Acc5000 Assignment 1 Due 20th August 2018 This Assignment Is Designed To Give You Th 2803979

ACC5000 Assignment 1 Due: 20th August 2018 This assignment is designed to give you the opportunity to: • Understand and apply accounting concepts to transactions and accounting cycles…(Course Objective 1). • Use and understand the applications of software for preparation…of financial statements (Course Objective 3). Assignment Preparation and Submission Please follow these instructions: 1. Only one file will be accepted. If more than one file is uploaded, the first file listed will be marked. Do not submit a cover sheet. 2. Use the following naming protocol: [firstnamesurname_ACC5000_Assignment1.docx]. For example: gregoryjones_ACC5000_Assignment1.docx 3. Use excel to answer the assignment requirements. 4. Answer each requirement using a new excel worksheet indicating the question number. Label and link each worksheet appropriately. 5. Assignment extensions will only be granted if there are extenuating circumstances. University policy provides that the maximum extension is 5 business days. 6. This assignment is to be your own individual work. https://www.usq.edu.au/library/referencing/what-is-plagiarism/avoiding-plagiarism 7. The Learning Centre at USQ, offers students online and face-to-face access to academic support, advice and guidance. https://www.usq.edu.au/learningcentre Assignment Requirements: Consider the information provided for Legal Eagle Law Services and use Excel to: 1. Record the journal entries for June transactions. 2. Record adjusting entries. 3. Construct the “T” formatted leger accounts. 4. Prepare the profit and loss statement. 5. Prepare the classified narrative formatted balance sheet You must use formula to construct the leger accounts, profit and loss statement, and balance sheet. Page 2 of 4 Legal Eagle Law Services Unadjusted Trial Balance as at 31 May 2019 Debit Credit Cash at bank $11,670 Accounts receivable 32,550 GST receivable 3,900 Prepaid rent 3,150 Prepaid insurance 4,095 Office supplies 6,030 Office equipment 18,300 Accumulated depreciation — office equipment $3,705 Accounts payable 4,200 Unearned fees 1,650 Loan payable — due May 30 2020 13,800 GST collections 12,090 Capital 24,900 Drawings 78,000 Fees revenue 207,600 Salaries expense 85,800 Telephone expense 9,150 Rent expense 15,300 $267,945 $267,945 June Transactions: Date Transaction Amount 1/6/2019 Receipts from customers $15,400 15/6/2019 Receipts from customers $7,700 22/6/2019 Received electricity bill $4,020 26/6/2019 Paid salaries $9,600 29/6/2019 Receipts from customers $7,700 30/6/2019 June Sales $23,100 30/6/2019 Received bank interest $270 30/6/2019 Purchased motor vehicle using bank loan ($22,000) and cash. $33,000 30/6/2019 One customer was declared bankrupt during June. Their debt is judged to be non-recoverable (a bad debt). $1,100 Page 3 of 4 Additional Information: • All sales are credit sales (30 days). • Unless stated all amounts are GST inclusive or GST exempt. • Interest expense of $680 has accrued on the loan payable. • A physical count of office supplies on 30 June shows $790 of unused supplies on hand. • Depreciation of the office equipment this year is estimated to be $1520. • Half the amount in the Unearned Fees account had been earned by the end of June. • The amount in the Prepaid Rent account covers June and the next 2 months. • Of prepaid insurance, 30% expired this period. • Salaries expense accrued for the last 4 days in June amounts to $2490. • The telephone expense for June of $670 has not been recorded or paid. Page 4 of 4 Rubric – Assessment Criteria: Learning Objective Criteria Excellent (85=100%) Very Good (75-84%) Good (74-65%) Satisfactory (64- 50%) Unsatisfactory (<50%) Understand and apply accounting concepts to transactions and accounting cycles. Record all journal entries, prepare ledger accounts, produce profit and loss statement and balance sheet. (14 marks) Record all transactions without errors. Correct presentation for financial statements. A high standard of recording transactions with some errors. Some presentation errors. A good standard of recording transactions with some significant errors. Multiple presentation errors. Multiple significant errors in recording transactions. Noncompliance with many aspects of required presentation. Inadequate recording of transactions. Noncompliance with most aspects of required presentation. Use and understand the applications of software for preparation…of financial statements. Appropriate use of Excel including formulas, cell linkages and worksheet management. (6 marks) Used formula to record transactions and prepare statements. Excellent worksheet management. Used formula in most cells to record transactions prepare statements. Some minor errors in worksheet management. Did not use formula in most cells to record transactions and prepare statements. Good worksheet management. Significant errors in formula to record transactions and prepare statements. Adequate worksheet management. Did not use formula or used incorrect formula to record transactions and prepare statements. Poor worksheet management. 20 marks Comments

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