ACCT1008: Accounting for Business - Assessment Answer

Internal Code: 6CIBG Code: ACCT1008

Accounting for Business Assessment Answer

Assignment Task: QUESTION 1: Record the General Journal entries in the proforma provided on the following pages to record each of the following transactions (where required). Remember to format the journals correctly and include narration (explanation) for each journal entry. The following general journal entries for the business Oceanview Beach House Hire have been prepared by you for transactions occurring in March 2019, however you have not yet posted them to the General Ledger. Post the journals provided to the General Ledgers provided. All ledgers below must be “footed” (i.e. the balance must be made clear either by the wording ‘balance’ next to the amount, a circle around the balance or the more formal ‘c/d’ ‘b/d’ notations). Post the updated General Ledger balances calculated in Part 2 to the Trial Balance below. Total both the debit and credit columns on completion. QUESTION 2:  Bella Vista (the client) has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about one of the transactions you recorded in March 2019 (refer to Question 1 Part 2).  Bella also has a general enquiry regarding financial statements in general. As part of your ongoing professional development, the Managing Partner (Marc Pompano) has asked you to prepare a formal business letter addressed to him, in which you will respond to Bella’s questions.  If he is satisfied with your explanations, this letter will then be used to respond to the client (Bella). University: University of South Australia

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