Essay: Tips for Accounting Success.

Review the lecture notes and read the text before attending 3 hours weekly lectures. Work through the chapter examples. Attempt the end of text chapter multiple choice Quick Check questions before class. Read the topic materials in Interact2. Attempt the topic multiple choice, matching, blank space and problem questions. Check the solutions provided. Attempt the assignment questions week by week. Watch the videos on worksheets, the ABC learning case study and inventory systems. Your conscientious attempt at the assignment questions will be
good preparation for the final exam.

The assignments in this subject are designed to assess the subject learning outcomes including your acquired knowledge and skills. Tasks include exercises, problems, discussion questions, questions related to computing skills and business report writing. The assignment tasks are designed, in general, to follow the topics shown on the weekly schedule. Thus, they are structured so as to simulate a pattern of weekly learning. Students are strongly encouraged to
attempt this subject by studying on a regular (weekly) basis and, if possible, to get ahead of the schedule.It is essential in accounting and finance that students work continuously throughout the session.It is in your interest to submit assignments by the due date, noting timely feedback to all Charles Sturt University Subject Outline students requires that assignment deadlines are maintained.

For each assessment task, you are required to complete all questions in the correct sequence and submit all necessary workings. Note the special requirements for the spreadsheet tasks in your assignments (refer to the 'Requirements' section).


P	Proprietorship	Barlett, Drawings; Capital
A	Assets	Supplies, Accounts Receivable, Cash, Equipment, Prepaid Insurance
L	Liabilities	Long Term Loan Payable, Salary Payable, Accumulated Depreciation, Accounts Payable, Unearned Revenue
E	Expenses	Rent Expense, Supplies Expense, Salary Expense, Depreciation Expense, Advertisement Expense, Insurance Expense, Interest Expense
R	Revenue	Service Revenue
In the books of Greenplace
Journal Entries
		Dr.	Cr.
Date	Particulars	Amount	Amount2

28-04-2017	Supplies	$1,200
	Accounts Payable		$1,200

29-04-2017	Rent Expense	$3,500
	Cash		$3,500

30-04-2017	Cash	$5,600
	Accounts Receivable		$5,600


	In the books of Greenplace
	Trial Balance
	as on 30 April 2017
		Dr.	Cr.
	Particulars	Amount	Amount2

	Rent Expense	$5,200
	Supplies Expense	$1,200
	Long Term Loan Payable		$45,000
	Berlett, Drawings	$5,000
	Salary Expense	$18,600
	Salary Payable		$18,400
	Service Revenue		$65,000
	Supplies	$4,500
	Capital		$29,780
	Depreciation Expense	$9,800
	Accounts Receivable	$35,500
	Cash	$20,000
	Accumulated Depreciation		$25,200
	Accounts Payable		$25,800
	Equipment	$1,20,000
	Advertising Expense	$7,500
	Insurance Expense	$3,600
	Interest Expense	$3,880
	Prepaid Insurance	$8,600
	Unearned Revenue		$34,200

	Total	$2,43,380	$2,43,380
In the books of Greenplace
Adjustment Entries
		Dr.	Cr.
Date	Particulars	Amount	Amount2

30-04-2017	Unearned Revenue	$19,200
	Service Revenue		$19,200

	Depreciation Expense	$12,500
	Accumulated Depreciation		$12,500

	Salary Expense	$3,500
	Salary Payable		$3,500

	Insurance Expense	$6,200
	Prepaid Insurance		$6,200

	Supplies Expense	$1,750
	Supplies		$1,750
Dr.	Rent Expense A/c.				Cr.		Dr.	Long Term Loan Payable A/c.
30-04-2017	To, Balance b/d	5200	30-04-2017	By, Balance c/d	5200		30-04-2017	To, Balance c/d	45000	30-04-2017	By, Balance b/d

		5200			5200				45000

Dr.	Supplies Expense A/c.				Cr.		Dr.	Salary Payable A/c.
30-04-2017	To, Balance b/d	1200	30-04-2017	By, Balance c/d	2950		30-04-2017	To, Balance c/d	21900	30-04-2017	By, Balance b/d
	To, Supplies A/c.	1750									By, Salary Expense A/c.
		2950			2950				21900

Dr.	Bartlett, Drawings A/c.				Cr.		Dr.	Service Revenue A/c.
30-04-2017	To, Balance b/d	5000	30-04-2017	By, Balance c/d	5000		30-04-2017	To, Balance c/d	85000	30-04-2017	By, Balance b/d
											By, Unearned Revenue A/c.
		5000			5000				85000

