ACCT 1008 Communication Skills in Accounting for Business Questions

ACCT 1008 Communication Skills in Accounting for Business Questions
ACCT1008 (Accounting for Business) SP5 2020
Assignment Part A
58 Marks – Weighting 12%
Due 9:00 am
on Monday 7th September 2020
Please note the following important instructions relating to the assignment format and submission:
IMPORTANT – Failure to follow these instructions may result in your
assignment not being marked, so please read them carefully.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
You must complete your assignment using the assignment Word document provided.
There is no need to delete any part of this template.
Do not convert this document into any other format (.docx or .doc are the only permissible
file formats than can be uploaded).
You can only submit this one file.
If you use Excel for calculations, ensure you only copy and paste as a table. Do not ‘embed’
spreadsheets in the assignment Word document.
Do not include any files as pictures within the assignment Word document.
You cannot scan hand written responses and submit. All assignments must be word
processed.
Remember to fill out the assignment coversheet which is the third page of assignment Word
document.
All assignments must be lodged via Learnonline page (link located on same page as
assignment).
Assignments submitted via e-mail (or any other method) will NOT be accepted.
Make sure that you upload the correct file. If you discover (after the due date) that you have
uploaded a draft version or the wrong file completely, you will not be allowed to submit a
second file.
Note that this is an individual piece of assessment. Pay particular attention to the student declaration
which forms part of the coversheet. You must type your name and the date in the appropriate field in
this declaration.
Please also be aware that extensions to assignment due dates will only be approved in exceptional
circumstances and for reasons that could not have been foreseen at the commencement of the
study period. All applications for extensions must be submitted via the “Extensions” link provided on
the subject website and must include an explanation of the circumstances under which the
extension is being sought and relevant supporting documentation must be included with the original
application. Please note that circumstances such as usual workload (university or employment),
taking a holiday, being overseas or any situation within the control of the student do not qualify as
grounds for an extension.
Please note that extension requests made within 7 days of the due date must also include a draft of
the work you have completed to that point.
Best of luck with your assignment.
Accounting for Business Assignment – Learning Outcomes
The Assignment is a further opportunity to apply the knowledge and skills that you are developing.
The Assignment also develops learning outcomes which are highly valued by the employers of
accounting graduates: Knowledge, Judgement, Critical analysis and Problem solving skills, and
Communication skills. Learning outcomes are the knowledge and skills that graduates are expected to
know, understand and be able to do as a result of their learning.
Communication skills
Employers want graduates who are strong communicators. Communication skills rank among the
most important selection criteria that employers use when recruiting graduates (Source: Graduate
Careers Australia). These three aspects of your written communication skills development will be
assessed in the assignment to a maximum of 9 marks:
● Paraphrasing,
● Being relevant and the art of selection, and
● An introduction to writing for a professional business audience.
Please refer to the resource Developing written communication skills in Accounting for Business on
the subject learnonline site. It has information about the three aspects of your written
communication skills development and links to resources that will assist you develop your skills. As
you use the resources in your assignment, remember that your studies is the perfect time to start
developing these skills and appreciating their importance in your career.
QUESTION 1: General Journal (15 marks)
Sahra Ong is the sole proprietor of ‘Vacation’ a beach clothing business. Sahra designs and sews
fashionable beachwear that has a high SPF rating. Sahra launched a bespoke beachwear range
twelve months ago, and thanks to a cover story of her business published in the inflight magazine of
a large airline company, demand for her bespoke beachwear has increased significantly.
Sahra is so busy with the growth of the business that she has been unable to attend to the
bookkeeping, so she has recently hired Stone & Co Accounting Specialists Pty Ltd to take over the
accounting function. You are the graduate accountant working at Stones & Co Accounting Specialists
Pty Ltd and are now responsible for preparing the monthly journals for ‘Vacation’.
The following is a list of transactions that took place during the month of July 2020 that need to be
recorded in the General Journal.
July 1 The business purchased a new sewing machine at a cost of $8,500. $2,500
was paid in cash and the remaining amount was paid using a loan from Wi Bank.
July 2
The monthly shop & workshop rent of $2,500 was paid.
July 5 A new range of SPF fabric was purchased from ‘World Fabrics Ltd’ on credit
for $4,000.
July 11 Sahra sold on credit 27 long sleeve Rashies for $58 each to ‘The Tornadoes’,
a local beach volleyball club. The terms of the sale require full payment is made
within 30 days.
July 18 Sahra shut the shop at midday for an hour and paid $20 from the business
bank account for lunch at ‘Waves’, a local beachside café.
July 27 The first payment of $200 was paid off the loan that ‘Vacation’ borrowed
from Wi Bank on July 1.
July 28 ‘The Tornadoes’ beach volleyball club paid $522 off the amount they owe
‘Vacation’ for the purchase of the Rashies on July 11.
Required:
Record the General Journal entries in the proforma provided on the following page to record each
of the above transactions where required. Remember to format the journals correctly and include
a narration (explanation) for each journal entry.
General Journal
Date
Details
Debit ($)
Credit ($)
Question 2 (11 marks)
Although Sahra now pays Stone & Co Accounting Specialists Pty Ltd to manage the accounting
function of the business, she still likes to prepare a few journals when she has time. The following
general journal entries for the business ‘Vacation’ were prepared by Sahra for transactions occurring
in October, however she needs your assistance in posting them to the General Ledger. Sahra has
posted the opening balances (where required) into the general ledger and they are correct.
Required:
Post the General Journals recorded below to the General Ledger provided on the following page.
Remember to foot each ledger to determine the ledger balance.
Hints to assist in completing the ledgers:
● Do not delete the opening balances given.
● The ledgers are formatted using tables, therefore it is best to navigate through the ledgers
using the ‘tab’ function.
● When using tables, it is often easier to click on the “¶” function so you can see the
formatting.
● It is quite acceptable to shorten account names i.e. Cash at Bank becomes CAB.
Date
Details
1 October
Sewing Table
Capital
(Sahra contributed a sewing table from her
home to the business)
750
Electricity Expense
495
8 October
Debit ($)
Credit ($)
750
Cash at Bank
(business paid for Electricity expense)
14 October
21 October
24 October
31 October
Clothing Racks
Cash at Bank
Accounts Payable
(Vacation purchased four new clothing
racks to display beachwear at local sailing
and surfing events)
Interest Expense
Cash at Bank
(Interest expense paid on loan)
495
2 000
500
1 500
60
60
Cash at Bank
Beachwear Sales
(Sales of beachwear at local surfing event)
Accounts Payable
Cash at Bank
(Paid for supplies purchased in September)
4 500
4 500
532
532
Post the journals from above to the General Ledger provided below. All ledgers below must be
footed (the closing balance must be made clear either by way of ‘c/d’ / ‘b/d’ notation, the wording
‘balance’ next to the amount, highlight the balance or with a circle around the balance).
October 1
Balance
Cash at Bank (CAB)
16 000
Sewing Table
Clothing Racks
October 1
Balance
1 200
Accounts Payable
October 1
Balance
2 000
Capital
October 1
Beachwear Sales
October 1
October 1
October 1
Balance
Interest Expense
180
Balance
Electricity Expense
1 485
Balance
Balance
43 000
83 487
(assignment continues over the page)
Question 3 (16 marks)
You have been so helpful to Sahra that she has recommended you to a friend of hers, Jed Skee. Jed
set up the business ‘Surfs Up’ in October 2019 which sells Surf Ski’s. Jed completed a basic
bookkeeping course before he commenced his business and is able to prepare his business’s
accounting information up to the point of the Trial Balance, but requires your assistance in preparing
the financial statements.
Required:
Prepare an Income Statement, Statement of Changes in Equity and a Balance Sheet from the Trial
Balance provided below.
Surfs Up
Trial Balance
for the year ended 30th June 2020
Loan Payable
Debit ($)
66 640
Supplies on Hand
9 163
Fuel Expense
7 938
Capital
Equipment
Cash at Bank
Telephone Expense
Credit ($)
245 000
17 640
100 254
2 450
Warehouse
196 000
Sales
43 316
Accounts Payable
Council Rates Expense
Accounts Receivable
Totals
3 038
588
23 961
357 994
357 994
QUESTION 4: Conceptual Framework (10 marks)
*(Element: Asset, Liability, Revenue, Expense, Equity)
**(a link explaining this method of referencing is available on the ACCT1008 Learnonline site under
the “Subject Essentials” block)
REQUIRED:
Please write a letter in your own words, using the Harvard** referencing system wherever
appropriate addressing the queries raised by Sahra Ong (the client).
Sahra Ong has written to the Managing Partner of the accounting firm you work for as a graduate
accountant because she is confused about a journal entry she prepared on the 31st October (see
question 2). When Sahra discussed this transaction with her friend Jed Skee, he told her that she
should debit the account “Accounts Payable” but she does not know why and is a bit embarrassed to
ask her friend to explain.

