MAA261: Financial Accounting- Accounting Assignment

Internal code- MAS42

Accounting Assignment

Questions- 1. Using the information provided in the Shane’s Special Shoes Transactions and Balance Day Adjustments, record all transactions for the month of July in the appropriate: a. Journals (general journal or special journals) b. Subsidiary ledgers and c. The general ledger 2. At the end of the month, enter the totals in various columns of the special journals and post the totals to the relevant accounts in the General ledger. Post all balance day adjustments to General Journal and General Ledger. 3. Prepare the trial balance. If the trial balance does not balance do not proceed until it does. 4. Using the respective subsidiary ledgers, complete the Schedule of Accounts Receivable, Schedule of Inventory and Schedule of Accounts Payable. Ensure the totals agree with the balance in the control accounts. 5. Prepare an Income Statement for the month ended 31st July 2015, Bank Reconciliation Statement as at 31st July 2015, Statement of Changes in Equity for the month ended 31st July 2015, and a Statement of Financial Position as at 31st July 2015.