Dr.	Salary Expense A/c.				Cr.		Dr.	Capital A/c.
30-04-2017	To, Balance b/d	18600	30-04-2017	By, Balance c/d	22100		30-04-2017	To, Balance c/d	29780	30-04-2017	By, Balance b/d
	To, Salary Payable A/c.	3500
		22100			22100				29780

Dr.	Supplies A/c.				Cr.		Dr.	Accumulated Depreciation A/c.
30-04-2017	To, Balance b/d	4500	30-04-2017	By, Supplies Expense A/c.	1750		30-04-2017	To, Balance c/d	37700	30-04-2017	By, Balance b/d
				By, Balance c/d	2750						By, Depreciation Expense A/c.
		4500			4500				37700

Dr.	Depreciation Expense A/c.				Cr.		Dr.	Accounts Payable A/c.
30-04-2017	To, Balance b/d	9800	30-04-2017	By, Balance c/d	22300		30-04-2017	To, Balance c/d	25800	30-04-2017	By, Balance b/d
	To, Accumulated Depreciation A/c.	12500
		22300			22300				25800

Dr.	Accounts Receivable A/c.				Cr.		Dr.	Unearned Revenue A/c.
30-04-2017	To, Balance b/d	35500	30-04-2017	By, Balance c/d	35500		30-04-2017	To, Service Revenue A/c.	19200	30-04-2017	By, Balance b/d
								To, Balance c/d	15000
		35500			35500				34200

Dr.	Cash A/c.				Cr.
30-04-2017	To, Balance b/d	20000	30-04-2017	By, Balance c/d	20000

		20000			20000

Dr.	Equipment A/c.				Cr.
30-04-2017	To, Balance b/d	120000	30-04-2017	By, Balance c/d	120000

		120000			120000

Dr.	Advertising Expense A/c.				Cr.
30-04-2017	To, Balance b/d	7500	30-04-2017	By, Balance c/d	7500

		7500			7500

Dr.	Insurance Expense A/c.				Cr.
30-04-2017	To, Balance b/d	3600	30-04-2017	By, Balance c/d	9800
	To, Prepaid Insurance A/c.	6200
		9800			9800

Dr.	Interest Expense A/c.				Cr.
30-04-2017	To, Balance b/d	3880	30-04-2017	By, Balance c/d	3880

		3880			3880

Dr.	Prepaid Insurance A/c.				Cr.
30-04-2017	To, Balance b/d	8600	30-04-2017	By, Insurance Expense A/c.	6200
				By, Balance c/d	2400
		8600			8600
DATA TABLE:

Particulars	Amount

Rent Expense	$5,200
Supplies Expense	$1,200
Long Term Loan Payable	$45,000
Berlett, Drawings	$5,000
Salary Expense	$18,600
Salary Payable	$18,400
Service Revenue	$65,000
Supplies	$4,500
Capital	$29,780
Depreciation Expense	$9,800
Accounts Receivable	$35,500
Cash	$20,000
Accumulated Depreciation	$25,200
Accounts Payable	$25,800
Equipment	$1,20,000
Advertising Expense	$7,500
Insurance Expense	$3,600
Interest Expense	$3,880
Prepaid Insurance	$8,600
Unearned Revenue	$34,200

Additional Information:
Supplies Consumed within the period	$1,750
Prepaid insurance expired	$6,200
Unearned revenue earned	$19,200
Depreciation charged	$12,500
Salary due	$3,500


Adjustment Worksheet:
	Pre-Adjustment Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
Particulars	Debit	Credit	Debit 2	Credit3	Debit 4	Credit5	Debit 6	Credit7	Debit 8	Credit9

Rent Expense	$5,200		$6,200		$11,400		$11,400
Supplies Expense	$1,200		$1,750		$2,950		$2,950
Long Term Loan Payable		$45,000				$45,000				$45,000
Berlett, Drawings	$5,000				$5,000				$5,000
Salary Expense	$18,600		$3,500		$22,100		$22,100
Salary Payable		$18,400		$3,500		$21,900				$21,900
Service Revenue		$65,000		$19,200		$84,200		$84,200
Supplies	$4,500			$1,750	$2,750				$2,750
Capital		$29,780				$29,780				$29,780
Depreciation Expense	$9,800		$12,500		$22,300		$22,300
Accounts Receivable	$35,500				$35,500				$35,500
Cash	$20,000				$20,000				$20,000
Accumulated Depreciation		$25,200		$12,500		$37,700				$37,700
Accounts Payable		$25,800				$25,800				$25,800
Equipment	$1,20,000				$1,20,000				$1,20,000
Advertising Expense	$7,500				$7,500		$7,500
Insurance Expense	$3,600				$3,600		$3,600
Interest Expense	$3,880				$3,880		$3,880
Prepaid Insurance	$8,600			$6,200	$2,400				$2,400
Unearned Revenue		$34,200	$19,200			$15,000				$15,000

TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$73,730	$84,200	$1,85,650	$1,75,180
Add:Profit							$10,470			$10,470
GRAND TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$84,200	$84,200	$1,85,650	$1,85,650
Adjustment Worksheet:
	Pre-Adjustment Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
Particulars	Debit	Credit	Debit 2	Credit3	Debit 4	Credit5	Debit 6	Credit7	Debit 8	Credit9

Rent Expense	$5,200		$6,200		$11,400		$11,400
Supplies Expense	$1,200		$1,750		$2,950		$2,950
Long Term Loan Payable		$45,000				$45,000				$45,000
Berlett, Drawings	$5,000				$5,000				$5,000
Salary Expense	$18,600		$3,500		$22,100		$22,100
Salary Payable		$18,400		$3,500		$21,900				$21,900
Service Revenue		$65,000		$19,200		$84,200		$84,200
Supplies	$4,500			$1,750	$2,750				$2,750
Capital		$29,780				$29,780				$29,780
Depreciation Expense	$9,800		$12,500		$22,300		$22,300
Accounts Receivable	$35,500				$35,500				$35,500
Cash	$20,000				$20,000				$20,000
Accumulated Depreciation		$25,200		$12,500		$37,700				$37,700
Accounts Payable		$25,800				$25,800				$25,800
Equipment	$1,20,000				$1,20,000				$1,20,000
Advertising Expense	$7,500				$7,500		$7,500
Insurance Expense	$3,600				$3,600		$3,600
Interest Expense	$3,880				$3,880		$3,880
Prepaid Insurance	$8,600			$6,200	$2,400				$2,400
Unearned Revenue		$34,200	$19,200			$15,000				$15,000

TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$73,730	$84,200	$1,85,650	$1,75,180
Add:Profit							$10,470			$10,470
GRAND TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$84,200	$84,200	$1,85,650	$1,85,650

Capital as on 30/4/17	$35,250

In the books of Greenplace
Balance Sheet
As on 30 April,2017

Particulars	Amount
ASSETS:
Current Assets:
Supplies	$2,750
Accounts Receivable	$35,500
Prepaid Insurance	$2,400
Cash	$20,000

Total Current Assets	$60,650

Fixed Assets:
Equipment	$1,20,000
Less: Accumulated Depreciation	-$37,700

Total Non-Current Assets	$82,300

TOTAL ASSETS	$1,42,950

LIABILITIES:
Current Liabilities:
Salary Payable	$21,900
Accounts Payable	$25,800
Unearned Revenue	$15,000

Total Current Liabilities	$62,700

NON-CURRENT LIABILITIES:
Long Term Loan Payable	$45,000

Total Non-Current Liabilities	$45,000

TOTAL LIABILITIES	$1,07,700

Capital:
Capital Balance	$35,250
TOTAL CAPITAL	$35,250

TOTAL LIABILITIES & CAPITAL	$1,42,950
Particulars	Amount

Current Assets	60650
Current Liabilities	62700

Current Ratio	0.967



Particulars	Amount

Total Liabilities	107700
Total Assets	142950

Debt Ratio	0.753

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Essay: Tips For Success In Accounting And Finance, With Assignments.. Retrieved from https://myassignmenthelp.com/free-samples/acc566-acc-systems-and-processes/strongly-encouraged.html.

"Essay: Tips For Success In Accounting And Finance, With Assignments.." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/acc566-acc-systems-and-processes/strongly-encouraged.html.

My Assignment Help (2021) Essay: Tips For Success In Accounting And Finance, With Assignments. [Online]. Available from: https://myassignmenthelp.com/free-samples/acc566-acc-systems-and-processes/strongly-encouraged.html
[Accessed 26 April 2024].

My Assignment Help. 'Essay: Tips For Success In Accounting And Finance, With Assignments.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acc566-acc-systems-and-processes/strongly-encouraged.html> accessed 26 April 2024.

My Assignment Help. Essay: Tips For Success In Accounting And Finance, With Assignments. [Internet]. My Assignment Help. 2021 [cited 26 April 2024]. Available from: https://myassignmenthelp.com/free-samples/acc566-acc-systems-and-processes/strongly-encouraged.html.