Local Government Accounting - Accounting Assignment Help

Assignment Task

Task
One of the many innovative features in this course is a culminating final assignment which you can keep in mind as you proceed through your coursework. How much time you spend on the final assignment is up to you, but it is intended to assess everything you have learned by the end of your course — so give it the attention it deserves!  The format of the assignment is similar to the course assignments and essays. As in an "open book" exam, you may consult any course materials pertaining to the course. You may contact others regarding the question, their understanding of the course materials, or any other aspect of the course or your practical experience. However, as in any university course, we do ask that you do not present the work of others as your own. Remember that standard university plagiarism and intellectual honesty policies are In effect.  Your Instructor will advise you any course-specific information regarding the final assignment, and of alternate arrangements for emergency submission in the event of technical failures. If you have any questions about the Final Assignment, please post them in theGraded Activities forum on eClass, or else email your instructor privately via your @ualberta.ca account. This assignment has three parts. Part A involves writing journal entries and posting entries to T-accounts and Part B involves preparing a working paper (please refer to the Assignment B worksheet). Finally, Part C requires that you prepare the four financial statements. 
Part A 
You are required to write journal entries and create T-accounts for and to post each of the following transactions. You must include an audit trail (number of the journal entry in T-accounts) to identify the transaction associated with each posting. You should assume that the following transactions occurred in the accounting period ending 2XX2. You are required to write journal entries and create T-accounts for and to post each of the following transactions. You must include an audit trail (number of the journal entry in T-accounts) to identify the transaction associated with each posting. You should assume that the following transactions occurred in the accounting period ending 2XX2. 1. Included in the 2XX1 ending Accrued Liabilities the total of $28,532 is made up of accrued interest of $21,847 and accrued wages payable (including withholding taxes and deductions) of  $6,685. The following information is available on the first pay period in 2XX2. Record the payroll entry by reversing the previous payables while recording the new transaction. a. Gross Pay: $15,239 b. Total Withholding Taxes and Deductions: $5,324 c. Net Pay: $9,915 
2. On January 31, 2XX2, the short-term investment of $2,059,770 matured. It was invested on November 1, 2XX1 and bears interest of 3% per year. In anticipation of both operating needs and cash requirement for capital projects, the investment was cashed. The accrued interest receivable on this investment at the end of December 31, 2XX1 has already been recorded as part of Other Receivables at the end of last year. Record a reversal of the appropriate amount of receivable and record investment income for the month of January when recording the maturity 

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