COMR2008: Principles of Accounting - General Purpose Financial Reports - Accounting Assignment Help

Assignment Task:

Learning Outcomes 
a) Explain the use of accounting information and identify ethical issues in accounting
b) Explain the accounting cycle and apply double-entry accounting principles to process transactions

Instructions
This assessment is comprised of two parts; Part A and B. You need to attempt both parts and submit two files on Blackboard under assessment 2 link. These two files should include; this word document with part A completed and video that completes part B.
Part A:
Part A has four questions and has a weighting of 8%. You have to attempt questions and provide answers to all these on this word document. Download this document, answer all questions, save this document and upload on Blackboard under assessment 2 link.
Part B:
Part B has a weighting of 7% and requires you to make a video of yourself explaining how you achieved the provided answers. Do not read your answers in the video. You need to explain the logic and concept behind the answer you arrived at. This video can be made as on a mobile device, PowerPoint (voice-over), YouTube, Vimeo, Collaborative Ultra, Canva, Padlet, Prezi, or any other. Here is a useful video on making a voice recorded PowerPoint presentation

Question 1
The following transactions relate to Joe’s Magazine Outlet from February 2020. Record these transactions in the General Journal. Include narrations for each entry. Ignore GST. Date Transactions
1/2 Sold magazines amounted to $1,400 to customers who will pay cash later.
5/2 The business paid a one year rent in advance of $6,000.
20/2 Subscription fees of $400 was received from the credit sales made at the beginning of the month.
22/2 The corporate client paid $10,000 for magazine subscription fees in advance until end of this year.
28/2 Purchased supplies on credit for $8,000 to be paid in 90 days.
29/2 Purchased a delivery van for $20,000 paying $5,000 cash and took loan on the outstanding amount.

Question 2 
Using the journal entries in Question 1 above, prepare and balance the following T-accounts assuming the following opening balances as at 1 February 2020:
i) Accounts Receivable with an Opening balance of $20,000 Debit
ii) Cash at Bank with an Opening balance of $45,000 Debit

Question 3 
Jack is a professional accountant. His manager, Tom asked him to prepare financial reports slightly different from what they actually should be for this year only because they want make their clients happy. Jack is very knowledgeable and competent but is afraid to say no in fear of losing his promotion or job. Jack’s friend, Matt works for a marketing agency. Jack helped Matt by providing him clients’ details (phone numbers and email addresses) so they can be targeted for marketing. Jack has referred to his uncle who runs a successful company to his accounting firm for preparing financial reports. Jack’s accounting firm is well-reputed.
Required: Identify the four ethical principles from the Code of Ethics for Professional Accountants that apply in the case study above. How these ethical principles relate to the facts of the case?

Question 4 
What are General Purpose Financial Reports? List the statements they include.

This COMR2008: Accounting Assignment has been solved by our Accounting Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.