Acc106 Work With Spreadsheet Software Assessment Answers

4.1 The stocktake on 30 June revealed $668 worth of supplies on hand.
4.2 The next wages payment will occur on Thursday 5 July for the employee earnings in the final week of June. N Rider worked for 20 hours between 26th and 30th June; B Gee worked a usual week.
4.3 Calculate the amounts for depreciation expense for each of the three types of non-current Assets: office equipment; computer systems; vehicles (Estimate expense as though assets held for whole of month of June.)
4.4 Calculate and record the adjusting entry for rent for the end of the month given that June rent has been used up.
4.5 During the last week of June, Nelly’s Saddlery earned one third of the advance payment for the Paynter’s Pony Club saddlery work.
4.6 Calculate the Allowance for Doubtful Debts based on 5% of accounts receivable at the end of the year and make the necessary adjusting entry.

5 Accounting Requirements and Instructions
5.1 Spreadsheet software
The file on the course Blackboard site (ACC106 Task 2 Student Templates) contains a series of worksheets that you should use to complete the requirements below. Make changes as required including formulas and links.
5.2 Completing the Accounting Cycle
5.2.1 Record all the business transactions from section 3 above in the relevant special journals and post the Account totals to the relevant ledgers using EXCEL linking function.Use the accounts listed in the Chart of Accounts and enter names of the ledger accounts as required. In the ledgers, use formulas to create running totals.

5.2.2 Prepare an ‘Unadjusted’ Trial Balance as at 30 June 2018 by linking balances in the ledger accounts to the Trial Balance. It will be a ‘Live’ Trial Balance but at this point it is unadjusted as the Adjustments have not yet been posted. When completed, check the debit and credit columns are equal in the Trial Balance. Then copy and special paste (as
values only) the Trial Balance into the Worksheet columns ‘Unadj Trial Balance’. These should not change now as they are raw figures. (Tip: Use Paste Special to paste in as values.)

5.2.3 Record the end of year Adjustments, listed above at section 4, in the Worksheet and complete the Worksheet by calculating balances in the Adjusted Trial Balance columns. Then complete the Income Statement and Balance Sheet columns in the Worksheet.
5.2.4 Record the Adjustments in the General Journal and post these adjustments to the General Ledger using new accounts as necessary. (This will change the figures in your Trial Balance which should now match the Adjusted Trial Balance figures in the Worksheet.)

5.2.5 Prepare the closing entries in the General Journal, and post these to the General Ledger. (As with adjustments, this will change your Trial Balance figures if you have linked correctly. NOW, your Adjusted Trial Balance figures in the Worksheet will NOT match the Trial Balance figures for the Revenue and Expense accounts and totals.) Remember: for closing, close revenue and expense accounts to the Income Summary Account, then close Income Summary Account to the Capital account and finally, close drawings to the Capital account.

5.2.6 Finally, prepare the Financial Statements for 30 June 2018 by copying or linking the appropriate figures into your Financial Statements. Refer to your textbook or course Learning Materials for guidance on the format of these Statements. For Balance Sheet,use the Classified Balance Sheet in report form as demonstrated on p.184 of the text;
and Income Statement and Statement of Changes in Equity as demonstrated on p.240 of the text. (Note, for the Income Statement, there will be three revenue streams including discount received.)

Answer:

