Accounting for Business - Balance Day Adjustments - Accounting and Finance Assignment Help

Assignment Task

Accounting for Business Assignment – Learning Outcomes

The Assignment is a further opportunity to apply the knowledge and skills that you are developing. The Assignment also develops learning outcomes which are highly valued by the employers of accounting graduates: Knowledge, Judgement, Critical analysis and Problem-solving skills, and Communication skills. Learning outcomes are the knowledge and skills that graduates are expected to know, understand and be able to do as a result of their learning. 

Communication skills
Employers want graduates who are strong communicators. Communication skills rank among the most important selection criteria that employers use when recruiting graduates (Source: Graduate Careers Australia). These three aspects of your written communication skills development will be assessed in the assignment to a maximum of 6 marks:
• Paraphrasing,
• Being relevant and the art of selection, and
• An introduction to writing for a professional business audience.

Please refer to Study Resources on the course page. It has information about the three aspects of your written communication skills development and links to accompanying resources that will assist you develop your skills.  

As you use the resources and apply them in your assignment, remember that the finest communicators are constantly developing their skills, based on experience and observing other communicators.  Nonetheless, your studies are the perfect time to start working on these skills and appreciating their importance in business careers and professions.   
QUESTION 1: Balance Day Adjustments

Below is the unadjusted Trial Balance for ‘BEGIN AGAIN’, a business owned and operated by JohnnyWalker, as at 30 June 2020.

1. Johnny last received an electricity bill on 31 May 2020, and Johnny estimates that his power usage from then until 30 June 2020will cost$1,950.

2. Sales Salary which is payable but not recorded as at 30 June is $9,500.

3. Both the Machinery and the Delivery Equipment are expected to be used evenly over their useful lives. Depreciation is calculated annually. The expected total useful lives and residual values of both assets are as follows:

4. $25,700 of the recorded Sales Revenue include sales of kitchen cabinets which will not be delivered to the customer until 2 July 2020.

5. As of 30 June 2020, Johnny has estimated that 1.5% of his Accounts Receivable will not be collected.

6. The balance in the Prepaid Insurance account represents a 12-month insurance policy that commenced on 1 May 2020.

7. In order to allow for cash flow fluctuations, the bank has approved a $70,000 loan facility for Johnny’s business bank account.

8. A stocktake fromstationery room revealed that office supplies on hand at 30 June 2020 were $3,550.

QUESTION 2: Financial Statement 
The following Trial Balance for ‘SAMMY STORE’ has been prepared at year end by the owner CholeLee, but she realises it is not in the correct order.

REQUIRED:
Using the Trial Balance provided below, prepare the following for the period in question:
a) Fully classified Income Statement              
b) Statement of Changes in Equit

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