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Case Study - The Athletes Store

Required:

Once you have read through the assignment complete the following tasks in order and produce the following reports

Part 1

i. Enter the business information including name, address, ABN and company preferences.
ii. Establish a chart of account based upon the trial balance and enter the opening balances correctly. Produce a PDF of the Accounts List as at 1/10/2017
iii. Record the supplier and customer details as well as their opening balances - apply the amounts to corresponding sales and purchases. Produce a PDF of the Customer Card List and the Supplier Card List as at 1/10/2017
iv. Enter the employee information. Produce a PDF of the Employee Card List as at 1/10/2017
v. Enter inventory item details and enter opening balances for each item. Produce a PDF of the Inventory on Hand List as at 1/10/2017.

Part 2

i. Record the transactions for October 2017
ii. Calculate and record adjusting entries for the month of October 2017
iii. Produce a Transaction Journal List for 1/10/2017 - 31/10/2017

Part 3

Prepare the following reports for 31st October 2017:
i. Trial Balance
ii. Aged Debtors Report
iii. Aged Creditors Report
iv. Income Statement for October 2017

v. Balance Sheet
vi. The General Ledger accounts for Cash at Bank, Inventory and GST Collected, GST Paid.

Here is a list of things you can do in order to attempt to gain full marks.
- Start the assignment early and finish early so that you have plenty of time to go back over your work and find any errors.
- Keep regular copies of your files
- Set regular times to complete the tasks and set deadlines that you can realistically achieve.
- Compare your work with as many other students as possible before you hand it in. If you find that you have recorded things differently, you both can't be right, or you can both be wrong, so discuss it and make the necessary corrections.
- Check your spreadsheets carefully after you have exported your files.

Students have traditionally made the same predictable mistakes. Some common mistakes include (but are not limited to) the following:
- Incorrect amounts entered into the opening balances in the chart of accounts. Check to ensure that the amounts entered are positive except for the contra accounts.
- Wrong amounts recorded - eg Incorrect sales/purchases amounts
- Enter an order incorrectly as an invoice
- Transactions recorded twice
- Entering freight into the incorrect screen
- Entering expense payments into supplier purchases command centre
- GST missing or applied where it shouldn't be.
- Missing end of month adjusting entries.

Attachment:- Assignment.rar

Financial Accounting, Accounting

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