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ACC514 Financial Accounting

tag 0 Download 4 Pages / 893 Words tag 18-06-2021
  • Course Code: ACC514
  • University: Charles Sturt University
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  • Country: Australia

Question:

Aussie Dives (ABN 84 255 732 439) is owned and operated by Fred Mathew and is situated at 100 William Street, Victoria, 3980. Aussie Dives specializes in selling locally manufactured diving equipment and takes students on diving courses in its boat. The business charges GST on all inventory sales and dive lessons and pays GST on inventory purchases and most business expenses.

Aussie Dives employs two casual assistants. Kate Hilton works as a dive instructor on the boat with Fred, and Simon Peggy works in the shop selling stock, and taking bookings for dive lessons. Each employee works between 10 to 15 hours per week, depending on the season and demand. Payday is every second Saturday. The following information is used to calculate their wages: 
 
1. Record the opening balances as at 28 February 2018 in the appropriate general ledger accounts.
2. Record March month’s transactions in the general journal and post these to the general ledger.
3. Record end of month adjustments in the general journal and post these to the general ledger.
4. Prepare a Trial Balance after end of month adjustments as at 31 March 2018
5. Prepare an Income Statement for March 2018 and a Balance Sheet as at 31 March 2018.
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