ACC4001 Accounting Principles and Practices Assignment Sample

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ACC4001 Accounting Principles and Practices Assignment Sample

Assignment Details

Questions 1-4 are based on the following information.

Bright Sunny recently opened her own floral shop, which she operates as a sole proprietorship. The name of the new entity is Sunny. Sunny experienced the following events during the organising phase of the new business and its first month of operation, July 2023. Some of the events were personal. Others were business transactions.

July 1 Received $10,000 capital contribution from the owner Sunny.

Borrowed $3,000 cash from the bank for 12 month-loan, 6% interest rate per year,
payable at end of each month.

4 Paid $1,200 cash for a 12-month insurance policy. The policy begins 1 July.

8 Paid electricity and gas expense of $800.

15 Purchased a fridge for $10,000 ($5,000 on account, and the remainder $5,000 on cash).

18 Delivered a floral service for a client’s engagement party on account, $4,000.

20 Paid $5,000 for the fridge purchased on 15 July.

22 Collected $1,000 in advance for a client’s birthday party service to be performed later.

25 Delivered floral service for a client’s anniversary event on credit $1,000.

26 Sunny withdrew $1000 cash from the business for a personal holiday in Bali.

27 Purchased floral supplies for $1000 on account.

28 Paid $1,000 employee salaries.

30 Paid interest expense for the bank loan for April.

On 30 July, the following data were yet to be adjusted to Sunny’s account.

a. Accrued salaries expense, $500.

b. Depreciation expense $200 was recorded on the fridge.

c. Prepaid insurance for July has expired.

d. Floral supplies on hand, $200.

e. Unearned revenue earned during the month, $400.

f. Accrued service revenue, $1300.

Question 1 Analyse the Sunny’s transactions and use Excel to record each transaction in the journal using the following chart of accounts and post the transactions into the T-accounts. Narrations aren’t required.

Cash, Sunny–Drawings, Accounts receivable, Equipment, Floral supplies, Service revenue, Prepaid insurance, Salaries expense, Insurance expense, Accounts payable, Interest expense, Interest payable, Loan payable, Unearned revenue, Supplies expense, Sunny - Capital, Electricity and gas expense.

Question 2. Use Excel to prepare an unadjusted trial balance and an adjusted trial balance as at 30
July 2023.

Question 3. Use Excel to prepare Sunny’s financial statement (income statement, changes in equity, and balance sheet) for the month ended 30 July 2023.

Solution

Question 1

Journal Entries

Ledger

Adjustments

Adjusted Journal Entries


Adjusted Ledger Accounts

Analysis of Transactions

Question 2

Unadjusted Trial Balance

Adjusted Trial Balance

Note: Highlighted accounts reflect adjustments for university assignment help

Question 3: Financial Statements

Income Statement
Statement of Changes in Equity

References

Gordon, J. (2023) Accounting adjustments - explained, The Business Professor, LLC. Available at: https://thebusinessprofessor.com/en_US/accounting-taxation-and-reporting-managerial-amp-financial-accounting-amp-reporting/accounting-adjustment.

Tarver, E. (2023) Learn about the 8 important steps in the accounting cycle, Investopedia. Available at: https://www.investopedia.com/ask/answers/050815/what-are-most-important-steps-accounting-cycle.asp.

White, A. et al. (2023) Analysing and recording business transactions, Accounting and Accountability. Available at: https://oer.pressbooks.pub/utsaccounting1/chapter/analysing-and-recording-business-transactions/.

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