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1. What is PALER? Based on PALER, identify the type of account for each account listed above

ACC566 - Acc Systems and Processes


Assignment task No. 1

Part A – 70 marks

You are an accountant of GREENPLACE, a small business offering gardening and landscaping services. Before closing accounts for April 2018, you find three transactions that have not been recorded in the accounts as below:

• April 28, purchased supplies on credit $1200

• April 29, paid monthly office rent $3500

• April 30, received payment from a customer $5600

After recording the above transactions, below are the company’s account balances at 30 April 2017: Rent expense $5,200 Accounts receivable $35,500 Supplies expense 1,200 Cash 20,000 Long term Loan payable 45,000 Accumulated depreciation 25,200 Bartlett, Drawings 5,000 Accounts payable 25,800 Salary expense 18,600 Equipment 120,000 Salary payable 18,400 Advertising expense 7,500 Service revenue 65,000 Insurance expense 3,600 Supplies 4,500 Interest expense 3,880 Capital 29,780 Prepaid insurance 8,600 Depreciation expense 9,800 Unearned revenue 34,200

Requirements: ACC566 - Acc Systems and Processes

1. What is PALER? Based on PALER, identify the type of account for each account listed above. (4 marks)

2. Provide journal entries for transactions that have not been recorded. (6 marks)

3. From the account listed above, prepare the trial balance. (5 marks)

4. What are temporary and permanent accounts? From the account listed above, choose four permanent and four temporary accounts. (4 marks)

5. From the account listed above, choose two accounts with normal debit balances and two accounts with normal credit balances. (2 marks)

6. What are adjusting entries? Why do we have to do adjusting entries? Give five examples with journal entries. (10 marks)

7. Open T-accounts for all accounts listed above and post your examples of adjusting entries to the T-accounts. Provide your handwritten solution – scan or use your phone to copy and paste its image in your assignment. You can use a free scanning app such as Camscanner, OfficeLens, or Google Drive. (10 marks)

8. Using your T-accounts in the preceding question and Excel spreadsheet, prepare the ten column worksheet for the month ended 30 April. In the spreadsheet, you are required to have a data section separated from a report section. Use an IF function for Profit or Loss. Present your answers in both normal and formula views, showing columns and rows. (15 marks)

9. Using the spreadsheet, prepare three financial reports. Present your answers in both normal and formula views. (9 marks)

10. Describe the current ratio. Calculate the firm’s current ratio, what does it tell you? (3 marks)

11. Evaluate the firm’s debt ratio. (2 marks)

Part B – 20 marks

Watch the video below: ACC566 - Acc Systems and Processes



Use the video, reading resources in Interact2 and other resources on the internet that relate to the case to write a business report (about 600 words) addressing the issues below:

1. What is the case about?

2. What are the five Fundamental Principles of Ethics in accounting? Describe them.

3. In the case, which and how are codes of ethics violated? You are required to use the format of a business report, and provide at least one reference from the readings in Interact2 and two references from the accounting resources on the Internet. 

ACC566 - Acc Systems and Processes

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