辅导案例-ACCT7101

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ACCT7101 Accounting – Assignment #1

Problem sets: Journal Entries, Posting, and Financial Statements
Due Date for Submission: 12 pm Monday 13th April 2020
(Weight: 25% of Final Grade)
Aims of this assignment

This assignment aims to develop your
a) ability to understand the concept of accrual accounting, and
b) skills and knowledge to complete the accounting recording process.

This assignment is to be completed on an individual basis.

Your submitted assignment must be entirely your own work. You may seek guidance from
lecturers, tutors or fellow students to clarify concepts or the application of concepts to the
financial reporting in general. Advice that is clearly associated with the assignment tasks
cannot be sought or provided.

Plagiarism is the submission of work or ideas which are not your own but for which academic
credit is claimed. It is important that you review the University’s policy on plagiarism. The
originality of your assignment will be assessed by the Turn-it-in system. Information from the
course profile relating to plagiarism is reproduced below.

Plagiarism

The University has adopted the following definition of plagiarism:

Plagiarism is the act of misrepresenting as one's own original work the ideas, interpretations,
words or creative works of another. These include published and unpublished documents,
designs, music, sounds, images, photographs, computer codes and ideas gained through
working in a group. These ideas, interpretations, words or works may be found in print and/or
electronic media.

Students are encouraged to read the UQ Student Integrity and Misconduct policy
(http://ppl.app.uq.edu.au/content/3.60.04-student-integrity-and-misconduct) which makes a
comprehensive statement about the University's approach to plagiarism, including the
approved use of plagiarism detection software, the consequences of plagiarism and the
principles associated with preventing plagiarism.

Assignment overview

Students are required to answer the following two problem sets related to the accounting
recording process.

- [Journalising, posting, adjusting, closing, and the financial statements]-
Q1. Ben Consulting Inc. completed the following transactions during its first month of
operations for March 2020. (Note: Ignore GSTs)

01 Mar Ben Consulting Inc. began operations by issuing shares for $8,000 cash and a laptop
worth $3,000
01 Mar Paid $1,500 cash for office supplies
01 Mar Borrowed $12,000 from the bank
01 Mar Prepaid $1,800 for 9-month insurance policy effective 1 March.
07 Mar Performed consulting services for a customer and received $1,300 cash
10 Mar Completed a consulting job, invoiced the customer $4,500 which is due to be
collected within two weeks
14 Mar Paid employee salary, $1,200
15 Mar Received $10,000 cash for performing consulting services
18 Mar Collected $1,000 in advance for consulting service to be performed later
20 Mar Collected $4,500 cash from a customer on account
24 Mar Performed consulting services on credit, $1,800
28 Mar Paid employee salary, $1,200
31 Mar $200 amount of interest expenses are accrued
31 Mar Paid $1,500 cash dividend
31 Mar Paid office rent, $2,000. This rent is for the month of March

Ben Inc. – Chart of accounts
Assets Liabilities Equity Revenues Expenses
100 Cash 202
Salaries
payable
300
Share
capital
400
Service
revenue
500
Salaries
expense
105
Accounts
receivable
203
Unearned
service
revenue
305
Retained
earnings
503
Office
supplies
expense
110
Office
supplies
205 Bank loan 310 Dividends 504
Depreciation
expense
111
Prepaid
insurance
210
Interest
payable
330
Income
summary
505
Insurance
expense
112 Laptop 510
Interest
expense
113
Accumulated
depreciation
520 Rent expense

a. Record each transaction in the journal. (Note: Narrations are not required.)

b. Post the journal entries using the T-accounts.

c. Prepare a trial balance for the month ended 31 March 2020.

d. Journalise the following adjustments given at 31 March 2020.

