The assignment must be your own individual work; i.e. it is not a group assignment. If it is believed that a student has copied material from another student or any other source without appropriate referencing, the necessary action will be taken under the University’s Student Academic Misconduct Policy: http://www.usc.edu.au/explore/policies-and-procedures/student-academicmisconduct-academic-policy
You have to submit the assignment only electronically via Safe Assignment on the course Blackboard site. If you want to apply for an extension to your submission date, please email Hafij Ullah (email@example.com) to explain the circumstances and attach any necessary supporting documentation. Late penalties will be applied for assignments submitted after midnight on the due date without an approved extension. More details on late penalties are provided in the course outline.
You must complete the assignments using Excel. Necessary guidance on this will be provided in lectures, tutorials and/or computer lab sessions.
Marks will be allocated to each component of the assignment as follows:
Accounting Services Pty Ltd (ASPL), managed by James Kate, provides accounting, taxation, and financial planning services to clients. Note that ASPL is registered for GST. The balance sheet for ASPL as at 1 April 2018 is as follows:
During the three months from April to June, Accounting Services Pty Ltd. conducted the following transactions:
Invoiced customer for various accounting and tax services $8 800, to be paid by customer at end of month.
4 Purchased new office furniture $16 000 cash from Super-A-Mart.
10 Invoiced customer for financial planning services completed $16 000.
14 Received $8 000 payment from customers who have previously been billed.
15 Received payment from customer invoiced on 1 April and allowed $440 (5%) discount.
20 Paid supplier $4 000 for office supplies purchased last month.
28 Received a $4 000 invoice from the Brisbane Voice newspaper for advertising, due to be paid in two weeks.
Paid employee salaries $1 600 cash (net of $160 PAYGW).
11 Paid invoice from the Brisbane Voice in full.
15 Received gas and electricity bill to be paid one month later $240.
23 Provided tax services to customers $3 400 cash.
30 Paid employee salaries $1 000 (net of $100 PAYGW) and Office rent $1 200 cash.
Paid gas and electricity bill dated 15 May.
15 Owners contributed a further $30 000 cash and Furniture valued $1 500 to the business.
23 Provided accounting services to customers for $2 000, payment due in one month.
29 Received water bill $470 to be paid in three weeks.
30 Paid employee salaries $800 (net of $80 PAYGW) and bank fees incurred directly out of business’s bank account $20.
a. Provide journal entries of the transactions (use appropriate format and formula in excel).
b. Post the journal to the General Ledger Accounts (use appropriate format and formula in excel).
c. Prepare a Trial Balance (use appropriate format, formula in excel and follow ALORE order for arranging the accounts).
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