Record the transactions in the appropriate general

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Reference no: EM131497436

Financial Accounting Systems Assignment Case Study - Highway Heaven

Case Study - Highway Heaven

General information

This case study requires you to use double entry manual recording and computer accounting software (MYOB) for a small business to record transactions for April 2017. It covers many of the common transactions of everyday business, including GST.

Specific information

Highway Heaven (ABN53 004 085 616) is owned and operated by Michael Harley. He buys motorcycles from importers and sells them in Melbourne. His shop is at 888 Sydney Road, Glenville, 3056.

All sales of motor cycles are on credit, unless otherwise stated; customers are required to pay cash for riding lessons. Purchases of motor cycles are on credit and operating expenses are paid in cash.

The business charges GST on all inventory sales and riding lessons, and pays GST on inventory purchases and most business expenses.

Required:

Part A: manual recording

1. Record the opening balances as at 1 April 2017 in the general journal and appropriate general ledger accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers.

2. Record the transactions in the appropriate general or special journal for April 2017. Post all transactions from journals to the general ledger in accordance with accounting procedures.

3. Prepare schedules of accounts receivable, accounts payable and inventory as at 30 April 2017 and reconcile these with the control accounts in the general ledger.

4. Record end of month adjustments in the general journal and post these to the general ledger.

5. Prepare a Trial Balance after end of month adjustments as at 30 April 2017.

6. Prepare an Income Statement for April 2017 and a Balance Sheet as at 30 April 2017.

7. Prepare closing entries for April 2017.

8. Prepare a Trial Balance after closing entries for April 2017.

Pro-forma journals, ledgers, worksheets and reports are available in the assessment folder and must be used to complete and submit part A.

Part B - Computerised accounts using MYOB

1. Set up a data file for Deeper Dives and process the transactions for April 2017.

2. The Easy Setup Assistant can be used for the initial setup process to:

Prepare the Chart of Accounts
Enter the opening balances in the general ledger
Setup customer and supplier cards and enter opening balances in the specialist modules

The Command Center can be used to create inventory items and enter opening balances of inventory

3. Record the transactions for April 2017.

4. Record end of month adjustments.

Attachment:- Assignment Files.rar

Reference no: EM131497436

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Reviews

len1497436

5/16/2017 3:50:45 AM

Can any of the tutors help me complete these transactions in excel? Thank you. A printed copy of Part A as follows: General journal and all specialist journals. General ledger. Accounts Receivable, Accounts Payable and Inventory subsidiary ledgers and reconciliations and Trial Balance after end of month adjustments. Please notify in the submission of your file if you used the ‘Mac’ version of MYOB to complete Part B of the assignment. The hard copies of your assignment must be submitted by the due date in the assignment submission box on Level 11 of the BA Building.

len1497436

5/16/2017 3:50:37 AM

If the assignment does not satisfy both of the following requirements, it will not be accepted for marking. When establishing the business name for the assignment, students are required to insert their own name after the business name (Deeper Dive - Your name). For example, if the student’s name is John White, the company name of that student’s assignment would be (Deeper Dive - John White). Any assignment with no student name/ names in the company name will not be accepted. The assignment must be accompanied with an assignment cover sheet. It is the student’s responsibility to keep a backup copy of the assignment until all the assignment process is completed and marks are on blackboard. Any assignments handed in late will be penalised as explained in the unit outline. Please refer to the unit outline for details.

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