Chart of Accounts
Account Name	Account Type	Usual Balance	Account Type
Cash at Bank	Asset	Debit	Current Asset
Accounts Receivable	Asset	Debit	Current Asset
Allowance for Doubtful Debts	Contra - Asset	Credit	Contra - Current Asset
Supplies	Asset	Debit	Current Asset
Inventory	Asset	Debit	Current Asset
Prepaid rent	Asset	Debit	Current Asset
GST Paid	Asset	Debit	Current Asset
Office Equipment	Asset	Debit	Non Current Asset
Accum Dep - Office	Contra - Asset	Credit	Contra - Non Current Asset
Computer Systems	Asset	Debit	Non Current Asset
Accum Dep - Computer	Contra - Asset	Credit	Contra - Non Current Asset
Vehicles	Asset	Debit	Non Current Asset
Accum Dep - Vehicles	Contra - Asset	Credit	Contra - Non Current Asset
Accounts Payable	Liability	Credit	Current Liability
GST Collected	Liability	Credit	Current Liability
Unearned Service Revenue	Liability	Credit	Current Liability
PAYG Tax Payable	Liability	Credit	Current Liability
Superannuation Payable	Liability	Credit	Current Liability
Private health Payable	Liability	Credit	Current Liability
Wages Payable	Liability	Credit	Current Liability
N Gee, Capital	Equity	Credit	Equity
N Gee, Drawings	Equity	Debit	Equity
Sales Revenue	Revenue	Credit	Revenue
Discount Received	Revenue	Credit	Revenue
Service Revenue	Revenue	Credit	Revenue
Cost of Sales	Expenses	Debit	Expenses
Advertising Expense	Expenses	Debit	Expenses
Electriciy Expense	Expenses	Debit	Expenses
Doubtful Debts expense	Expenses	Debit	Expenses
Discount Allowed Expense	Expenses	Debit	Expenses
Wages Expense	Expenses	Debit	Expenses
Supplies Expense	Expenses	Debit	Expenses
Rent Expense	Expenses	Debit	Expenses
Depreciation Expense	Expenses	Debit	Expenses
Income Summary	Temporary only	N/A	Temporary only
CASH PAYMENTS JOURNAL—JUNE	all other acc's not listed
Date		Details	Credits						Debits
			Cash at Bank	Discount Received		Wages			Accounts Payable (inc GST)	Inventory	Prepaid Rent	Supplies	Wages Expense	Drawings	Advertising Exp	Electricity	Other Accounts		GST Paid
			Cash at Bank	GST Paid	Net	PAYG Tax Payable	Private Health Payable	Employer Super Payable	Accounts Payable (inc GST)	Inventory	Prepaid Rent	Supplies	Wages Expense	Drawings	Advertising Exp	Electricity	Account Name	Amt ex GST	GST Paid
02-Jun		Paid rent in advance	2860.00	2600.00	260.00
05-Jun		Saddlery maintenance supplies purchased	2200.00	2000.00	200.00
10-Jun		20 x Top Tack Rugs & 6 x Suede Seat Saddles purchased	6160.00	5600.00	560.00
11-Jun		Advertising expense paid	1650.00	1500.00	150.00
14-Jun		Wages paid	1397.00	255.00	22.00	159.03	1833.03
19-Jun		Drawings made	1300.00	1300.00
21-Jun		Wages paid	1524.00	318.00	22.00	177.08	2041.08
26-Jun		Electricity paid	290.00	263.64	26.36
27-Jun		TechTime	1858.36	5.23	52.25	1915.83
28-Jun		Wages paid	1475.00	291.00	22.00	169.86	1957.86
Total columns here	20714.36	5.23	52.25	864.00	66.00	505.97	1915.83	5600.00	2600.00	2000.00	5831.97	1300.00	1500.00	263.64	0.00	0.00	1196.36
22207.80	22207.80
DR	22,207.80
CR	22,207.80
difference	0
SALES JOURNAL—JUNE
Credit		Debit	Credit	Debit
Date		Details	Sales Revenue	GST Collected	Accounts Receivable	Inventory	Cost of Sales
Date		Details	Sales Revenue	GST Collected	Accounts Receivable	Inventory	Cost of Sales	05-Jun		Clancey's Pony Club	3200	320.00	3,520.00	1,000.00	1,000.00
08-Jun		Mr Banjo	2,440.00	244.00	2,684.00	795.00	795.00
09-Jun		Clancey's Pony Club	4,880.00	488.00	5,368.00	1,590.00	1,590.00
20-Jun		Mr Banjo	2,900.00	290.00	3,190.00	1,657.14	1,657.14
21-Jun		Miss Sunshine	2,530.00	253.00	2,783.00	835.00	835.00
Total columns here	15,950.00	1,595.00	17,545.00	5,877.14	5,877.14
DR	23,422.14
CR	23,422.14
difference	0
PURCHASES JOURNAL —JUNE
Debit				Debit	Credit
Date		Details	Inventory	Vehicles	Computer Systems	Office Furniture	GST Paid	Accounts Payable
Date		Details	Inventory	Vehicles	Computer Systems	Office Furniture	GST Paid	Accounts Payable	01-Jun		Tmart Purchase	21,200.00	2,120.00	23,320.00
02-Jun		SaddleSeat Traders Purchase	6,240.00	624.00	6,864.00
02-Jun		TechTime Purchase	20,900.00	2,090.00	22,990.00
03-Jun		Mitsubishi Purchase	23,620.00	2,362.00	25,982.00
