We're Open

0% Plagiarism Guaranteed & Custom Written

You are an accountant of GREENPEACE, 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

ACC566 - ACC Systems and Processes

Assignment task No. 1

Part A – 70 marks

You are an accountant of GREENPEACE, 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:

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

Requirements:

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.

Presentation – 10 marks

You are required to provide a quality presentation with the total assignment including referencing throughout and bibliography. Details are listed under the presentation and spreadsheet requirement sections. 

This assessment task will assess the following learning outcome/s:

• be able to apply the conceptual and technical aspects of accounting and prepare relevant business financial statements.

• be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource.

• be able to demonstrate relevant business communication skills including report writing.

• be able to explain the importance of ethics in accounting.

Spreadsheet requirements

1. For every question with a spreadsheet solution, paste in the Word document displaying row and column headings, the spreadsheet solutions normal view and a formula view of each spreadsheet. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible. The separate Excel file will provide a clear demonstration of correct spreadsheet structures. You may need to break up your report/solution into separate images.

2. For good spreadsheet design it is very important that you have completely separate data entry and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area.

3. Create all spreadsheets solutions as separate spreadsheets in one workbook. Name the tags at the bottom of the computer screen with the question number, and sub-section as appropriate. See examples in the Spreadsheet Advice PDF in Interact Resources.

5. Where appropriate, use the IF function to provide built in checks of balances, net income/net loss, favourable/unfavourable variances etc.

6. How can you display negative numbers in brackets? Google the question! Hint. Format / Cells / Number and select Custom. Enter this: #,##0;(#,##0);0. 7. We have provided spreadsheet examples to guide you in the Spreadsheet Advice PDF in Interact2 Resources - it is important that you study these examples. Also consider using the spreadsheet templates available with your text and other online spreadsheet resources but note that the text templates do not necessarily comply with the subject spreadsheet requirements.


100% Plagiarism Free & Custom Written,
Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

STILL NOT CONVINCED?

We've produced some samples of what you can expect from our Academic Writing Service - these are created by our writers to show you the kind of high-quality work you'll receive. Take a look for yourself!

View Our Samples

corona virus stop
FLAT 25% OFF ON EVERY ORDER.Use "FLAT25" as your promo code during checkout