Each student’s data is different, so you cannot use another person’s sheet. If you can’t see it in your inbox, check the ‘spam’ folder. The data sheet must be submitted with both Assignment 1 and Assignment 2. 2. Complete the following: This assignment requires you to establish accounting records for a small business. There are four different business types – a landscaping business, an automotive service business, a consulting firm and a courier business.
Even though you may have the same business type as another student, the data (numbers) are different for each student (ii. No two answers will be the same). Instructions specific to your individual business are listed on the data sheet. You must read and follow these specific instructions. The assignment is to be completed and submitted using templates prepared for you. These Microsoft Word templates are available on Model for you to use. Do not attempt to create your own templates.
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It is recommended that you print a copy of the templates and complete the assignment with paper and pencil. Once you know it balances (is numerically correct), you can then type the data into the word template and print a copy for submission. Preparing a draft copy with pencil and paper will also help you to present the ledger accounts in order. Regularly save the file and keep a backup! You will use the same templates (same file) for Assignment 2 as you continue to record transactions for the same small business.
For Assignment 1, you will need to: (i) Prepare a compound general journal entry to incorporate the opening balances in the accounting records for the current period; (ii) Create an appropriate chart of accounts (which you will continually extend as you add more ledger accounts throughout Assignments 1 and 2); (iii) Post those opening balances to the individual ledger accounts using ‘Opening balance’ as a Ross reference; (iv) Record the June transactions in the general journal; (v) Post the June transactions to the individual ledger accounts; (vi) Foot the ledger accounts; and (vii) Prepare an unadjusted trial balance as at 30 June 2014 to determine the accuracy of your double-entry journal entries and ledger postings. The completed templates must be printed and stapled together and submitted with your individual data sheet and an assignment coversheet (available on Model) on or before Wednesday 1 April at midday (12 noon).
Do not insert individual pages into plastic pockets. The assignment coversheet must be stapled on as the front page of the assignment. Assignment boxes are in the foyer near reception of H building level 3 and will be set up ready to deposit assignments at the end of week 4 Please note: as specified in the Unit Guide, there will be a 10% penalty for each day the assignment is submitted late. Due to the Easter slowdown, the University will be CLOSED (locked) from Thursday evening, 2 April. If you do not deposit your assignment before then, you will not be able to submit it until the university reopens on Wednesday 8 April – making the assignment seven days late.