AC101: Statement of Changes in Equity, and Classified Balance Sheet - Accounting Assessment Answer

Accounting Assessment Task

Instructions for Completion of Practice Set
A. Open all general ledger accounts by inserting the opening balances at 1 July as shown in the Chart of Accounts above. For example the balance of account 110 Cash at
Bank is $28,304.00Dr, in the Cash at Bank write opening balance in details column and place $28,304.00 as the debit balance in the balance column.
B. Open all subsidiary ledger accounts for accounts receivable and accounts payable by inserting the opening balances as at 1 July as shown in the schedule of accounts receivable and accounts payable above.
C. Record the transactions for July noted above in the appropriate journals provided in the following pages (Narrations are not required)
D. Post daily to the accounts receivable and accounts payable subsidiary ledgers Post daily from the general journal

E. Total all columns of the special journals. Post from the special journals to the general ledger.
F. Prepare schedules of Accounts Receivable and Accounts Payable. Check that the total of the Schedule of Accounts Receivable equals the Accounts Receivable Control account in the general ledger and that the Schedule of Accounts Payable equals the Accounts Payable account in the general ledger.
G. Prepare a Trial Balance as at 31 July.
H. Record all closing entries in the general journal and post them to the general ledger.
I. Prepare the Income Statement (Classified), Statement of changes in Equity, and Classified Balance Sheet.

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