1) Accrued salary expense, $300
2) Depreciation expense $150
3) Prepaid insurance expired, $200
4) Office supplies on hand, $1,000
5) Unearned service revenue earned during March 2020, $500

e. Post adjusting entries to the T-accounts.

f. Prepare an adjusted trial balance.

g. Prepare the statement of profit or loss and a calculation of retained earnings for
March, and prepare a statement of financial position as at 31 March.

h. Journalise and post closing entries and complete the closing process as if it were the
end of the financial month.


- [Inventory using the perpetual system: FIFO & LIFO]-
Q2. In the following month (April 2020), Ben Consulting Inc. completed the following
transactions. (Note: Ignore GSTs)

02 Apr Ben Consulting Inc. completed a consulting engagement and received cash of $8,200
02 Apr Prepaid three months’ office rent, $5,400
08 Apr Purchased 120 units software inventory on credit, $1,800.
11 Apr Paid employee salary, $1,200
14 Apr Sold 40 software units on credit, $1,000
16 Apr Consulted with a client for a fee of $2,500 on credit.
18 Apr Purchased 250 units software inventory on cash, $3,000
21 Apr Sold 120 software units for cash, $2,800
25 Apr Purchased 100 units software inventory on credit, $1,800
25 Apr Paid employee salary, $1,200
26 Apr Paid on account, $2,400
28 Apr Sold 220 software units for cash, $4,800
29 Apr Performed consulting services on credit, $2,500
30 Apr $200 amount of interest expenses are accrued
30 Apr Recorded the following adjusting entries:
Accrued salary expense: $600
Depreciation: $150
Expiration of prepaid rent: $1,800
Office supplies on hand: $200
Prepaid insurance expired: $200
Unearned service revenue earnings during April 2020: $500


Ben Inc. – Chart of accounts
Assets Liabilities Equity Revenues Expenses
100 Cash 200
Accounts
payable
300
Share
capital
400
Service
revenue
500
Salaries
expense
105
Accounts
receivable
202
Salaries
payable
305
Retained
earnings
410
Sales
Revenue
503
Office
supplies
expense
110
Office
Supplies
203
Unearned
service
revenue
310 Dividends 504
Depreciation
expense
111
Prepaid
insurance
205 Bank loan 330
Income
summary
505
Insurance
expense
112 Laptop 210
Interest
payable
510
Interest
expense
113
Accumulated
depreciation
520 Rent expense
120
Software
inventory
530
Cost of sale -
Software
131 Prepaid rent


(a) Considering that Ben Inc. estimates inventory using FIFO method under perpetual
inventory system, please (1) journalise and (2) post April transactions. (Note: Posting
process requires opening & closing balances.)

(b) Journalise and post adjusting entries. (Note: Posting process requires opening &
closing balances.)

(c) Let’s suppose that Ben Inc. estimates inventory using LIFO method under perpetual
inventory system. Please journalise April transactions under this assumption.




Assignment administration

Format

Submit your work as a single PDF document. Include your student number and name as a
header to the document.

The assignment should be prepared hand-written in order to mitigate cheating issues.
Students may present either scanned hand-written answers or digital hand-written notes using
their tablets.


Submission

Submit your assignment before or on the due date. Follow the instructions below.

Submit the assignment electronically as a PDF to the Turn-it-in link in the course Blackboard,
under the “Assessment” tab, then under “Assignment #1 Problem Sets”. Follow the
submission instructions. The title of your assignment must be your student number followed
by your name.


Late submission

An assignment submitted after the due date and time for which no extension has been granted
prior to the due date will incur a late submission penalty. The penalty is applied at the rate of
5% of the total available marks for the assignment for each calendar day or part thereof that
the assignment remains overdue.


Extension of due date

Requests for granting an extension to the due dates must be made in writing and signed (not
via email) to the Course Coordinator at least 24 hours prior to the submission date. The
request must contain documentation satisfactorily supporting the request. If an extension is
approved, the new agreed date for submission will be noted on the application together with
the Course Coordinator’s and the student’s signatures and a copy returned to the student.


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