Accounting for Business Assignment - Accounting Assignment Help

Assignment Task

QUESTION 1:
Monica Song is running a business called of ‘Stars and Wind’ which sells specialised home decoration and garden products. She has been successfully operating the business for the past three years and built strong reputation providing a high quality of products.
Monica has been busy running and managing the business, thus decided to hire ‘Head and Partners Pty Ltd’ to take over the business’ accounting function. Assuming you are the graduate accountant working at Head and Partners Pty Ltd, and responsible for providing accounting services, including preparing monthly journals for Stars and Wind.
The following is a list of transactions that took place during June 2021.
June 2Monica visited Myer and paid $270 for a pair of shoes for her personal use using the business bank account.
June 3Stars and Wind purchased gardening equipment for $22,500. Monica paid 25% of the price in cash and will pay the remaining outstanding amount within 30 days.
June 5 Stars and Wind paid $3,250 for staff wages.
June 9Stars and Wind sold and delivered $3,700 worth of paintings and home decorations to one of her customers. The customer paid 50% of the total due in cash and will pay the outstanding amount within 25 days.
June 12Monica contributed $5,000 of her own money and a computer valued at $1,200 to the business.
June 16Spotless Clean Ltd cleaned the shop and warehouse and left invoice #151 which includes $450 for the shop cleaning and $350 for the warehouse cleaning with payment terms of 30 days.
June 18Stars and Wind received the remaining balance of the sales made on 9 June 2020.
June 24 Stars and Wind purchased 4 new tables. The table costs $450 each. The purchase was paid in cash.
June 27Stars and Wind paid the amount owing from the purchase of the gardening equipment on 3 June.
June 28Stars and Wind received an electricity bill of $950 and a water bill $650 but has not paid them yet.
June 30 Stars and Wind paid Spotless Clean Ltd relating to the transaction on 16 June.
 

Required:
Record each of the above transactions (where required) using the blank General Journal template provided on the following pages.
Journals must be correctly formatted and include an appropriate narration (explanation) for each journal entry.
Date Details Debit ($) Credit ($)

Question 2
Oopsy Daisy is a small cafe owned and operated by Daisy Jones. The journal entries listed below for June 2021 have been already completed.
Date Details Debit ($) Credit ($)
June 2 Coffee Machine 25,400 CAB 10,000
Accounts Payable 15,400
(purchase of coffee machine with cash and credit) June 4 Drawings 350 CAB 350
(paid for physio appointment using business CAB account) June 8 Staff Wages Expense 2,860 CAB 2,860
(paid staff wages) June 15 CAB 1,650 Accounts Receivable 1,650 Sales 3,300
(catering service provided and the payment was received in cash and credit) June 18 CAB 17,000 Capital – D. Jones 17,000
(D. Jones contributed further funds to his business) June 26 Cleaning Expense 660 Cleaning expense payable 660
(cleaning expense owing) June 29 CAB 1,650 Accounts Receivable 1,650
(received a payment from catering service provided on the 15th June. ) June 30 CAB 26,530 Sales 26,530
(To record coffee, snacks and other beverage sales for June) Required:
Post the journal entries from above to General Ledger provided on the following pages.
Remember to foot (balance) each ledger to determine the closing balance (refer to hints below).
Hints to assist in completing the ledgers:
Do not delete the opening balances given.
The ledgers are formatted using tables therefore it is best to navigate through the ledgers using the ‘tab’ function.
When using tables, it is often easier to click on the “¶” function so you are able to see the formatting.
It is quite acceptable to shorten account names i.e. Cash at Bank becomes CAB
Cash at Bank (CAB)
June 1 O/B 34,600
Accounts Receivable (A/R)
June 1 O/B 3,400 Coffee Machine
June 1 O/B 12,400 Accounts Payable (A/P)
June 1 O/B 7,650

Cleaning Expense Payable
Capital – D. Jones
June 1 O/B 294,440
Drawings – D. Jones
June 1 O/B 6,000 Sales
June 1 O/B 170,450
Staff Wages Expense
June 1 O/B 47,800
Cleaning Expense
June 1 O/B 1,780

Question 3
(This question follows on from Question 2 above)
 

Required:
Post the updated General Ledger balances calculated in Question 2 to the partially completed Trial Balance provided below.
Show the total amount of both the Debit and Credit columns on completion.
Hint: You need to provide the correct amounts where highlighted.
Oopsy Daisy
Trial Balance
As at 30 June 2021
  Debit ($) Credit ($)
Cleaning Expense  
Office Gas Expense 620  
Water Expense 3,500  
Shop Gas Expense 600  
Motor Vehicle 40,600  
Cash at Bank  
Repairs and Maintenance 1,921  
Sales Returns & Allowances 780  
Interest expense 6,133  
Discount Received   2,560
Electricity Expense 22,476  
Telephone Expense 1,052  
Capital – D. Jones Accounts Receivable Loan   34,600
Accumulated Depreciation – Motor Vehicle   6,700
Inventory (1 July 2020) 29,500  
Rent Expense 52,950  
Staff Wages Expense  
Purchases – Stationery supplies 175,600  
Advertising Expense 18,500  
Accounts Payable
Office Supplies Expense 1,766  
Drawings – D. Jones  
Packaging Disposal Expense 8,000  
Repairs and Maintenance Payable   7,200
Sales   Accumulated Depreciation – Cash Register and Scanning Equipment   24,250
Accrued Rent   2,200
Cash Register and Scanning Equipment 74,500  
Discount Allowed 1,372  
Insurance Expense 4,200  
Coffee Machine  
Cleaning Expense payable

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