Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Financial Accounting Expert

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

  • Category:- Financial Accounting
  • Reference No.:- M93107908
  • Price:- $80

Guranteed 48 Hours Delivery, In Price:- $80

Have any Question? 


Related Questions in Financial Accounting

Corporate accounting assignment -assessment task -select

Corporate Accounting Assignment - Assessment task - Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then ...

Company a is a calendar year company that depreciates all

Company A is a calendar year company that depreciates all its machinery on a straight-line basis. On January 1, 2016, the company purchased machinery costing $100,000, with an estimated useful life of 10 years and a zero ...

A review of the ledger of oriole company at december 31

A review of the ledger of Oriole Company at December 31, 2017, produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $19,404. The company has separate insurance policies on i ...

Asset retirement obligation changes in estimate versus

Asset Retirement Obligation, Changes in Estimate versus Errors, Writing an Issues Memo Facts: Mega¬Corp's corporate headquarters, built in 1970, has asbestos in its insulation. The Company's financial statements reflect ...

Can you please help me with thishow do restrictions affect

Can you please help me with this. How do restrictions affect net assets in Not- For -Profit organization or health care?

Accounting for decision makingquestion discuss the five key

Accounting for decision making. Question: Discuss the five key forces to consider when analyzing an industry. How do these forces impact the balanced scorecard? Reply to the discussion which are attached. Discussion: For ...

Assessment task 1question no 1assessment taskbilby cos

Assessment Task 1 Question no. 1 Assessment Task: Bilby Co's income statement for the year ended 31 December 2015 and statements of financial position at 31 December 2014 and 31 December 2015 were as follows: Bilby co's ...

An investment offers 6800 per year with the first payment

An investment offers $6,800 per year, with the first payment occurring one year from now. The required return is 7 percent. a. What would the value be today if the payments occurred for 20 years?  b. What would the value ...

Assessment 1develop complex spreadsheetsthis is an

Assessment 1 Develop Complex Spreadsheets This is an assessment that may be worked on in study time and as homework. Assessment presentation should be completed in a manner that is appropriate to professional business re ...

Accounting financial assignment -question - in recent years

Accounting Financial Assignment - Question - In recent years a number of companies have gone into liquidation (been 'wound up') because they have not been able to meet their liabilities when they fell due. In Australia, ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As