BSB110 - Decision Making in Accounting - Analysis of Financial Statements - Using Reckon Software - Accounting Assessment Answer

Assessment Task:

BSB110: Decision Making in Accounting Assessment Answer

PART A

 You must upload the following reports in pdf format via Turnitin through Assessment 1:  Accounting for Decision Making Assignment/Assignment Submission Area on the BSB110 Blackboard site by 11.59pm on 23^rd September 2019.                     

The reports required from Reckon Software:

1. Adjusted Trial Balance:  31 July to 31 July 2019 (Reports → Accountant)
2. Audit Trail Report: (Reports → Accountant → Audit Trail).

The date range must be from 16/08/2019 to current date (date you are printing).

• • In those cases where the Audit Trail Report is not submitted in the appropriate format (including your student number and name printed on the report) investigations into plagiarism may be commenced.
  • If no Audit Trail Report is provided, the assignment will not be marked.
  • Please make sure that your Reckon User Name (student number and surname/family name eg 9876543Smith) are included in the Audit Trail Report generated by Reckon (they may not be handwritten on afterwards).

It is each student’s responsibility to check online submissions have been uploaded correctly (i.e. you should open the file from Turnitin to check this, once your files have been uploaded).

Group or Individual:    Individual

This assessment item assesses the following learning outcomes:    

Knowledge and Technological Skills (KS)

1.1 Demonstrate and apply theoretical and technical knowledge across the broad field of business.

1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.

Background information

Aaron Brand, a QUT Alumni, started Map Resolution Pty Ltd recently. The company specialises in high-resolution aerial imagery and provides services in aerial photography, site surveying, mast photography and architectural visualisation. The following is the trial balance as at 31 July 2019.

*PAYG withholding is tax withheld from staff wages owed to the government.

**Tax Payable (GST Clearing) is the account set up for the GST owing.  Reckon will also add another account named Tax Payable as you process transactions with GST.  You will have 2 GST accounts when your assignment is complete:  Tax Payable (GST Clearing) and Tax Payable.

Accounts Payable Details as at 31 July

Aaron Brand has provided the following transactions for you, the Graduate Accountant, to determine the accounting implications.  You need to decide if each transaction involves: a normal Reckon transaction, an adjusting entry or requires NO transaction at all.

Map Resolution Pty Ltd uses Reckon accounting software to maintain its financial records. Adjusting entries and financial statements are prepared on a monthly basis.

Further information

1. 31 July Received cash of $1,500 as part payment on account from Dalby Site Surveying Pty Ltd.
2. 31 July Received an invoice from AutoPilot Services Pty Ltd for $946 (including GST $86) in relation to staff training expenses during July.
3. 31 July The manager of Highland Resort Groups advised by email that they wish to go ahead with the quote from Map Resolution Pty Ltd to undertake site mapping for its holiday resorts.  This is expected to generate approximately $22,000 (including GST $2,000) of annual services.  The effective date for services to start is 1 September, 2019.
4. 31 July Paid Fastcraft Technology Pty Ltd $622 with cheque number 264.
5. 31 July Prepared a quote for Skymax Tour Pty Ltd for $3,300 (including GST $300) for outback photography services to be completed in Mission Beach in October 2019.
6. 31 July Invoiced Belle Rural Property Pty Ltd for aerial property photography services, Invoice number BD48 for $8,800 (including GST $800).
7. 31 July Paid the monthly office cleaning expense with cheque number 265 for $440 (including GST $40).
8. 31 July Hired a new intern technician whose annual salary is $30,000 and who will commence work on 15 September, 2019.
9. 31 July Received cash of $2,200 (including GST $200) from a client for aerial photography services completed.
10. 31 July Submitted a proposal for a tender to supply architectural visualisation services to Daintree Rainforest Experiences Pty Ltd for $6,600 (including GST $600).
11. 31 July Signed a lease for new office effective from 1 October 2019 with an annual rent of $26,400 (including GST $2,400), with monthly payment required from 1 October.
12. Aerial Photography Supplies on hand at 31 July total $2,125.

13. Depreciation on Aerial Photography Equipment is calculated using the Straight Line Method over 5 years with $0 estimated residual value.  Round the amount of depreciation up to the nearest whole dollar. Note that the calculation is for 1 month only (i.e. July depreciation).
14. Wages owing as at 31 July are $2,600.
15. Prepaid 6 months of Insurance on 1 July (refer to trial balance). 

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