ACC506 Accounting Fundamentals Reserch

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.

Requirement:

Provide journal entries of the transactions (use appropriate format and formula in excel).
Post the journal to the General Ledger Accounts (use appropriate format and formula in excel).
Prepare a Trial Balance (use appropriate format, formula in excel and follow ALORE order for arranging the accounts).

Answer:

Introduction

Each and every organization needs to use the accounting concepts and standards to record the financial transactions in the books of accounts of company. In this report, three different tasks have been undertaken to record the financial transaction of organization. In this all three parts, financial transactions of Accounting Services Pty Ltd have been done. In first task, journal entries are prepared to record the financial transactions in the initial stage. After that journal entries are posted to ledgers and after that trial balance are prepared in tabular form (Weygandt, Kimmel, and Kieso, 2015).

Task-1

Journal entries

In simple words, journal entries in accounting are accounted as logging of transactions into accounting journal items. It assists in several recording of transactions and each of which is done either debit or credit. It is considered that the total of debit must be equal to total of credit (Ruch, and Taylor, 2015).

ACCOUNTING SERVICES PTY LTD.
JOURNAL ENTRIES
FOR APRIL 2018 TO JUNE 2018
Date	Account Title	Debit	Credit
Apr-01	Cash	51000
	Accounts receivable	6000
	Supplies	12000
	Building	122000
	Accounts payable		22600
	GST		2400
	Capital		166000
	(being opening entries made)

Apr-01	Accounts receivable	8800
	Service Revenue		8800
	(being customer invoiced for accounting and tax services)

Apr-04	furniture	16000
	Cash		16000
	(being office furniture purchased)

Apr-10	Accounts receivable	16000
	Service Revenue		16000
	(being customers invoiced for financial planning services)

Apr-14	Cash	8000
	Accounts receivable		8000
	(being cash received from customers)

Apr-15	Cash	8360
	Discount	440
	Accounts receivable		8800
	(being cash received from customer billed on April 1)

Apr-20	Accounts Payable	4000
	Cash		4000
	(being payment made for office supplies)

Apr-28	Advertisement expenses	4000
	Brisbane Voice Newspaper		4000
	(being invoice billed for advertisement expenses)

May-07	Salaries	1600
	PAYGW	160
	Cash		1760
	(being salaries paid after deducting taxes)

May-11	Brisbane Voice Newspaper	4000
	Cash		4000
	(being advertisement expenses paid)

May-15	Gas and electricity bill	240
	Accounts Payable		240
	(being billing made for gas and electricity)

May-23	Cash	3400
	Service Revenue		3400
	(being tax services rendered to customers)

May-30	Salaries	1000
	PAYGW	100
	Office Rent	1200
	Cash		2300
	(being salaries and office rent paid)

Jun-08	Accounts Payable	240
	Cash		240
	(being gas and electricity bill paid)

Jun-15	Cash	30000
	Furniture	1500
	Capital		31500
	(being cash and furniture contributed by owners)

Jun-23	Accounts receivable	2000
	Service Revenue		2000
	(being accounting services rendered to customers)

Jun-29	Water bill	470
	Accounts Payable		470
	(being bill received for water bill)

Jun-30	Salaries	800
	PAYGW	80
	Cash		880
	(being salaries paid)

Jun-30	Bank fees	20
	Bank		20
	(being bank fees paid)

Jun-30	Profit & Loss	10110
	Discount		440
	Gas & electricity bill		240
	Advertisement expenses		4000
	PAYGW		340
	Water bill		470
	Office rent		1200
	Salaries		3400
	Bank fees		20
	(being expenses transferred to profit and loss account)

Jun-30	Service Revenue	30200
	Profit & loss		30200
	(being service revenues transferred to profit & loss)

Jun-30	Profit & loss	20090
	Capital		20090
	(being profit transferred to capital)

Task-2

Journal to the General Ledger Accounts

The journal entries are later on posted into the general leger accounts with a view to prepare the financial statement of company. The general ledger accounts are supported by the prepared journal entries (Reid, and Myddelton, 2017).