07-Jun		SaddleSeat Traders Purchase	2,340.00	234.00	2,574.00
23-Jun
Total columns here	8,580.00	23,620.00	20,900.00	21,200.00	7,430.00	81,730.00
########	########
DR	81,730.00
CR	81,730.00
difference	0
GENERAL JOURNAL
Date		Details	Debit	Credit
ADJUSTING ENTRIES
June	30	Supplies Expense	1,332.00
Supplies	1332
Supplies used up during the year
June	30	Doubtful Debts expense	232.85
Allowance for Doubtful Debts	232.85
Bad debts provision made for the year
June	30	Rent Expense	$ 650.00
Prepaid rent	650.00
Rent expired for the month of Jun
June	30	Depreciation Expense	1,241.47
Accum Dep - Office	353.33
Accum Dep - Computer	435.42
Accum Dep - Vehicles	452.72
Depreciation charged for the month of June
June	30	Unearned Service Revenue	2,633.33
Service Revenue	2,633.33
Service revenue earned recorded
June	30	Wages Expense	1916.25
PAYG Tax Payable	278.00
Superannuation Payable	166.25
Private health Payable	22.00	DR	8,005.90
Wages Payable	1450.00	CR	8,005.90
Wages accrued for the month of June	difference	0
8005.90	8005.90
CLOSING ENTRIES
June	30	Sales Revenue	22790.00
Discount Received	52.25
Service Revenue	8,343.33
Income Summary	31,185.58
(Income accounts closed to Income Summary)
June	30	Income Summary	21,136.92
Cost of Sales	8,007.14
Advertising Expense	1,500.00
Electriciy Expense	263.64
Doubtful Debts expense	232.85
Discount Allowed Expense	161.60
Wages Expense	7,748.22
Supplies Expense	1,332.00
Rent Expense	650.00
Depreciation Expense	1,241.47
(Expenses accounts closed to Income Summary)
June	30	Income Summary	10,048.67
Capital	10,048.67
(Profit transferred to capital account)
June	30	Capital	1,300.00
Drawings	1,300.00
(Drawings closed to capital account)	DR	63,671.17
CR	63,671.17
difference	0
63,671.17	63,671.17
Schedule of Accounts Receivable						Schedule of Accounts Payable
as at 30 June 2018					as at 30 June 2018
Account Name		Amount	5%	Account Name		Amount
Clancey's Pony Club		0.00	0.00	Tmart		23,320.00
Mr Banjo		1,874.00	93.70	SaddleSeat Traders		9,438.00
Miss Sunshine		2,783.00	139.15	TechTime		21,074.17
Mitsubishi		25,982.00
Total		4,657.00	232.85	Total		79,814.17
Amount showing in Accounts Receivable General Ledger Trial Balance	4,657.00	Amount showing in Accounts Payable General Ledger Trial Balance	79,814.17
Difference between Schedule total and General Ledger balance	0	Difference between Schedule total and General Ledger balance	0
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER					ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Clancey's Pony Club	Tmart
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
05-06-2018	1x Suede Seat	3,520.00	3,520.00	01-06-2018	Office Furniture	23,320.00	23,320.00
09-06-2018	2 x All Purpose Saddle	5,368.00	8,888.00	23,320.00
12-06-2018	Cash received	8,888.00	0.00	23,320.00
0.00	23,320.00
0.00	23,320.00
Mr Banjo	SaddleSeat Traders
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
08-06-2018	1 x All Purpose Saddle	2,684.00	2,684.00	02-06-2018	4 x All Purpose Saddles and 3 x Suede Seat Saddles	6,864.00	6,864.00
20-06-2018	2 x Suede Seat Saddles	3,190.00	5,874.00	07-06-2018	3 x All Purpose Saddles	2,574.00	9,438.00
25-06-2018	Cash received	4,000.00	1,874.00	9,438.00
1,874.00	9,438.00
1,874.00	9,438.00
Miss Sunshine	TechTime
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
21-06-2018	1 x All Purpose Saddle & 1 x Top Tack Rug	2,783.00	2,783.00	02-06-2018	Computer System	22,990.00	22,990.00
2,783.00	27-06-2018	Cash paid	1,915.83	21,074.17
2,783.00	21,074.17
2,783.00	21,074.17
2,783.00	21,074.17
Mitsubishi
Date	Details	Debit	Credit	Balance
03-06-2018	Vehicle	25,982.00	25,982.00
25,982.00
25,982.00
25,982.00
25,982.00
Inventory Reconciliation
30-Jun-18
Item Number	On Hand $
All Purpose Saddle	1,590.00
Suede Seat Saddles	4,142.86
Top Tack Rugs	440.00
Total	6,172.86
Link to General Ledger Inventory	6,172.86
Difference	0
All Purpose Saddle	Purchases			Cost of Sales			Inventory on Hand
Date	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total cost
Cost	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost		Unit No.	Unit Cost	Total cost
02-Jun	4	810	3,240.00	4	810.00	3,240.00
