ACCT1008: Balance Day Adjustments - The Heavenly Scent - Accounting and Finance Assessment Answer

ACCT1008

Accounting and Finance Assessment Task

QUESTION 1: Balance Day Adjustments

Rose Lief owns and operates “The Heavenly Scent”, a successful Aromatherapy business specialising in the sale of aromatherapy essential oils. The business also runs aromatherapy courses, sells bamboo diffusers and a variety of aromatherapy books. The bamboo diffusers are made exclusively for The Heavenly Scent and they have recently featured in several health and alternative therapy magazines as a very effective diffuser of aromatherapy oils. As a result of the recent positive media coverage, the business has been growing and Rose has been too busy to undertake any record keeping for the company. As a result, she has handed the record keeping over to the accounting practice where you work as a graduate accountant.

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