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BZ102 Accounting Principles
Questions:
Information below is provided for a retail business which sells household appliances and electrical goods.
1. i. Prepare General Journal entries for the balance day adjustments as at 30th June, in the current year.
ii. Separately show your workings or provide an explanation of your reasoning for each of the transactions.
a) The business received its electricity bill on 29 June, for $1425. This covered usage of electricity from 15 March to 15 June. The bill was filed and will be paid by the due date of 10 July.
b) The business paid $880 on 1 September last year for twelve months’ car insurance. At the time of the transaction, Insurance Expense was debited and Cash at Bank credited, for $880.
c) Employees are paid every Monday morning for the previous five day working week. $5,369 of wages was paid on Monday 2nd July.
d) A customer paid a deposit of $400 on 29 June, for a three-month service contract commencing 1 July. On 29 June, the accountant recorded a debit to Cash at Bank
of $400 and a credit of $400 to Service Fees Revenue account.
e) The business met their sales goal of 100 Phillips brand televisions sold for June. They expect to receive commission revenue of $550 from Phillips in the last week of July.
2. A friend of yours who has recently commenced business, mentions that she thinks it is a waste of time to record adjusting entries at year end. For example, she feels it is unnecessary to adjust for additional expenses incurred in the current year, but not yet paid, as “it is just a timing difference and it will make this year’s profits look worse if I include more expenses. I’ll claim them next year when they are actually paid.”
Comment on this attitude, taking into consideration accounting theory and possible ethical issues of failing to present complete and accurate information.
This whole task should take approximately 1 – 2 hours to complete.
These instructions step you through the set up of a business on MYOB, then will also provide step-by-step instructions for recording a number of business transactions and preparing reports. You will then have the opportunity to complete some transactions without detailed prompting.
You will also make an entry to reflect the security deposit you are required to make on the lease of your workshop. The security deposit is considered an asset since the money will be returned upon completion of the lease. It is still “owned’ by the business and therefore an asset.
BZ102 Accounting Principles
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