07-Jun	0.00	1	810.00	810.00	3	810.00	2,430.00
07-Jun	3	780	2,340.00	0.00	6	795.00	4,770.00
08-Jun	0.00	1	795.00	795.00	5	795.00	3,975.00
09-Jun	0.00	2	795.00	1,590.00	3	795.00	2,385.00
21-Jun	0.00	1	795.00	795.00	2	795.00	1,590.00
0.00	0.00	#DIV/0!	1,590.00
0.00	0.00	#DIV/0!	1,590.00
Suede Seat Saddles	Purchases			Cost of Sales			Inventory on Hand
Date	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total cost
Cost	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost		Unit No.	Unit Cost	Total cost
02-Jun	3	1000	3000	3	1,000.00	3,000.00
05-Jun	0	1	1,000.00	1,000.00	2	1,000.00	2,000.00
07-Jun	0	1	1,000.00	1,000.00	1	1,000.00	1,000.00
10-Jun	6	800	4800	0.00	7	828.57	5,800.00
20-Jun	0	2	828.57	1,657.14	5	828.57	4,142.86
Top Tack Rugs	Purchases			Cost of Sales			Inventory on Hand
Date	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost	Total	Unit No.	Unit Cost	Total cost
Cost	Unit No.	Unit Cost	Total cost	Unit No.	Unit Cost		Unit No.	Unit Cost	Total cost
10-Jun	20	40	800.00	20	40.00	800.00
13-Jun	8	40.00	320.00	12	40.00	480.00
21-Jun	1	40.00	40.00	11	40.00	440.00
#DIV/0!	440.00
REVENUE					EXPENSES
Sales Revenue					Cost of Sales
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
30-Jun	Cash Receipt Journal (CRJ)	6,840.00	6,840.00	30-Jun	Cash Receipt Journal (CRJ)	########	2130.00
30-Jun	Sales Journal (SJ)	15,950.00	22,790.00	30-Jun	Sales Journal (SJ)	########	8007.14
30-Jun	General Journal (GJ)	#######	-	30-Jun	General Journal (GJ)	$ 8,007.14	0.00
-	0.00
-	0.00
-	0.00
-	0.00
-	0.00
Discount Received					Advertising Expense
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
30-Jun	Cash Payment Journal (CPJ)	52.25	52.25	30-Jun	Cash Payment Journal (CPJ)	########	1500.00
30-Jun	General Journal (GJ)	$ 52.25	0	30-Jun	General Journal (GJ)	1,500.00	0.00
0	0.00
0	0.00
0	0.00
0	0.00
0	0.00
-	0.00
Service Revenue					Electricity Expense
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
30-Jun	Cash Receipt Journal (CRJ)	5,710.00	5,710.00	30-Jun	Cash Payment Journal (CPJ)	$ 263.64	263.64
30-Jun	General Journal (GJ)	2,633.33	8,343.33	30-Jun	General Journal (GJ)	263.64	0.00
30-Jun	General Journal (GJ)	8,343	-	0.00
-	0.00
-	0.00
-	0.00
-	0.00
-	0.00
Income Summary					Doubtful Debts expense
Date	Details	Debit	Credit	Balance	Date	Details	Debit	Credit	Balance
30-Jun	General Journal (GJ)	31,185.58	31,185.58	30-Jun	General Journal (GJ)	$ 232.85	232.85
30-Jun	General Journal (GJ)	10,048.67	30-Jun	General Journal (GJ)	232.85	0.00
30-Jun	General Journal (GJ)	10,049	-	0.00
-	0.00
-	0.00
-	0.00
-	0.00
-	0.00
Discount Allowed Expense
Date	Details	Debit	Credit	Balance
43281	Cash Receipt Journal (CRJ)	$ 161.60	161.60
30-Jun	General Journal (GJ)	161.60	0.00
0.00
0.00
0.00
0.00
0.00
0.00
Wages Expense
Date	Details	Debit	Credit	Balance
30-Jun	Cash Payment Journal (CPJ)	########	5831.97
30-Jun	General Journal (GJ)	########	7748.22
30-Jun	General Journal (GJ)	$ 7,748.22	0.00
0.00
0.00
0.00
0.00
0.00
Supplies Expense
Date	Details	Debit	Credit	Balance
30-Jun	General Journal (GJ)	########	1332.00
30-Jun	General Journal (GJ)	1,332.00	0.00
0.00
0.00
0.00
0.00
0.00
0.00
Rent Expense
Date	Details	Debit	Credit	Balance
30-Jun	General Journal (GJ)	$ 650.00	650.00
30-Jun	General Journal (GJ)	650.00	0.00
0.00
0.00
0.00
0.00
0.00
0.00
Depreciation Expense
Date	Details	Debit	Credit	Balance
30-Jun	General Journal (GJ)	########	1241.47
30-Jun	General Journal (GJ)	1,241.47	0.00
0.00
0.00
0.00
0.00
0.00
0.00

Buy Acc106 Work With Spreadsheet Software Assessment Answers Online

Talk to our expert to get the help with Acc106 Work With Spreadsheet Software Assessment Answers to complete your assessment on time and boost your grades now

The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks.Â The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.

Get Online Support for Acc106 Work With Spreadsheet Software Assessment Answers Assignment Help Online

Not the Exact Question you were looking for ? Post your question for assignment help and get instant help on your homework and assignment questions from our experts