CASH A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-01	To balance b/d	51000	Apr-04	By furniture	16000
Apr-14	To accounts receivable	8000	Apr-20	By Accounts payable	4000
Apr-15	To accounts receivable	8360	May-07	By Salaries	1600
May-23	To service revenue	3400	May-07	By PAYGW	160
Jun-15	To capital	30000	May-11	By Brisbane voice newspaper	4000
			May-30	By salaries	1000
			May-30	By PAYGW	100
			May-30	By office rent	1200
			Jun-08	By accounts payable	240
			Jun-30	By Salaries	800
			Jun-30	By PAYGW	80
				By balance c/f	71580
		100760			100760

SUPPLIES A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-01	To balance b/d	12000	Jun-30	By balance c/f	12000

		12000			12000

ACCOUNTS PAYABLE A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-20	To cash	4000	Apr-01	By balance b/d	22600
Jun-08	To cash	240	May-15	By gas & electricity bill	240
Jun-30	to balance c/f	19070	Jun-29	By water bill	470
		23310			23310

CAPITAL A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-30	To balance c/f	217590	Apr-01	By balance b/d	166000
			Jun-15	By cash	30000
			Jun-15	By furniture	1500
			Jun-30	By profit & loss	20090
		217590			217590

FURNITURE A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-04	To cash	16000	Jun-30	By balance c/f	17500
Jun-15	To capital	1500
		17500			17500

ADVERTISMENT EXPENSES
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-28	To Brisbane voice newspaper	4000	Jun-30	By profit & loss	4000
		4000			4000

SALARIES A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
39203	To cash	1600	11110	By profit & loss	3400
11079	To cash	1000
11110	to cash	800
		3400			3400

GAS & ELECTRICITY BILL A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
May-15	To accounts payable	240	Jun-30	By profit & loss	240
		240			240

WATER BILL A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-29	To accounts payable	470	Jun-30	By profit & loss	470
		470			470

ACCOUNTS RECEIVABLE A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-01	To balance b/d	6000	Apr-14	By cash	8000
Apr-01	To service revenue	8800	Apr-15	By cash	8360
Apr-10	To service revenue	16000	Apr-15	By discount	440
Jun-23	To service revenue	2000	Jun-30	By balance c/f	16000
		32800			32800

BUILDING A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-01	To balance b/d	122000	Jun-30	By balance c/f	122000
		122000			122000

GST A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-30	To balance c/f	2400	Apr-01	By balance b/d	2400
		2400			2400

SERVICE REVENUE A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-30	To profit & loss a/c	28200	Apr-01	By accounts receivable	8800
			Apr-10	By accounts receivable	16000
			May-23	By cash	3400
		28200			28200

DISCOUNT A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Apr-15	To accounts receivable	440	Jun-30	By profit & loss	440
		440			440

BRISBANE VOICE NEWSPAPER
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
May-11	To cash	4000	Apr-28	By advertisement expenses	4000
		4000			4000

PAYGW A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
May-07	To cash	160	Jun-30	By profit & loss	340
May-30	To cash	100
Jun-30	to cash	80
		340			340

OFFICE RENT A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
May-30	To cash	1200	Jun-03	By profit & loss	1200

		1200			1200

BANK FEES A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-30	To bank	20	Jun-30	By profit & loss a/c	20

		20			20

BANK A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-30	To balance c/f	20	Jun-30	By bank fees	20
		20			20

PROFIT & LOSS A/C
DATE	PARTICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
Jun-30	To Discount	440	Jun-30	By service Revenue	30200
Jun-30	To Gas & electricity bill	240
Jun-30	To Advertisement expenses	4000
Jun-30	To PAYGW	340
Jun-30	To Water bill	470
Jun-30	To Office rent	1200
Jun-30	To salaries	3400
Jun-30	To Bank fees	20
Jun-30	To capital	20090
		30200			30200

Task-3

It is analyzed that the Trial balance is the statement of all the debit and credit in double-entry account book with any disagreement or indicating error (Teatime, and Granlund, 2017).

Prepare a Trial Balance

ACCOUNTING SERVICES PTY LTD.
TRIAL BALANCE
AS ON JUNE 30, 2018
ACCOUNT TITLE	DEBIT	CREDIT
Cash	71580
Accounts Receivable	16000
Supplies	12000
Building	122000
Furniture	17500
Bank		20
Accounts payable		19070
GST		2400
Capital		217590
	239080	239080

(Miller-Nobles, Mattison, and Matsumura, 2016).

Conclusion

After recording of all these entries of the financial transactions, it would be easy for the accountants to prepare the financials statements of company. These statements are prepared with a view to keep the business financial transactions transparent to its stakeholders.

References

Miller-Nobles, T.L., Mattison, B. and Matsumura, E.M., 2016. Horngren's Financial & Managerial Accounting: The Managerial Chapters. Pearson.

Reid, W. and Myddelton, D.R., 2017. The meaning of company accounts. Routledge.

Ruch, G.W. and Taylor, G., 2015. Accounting conservatism: A review of the literature. Journal of Accounting Literature, 34, pp.17-38.

Teittinen, H. and Granlund, M., 2017. Accounting Information Systems and decision-making. In The Routledge Companion to Accounting Information Systems (pp. 103-115). Routledge.

Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John Wiley & Sons.

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