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Prepare Chart of Accounts, Record Transactions, and Prepare Financial Statements

Step-by-step instructions for creating a chart of accounts

A)Prepare a chart of accounts for the business using the following format. Classify the elements as current or non-current – where applicable
Number    Account    Element    Current/NC
101    Cash    Asset    Current

B)Record the December transactions in the appropriate journal: sales, purchases, cash receipts, cash payments and general
C)Post the journals to the general and subsidiary ledgers. New accounts should be added and numbered in an orderly fashion as needed
D)Prepare a trial balance as at 31 December 2019 using a worksheet. Complete the worksheet using the following additional information.
1. Office supplies at 31 December total $900
2. Insurance cover expires on 30 September 2020
3. Equipment has a useful life of 4 years
4. Commission revenue of $39 600 has accrued during December
5. The Warehouse has a useful life of 40 years and residual value of $20,160
6. Inventory at 31 December is $28 800
7. Interest is accrued on the loan at the rate of 5% pa.
E)Prepare a fully classified statement of profit or loss for December and a classified statement of position at the end of December

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