New! Hire Essay Assignment Writer Online and Get Flat 20% Discount!!Order Now

ACC110 Accounting

Published : 20-Sep,2021  |  Views : 10

Question:

  1. When a discount is received, or allowed, you are requiredto adjust the associated GST Paid or Collected.
  2. Should any GST or discount calculations not result in whole $ values, you can round the result to the nearest whole $.
  • When using Excel, you are expected to use the appropriate excel functions including, but not restricted to:
  • ‘sum’
  • Bordering
  • Cell merging
  • Wrap text
  • Correct alignment of numbers and text
  • Correct identification of values as $ amounts
  • Correct ruling off of totals
  1. Prior to commencing this assignment please ensure you have read the following from the subject's Interact Resources site:
  • Assessment Item 2 folder - a voice over powerpoint, a further guidance document, and an Excel template.
  • Other Topic Resources – Topic 1 Journal Posting Illustrations.

Ms Bucknell has provided a list of the transactions which occurred during the month of January, as well as the business’s trial balance as at 31 December, 2016.

The transactions for January 2017 were as follows:

January   2 Purchased inventory on credit from Pony Ltd $5,280 (GST inclusive).

  2 Paid $5,723 (Cheque No. 1010) to JCN Electrical, after receiving a discount of $170, as payment for inventory purchased in December.  

  3 Purchased office equipment $1,870 (GST inclusive) from Discount Office Supplies. Paid with Cheque No. 1011.

  3 Received $10,650 owing from Pikea Ltd for the full amount outstanding on their account. Issued receipt No. 115.

  4 Obtained a loan of $15,000 from Aunt Belinda (a family member of Fiona Bucknell).  Principal and interest of 10% pa is to be paid at the end of June, 2017.  The loan proceeds were immediately transferred into the business’s bank account.

  6 Sold inventory on credit to Hypertronics $4,950 (GST inclusive). Terms 2/7, n/30. Invoice No. 94.

  8 Cash purchase of office supplies from Office Works $990 (GST inclusive). Paid with cheque No. 1012.

  9 Purchased inventory on credit from Mega Tech $10,450 (GST inclusive).

10 Cash sale of inventory $4,400 (GST inclusive). Receipt No. 116

12 Received $4,851 owing from Hypertronics. Receipt No 117.

15 Sold inventory on credit to Radio Hut $32,153 (GST inclusive). Invoice No. 95.

17 Returned faulty inventory purchased from Mega Tech $660 (GST inclusive).

19 Purchased $7,216 (GST inclusive) of inventory on credit from Moon Megasystems Ltd. Paid $3,500 by cheque No. 1013 as a part payment.  The remainder of the purchase was on credit.

22 Radio Hut return unsuitable inventory $3,300 (GST inclusive), resulting in a credit to their account.

23 Sold $13,530 (GST inclusive) inventory on credit to Pikea. Invoice No. 96

25 Paid $9,790 (Cheque No 1014) owing to Mega Tech.

27 Received $28,853 owing from Radio Hut.  Receipt No. 118.

29   Paid $1,210 (GST inclusive) to SolEnergy for current month electricity bill. (Cheque No. 1015).

30 Issued Cheque No. 1016 for $230 to BCA Bank for current month’s interest on bank loan.

30 Issued Cheque No. 1017 for $660 (GST inclusive) to Telco for current month’s telephone bill.

31 Issued Cheque No 1019 for $2,640 to pay the current month’s salary of the sales consultant.

  • Prepare general journal entries to record the January transactions as identified below. Notations/descriptions are
  • Open general ledger accounts (T-Bar ORRunning Balance format) for each account shown on the 31 December 2016 trial balance and
    • enter the opening balance (for 1 January 2017) for each account ie the balance as shown in the 31 December 2016 Trial Balance.
      • Post the entries from the general journal to the general ledger accounts and enter the posting references in the general journal.
    • Balance off each general ledger account and prepare a trial balance as at 31 January 2017.

