ACCT 1011 – Accounting for Business SP3 Assignment

Assignment Overview

This assignment evaluates your understanding and practical application of accounting principles and concepts. It comprises four major tasks, each aligned with essential learning objectives of the ACCT 1011 course.

Question 1: Balance Day Adjustments 

You are acting as a Graduate Accountant at Taylor and Chang Accounting Partners. Based on the unadjusted trial balance of Jasmine’s Bakehouse and additional information provided, you are required to:

• Record journal entries for balance day adjustments

• Apply appropriate depreciation methods

• Calculate and record staff salaries payable

• Adjust for unearned revenue, bad debts, and utilities

• Ensure all entries include appropriate narrations

Question 2: Financial Statements 

Prepare the following reports for Phoenix Crafts using its adjusted trial balance:

1. Fully Classified Income Statement
   Include net sales, gross profit, and net profit.

2. Statement of Changes in Equity
   Reflect the changes in P. Wilson’s capital over the financial year.

3. Classified Balance Sheet (Narrative Format)
   Include breakdowns of current and non-current assets and liabilities.

Additional notes include allocation of rent and electricity between administrative and shop areas and proper loan classification.

Question 3: Accounting Concepts – Inventory Systems 

Compose a formal business letter addressed to Zara Chen of Gemstone Artistry. The letter should:

• Explain the two types of inventory systems (Periodic and Perpetual)

• Recommend the most suitable system for Gemstone Artistry

• Describe three key advantages of each system

• Follow formal business letter conventions (address, structure, language)

Question 4: Closing Entries and Post-Closing Trial Balance 

As the accountant for Pet Care Mobile Services, you are required to:

1. Prepare closing journal entries for:

   • Revenue

   • Expenses

   • Drawings

2. Prepare a post-closing trial balance as at 30 June 2024, reflecting the updated capital balance and removing temporary accounts.

Submission Guidelines

• Assignments must be submitted using the original template provided in .docx format.

• Do not embed images or use scanned handwritten documents.

• Submissions via email or other platforms will not be accepted.

• Only one file can be uploaded. Late uploads of updated versions will not be permitted post-deadline.

• Ensure adherence to the Declaration of Originality included in the assignment file.

Academic Integrity and Referencing

• All submissions will be checked through Turnitin.

• Plagiarism and academic misconduct will result in penalties, including a mark of zero or disciplinary action.

• Use APA 7th edition referencing throughout, especially for Question 3.

• Do not use sources outside the course unless referenced appropriately.

Written Communication Assessment

Your written communication will be assessed based on:

• Original paraphrasing and clarity

• Relevance to questions asked

• Presentation quality, grammar, and formatting consistency

Make sure your work is structured, professionally written, and free of spelling or grammatical errors.