FNSACC301: Financial Transactions And Extract Interim Reports - Accounting Assignment Help

Internal Code : 1AAHED

Accounting Assignment Help

Task: 1 Check and record transactions Beckowsik Company began business in June and completed the following transactions:

1.  Received $50,000 cash and issued common stock to the stockholders.
2.  Purchased supplies for $5,000 on account.
3.  Received and paid utilities bill of $2,000 for the month.
4.  Performed services for a customer and billed the customer $6,000.
5.  Received $3,000 from the customer on account.
6.  Paid for the supplies purchased on account.
7.  Purchased equipment for $10,000 on account.
8.  Declared and paid dividends of $2,200.

Required:

1. Record the effects of the above transactions on the accounting equation.
2. Prove the accounting equation using the final balances in the accounts.

Task: 2 identify information from documents provided Indicate whether the account is an asset (A), liability (L), stockholders' equity (SE), revenue (R) or expense (E) account. Also indicate if the account would appear on the Balance Sheet (BS), Income Statement (IS), Statement of Cash Flows (CF) or the Statement of Retained Earnings (SRE). Task: 3 When you are filing documents, what factors should be considered when deciding the filing order? Task: 4 Examine supporting documentation   Task: 5 onfirm authorisation by required persionnel Money transfer via internet is a popular practice these days. To ensure that there is no fraudulent activity in place, authorising the transfer is a common practice. This authorisation process also ensures sound internal control system of a business. Explain an authorisation process that a business can follow to ensure that the internal control system is working properly. Task: 6 What is the formula to reconcile outstanding balances? Task: 7 Bank reconciliation. Provide five examples of reconciliation comparisons. Task: 8 petty cash. What should you do if the petty cash does not balance? Task: 9 Prepare invoices Matt Robin, the owner (sole trader) and manager of his lawn mowing business Robin’s Landscaping Services ABN 12 345 678 910 and is registered for GST. His business address is 277 Kent Street, Sydney 2000. Matt maintains a computerised accounting system for his lawn mowing business. The accounting software package used categorises the garden services. Service codes are used to indicate which service is being performed. See service codes below. All prices are quoted inclusive of GST: R = Ride on mowing service @ $77 per hour Wee = Weeding service @ $66 per hour Wip = Whipper-snipper service @ $22 per hour Rub = Rubbish removal service @ $110 per load of rubbish All invoices must comply with GST regulations. Robin’s landscaping services ABN 12 345 678 910 Customer contact list (extract) Prepare a compliant tax invoice in accordance with organisation procedures by using the following information: 19th November 2012 – Invoiced Smiley Rinaan for lawn mowing services, weeding and rubbish removal services. A ride on mower grass cut took 6 hours to complete. 2 hours were spent weeding. Whipper snipping took 5 hours to complete. In addition 5 loads of rubbish was removed. Prepare your tax invoice

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