan and Vasarhelyi. 2018). The process of enterpri...

Read More Tags: Australia Gymea Bay Management University of Melbourne

#### MA619 Accounting Research

Answers: a. The company has been currently applying AASB 117 leases in order to account for leases for the year 2017. In order to classify the lease as financial or operating lease the ownership of the risk and rewards. Under the finance lease the ownership of the risk and reward substantially lie with the lessee. Any other case of lease is to be classified as operating lease. Under the current standard for leases operating leases are not sho...

Next

### Save Time & improve Grade

Just share requirement and get customized Solution.

Orders

Overall Rating

Experts

### Our Amazing Features

#### On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

#### Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

#### 24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.

#### Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

#### Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

### Our Experts

5/5

798 Order Completed

97% Response Time

### Benjamin Blakeman

#### London, United Kingdom

5/5

1692 Order Completed

98% Response Time

### Alfred Dodd

#### Wellington, New Zealand

5/5

1896 Order Completed

95% Response Time

### Herman Berens

#### London, United Kingdom

5/5

1758 Order Completed

99% Response Time

### FREE Tools

#### Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

#### Essay Typer

Get different kinds of essays typed in minutes with clicks.

#### Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

#### Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

## Refer Just 5 Friends to Earn More than \$2000

1

1

1

### Live Review

Our Mission Client Satisfaction

You did a great work. I really like the page arrangement, you follow the brief, impressed how quick you ve been with your work

#### User Id: 133180 - 10 Apr 2021

Australia

prompt response and well done on the work They are professional. Legit. Customer service is excellent. Most of the time they deliver the work on time quality of the work in English and creative writing is excellent. In physics they are good .If the...

#### User Id: 133180 - 10 Apr 2021

Australia

after reading the answer it seems pretty good. but still waiting for my grades. i got marks in my previous assignment.

#### User Id: 496434 - 10 Apr 2021

Australia

Need to find experts in the field. The solutions were not 100% correct althought they were okay.

Australia

## Order on the go!

Say hello to our new app