Answer:

DATE PARTICULARS BAL
1-Jan-17 Opening Balance $78,560
2-Jan-17 Accounts Payable A/c. $72,837
3-Jan-17 Property & Equipment at Cost A/c. $71,137
3-Jan-17 Accounts Receivable A/c. $81,617
4-Jan-17 Short-Term Loan A/c. $96,617
8-Jan-17 Office Supplies A/c. $95,717
10-Jan-17 Sales A/c. $99,627
12-Jan-17 Accounts Receivable A/c. $1,04,878
19-Jan-17 Accounts Payable A/c. $1,01,378
25-Jan-17 Accounts Payable A/c. $91,588
27-Jan-17 Accounts Receivable A/c. $1,20,441
29-Jan-17 Electricity Expense A/c. $1,19,341
30-Jan-17 Interest Expense A/c. $1,19,001
30-Jan-17 Telephone Expense A/c. $1,18,401
30-Jan-17 Salary Expense A/c. $1,15,701
31-Jan-17 Closing Balance $1,15,701
1-Jan-17 Opening Balance $24,500
3-Jan-17 Bank A/c. $13,850
6-Jan-17 Sales A/c. $18,350
12-Jan-17 Bank A/c. $13,949
15-Jan-17 Sales A/c. $43,080
22-Jan-17 Sales Return & Allowances A/c. $43,003
23-Jan-17 Sales A/c. $55,003
27-Jan-17 Bank A/c. $27,380
31-Jan-17 Closing Balance $27,380
1-Jan-17 Opening Balance $1,110
31-Jan-17 Closing Balance $1,110
1-Jan-17 Opening Balance $62,150
2-Jan-17 Accounts Payable A/c. $66,950
6-Jan-17 Cost of Sales A/c. $63,800
9-Jan-17 Accounts Payable A/c. $73,300
10-Jan-17 Cost of Sales A/c. $70,500
15-Jan-17 Cost of Sales A/c. $50,039
17-Jan-17 Accounts Payable A/c. $49,439
19-Jan-17 Accounts Payable A/c. $55,999
22-Jan-17 Cost of Sales A/c. $58,099
23-Jan-17 Cost of Sales A/c. $49,489
31-Jan-17 Closing Balance $49,489
1-Jan-17 Opening Balance $610
8-Jan-17 Bank A/c. $1,510
1-Jan-17 Opening Balance $52,000
3-Jan-17 Bank A/c. $53,700
31-Jan-17 Closing Balance $53,700
1-Jan-17 Opening Balance $20,500
31-Jan-17 Closing Balance $20,500
1-Jan-17 Opening Balance $34,127
2-Jan-17 Inventory A/c. $38,927
2-Jan-17 Bank A/c. $33,684
9-Jan-17 Inventory A/c. $43,014
17-Jan-17 Inventory A/c. $43,364
19-Jan-17 Inventory A/c. $49,864
25-Jan-17 Bank A/c. $37,230
31-Jan-17 Closing Balance $37,230
Get An Awesome Price Quote For Your Paper – Absolutely FREE!
    Add File
    Files Missing!

    Please upload all relevant files for quick & complete assistance.

    Our Amazing Features

    delivery

    No missing deadline risk

    No matter how close the deadline is, you will find quick solutions for your urgent assignments.

    work

    100% Plagiarism-free content

    All assessments are written by experts based on research and credible sources. It also quality-approved by editors and proofreaders.

    time

    500+ subject matter experts

    Our team consists of writers and PhD scholars with profound knowledge in their subject of study and deliver A+ quality solution.

    subject

    Covers all subjects

    We offer academic help services for a wide array of subjects.

    price

    Pocket-friendly rate

    We care about our students and guarantee the best price in the market to help them avail top academic services that fit any budget.

    Getting started with MyEssayAssignmentHelp is FREE

    15,000+ happy customers and counting!

    Rated 4.7/5 based on
    1491 reviews
    ;