Explain with reference to the appropriate accounting definition the accounting element*
that was debited on the 31st of October. Ensure you explain why the account was debited.
(8 marks)
Up to an additional 2 marks will be awarded for following the formatting requirements below.
Formatting hints:







Date your letter the 4th of November 2020
Address your letter to Sahra Ong, ‘Vacation’, 4a Lane Court, Pt Shortz, SA 5111
Any formal business letter format is acceptable (a template has not been provided – students are
expected to research business letter formats themselves).
Set out your letter with subheadings to separate each part of your letter as you address the criteria
required.
Consider an appropriate way to begin and end your letter (consider the context of the letter).
The use of appropriate language, accounting terminology and reference in your letter to the specific
information presented in the question.
No specific word count is prescribed. However, given the nature of the question, it would be expected
that the entire letter (including address and sign-off) should require no more than a full page.
The following aspects of students’ written communication skills development are also awarded a
total of 6 marks.
PARAPHRASING
● Presenting ideas and information that the student read in their own words,
● Not simply taking what someone else has written and changing a few words. It is about
translating another person’s ideas into the student’s own words.
Mark (maximum 2):
BEING RELEVANT
Does what is written contribute to answering the question(s)
● Setting out to specifically answer the question(s) by using relevant information,
● Staying ‘on track’ with answers,
● Avoiding straying from the question and going off on irrelevant tangents.
Mark (maximum 2):
WRITING FOR A PROFESSIONAL BUSINESS AUDIENCE (including good presentation)
● The written work is clear and understandable,
● Where applicable, the written work is based on the facts and available evidence,
● Exaggeration and bold statements which are not supported by the facts and evidence are
avoided.
Good presentation
● The written work contains no spelling and grammatical errors. Obvious evidence of editing
displayed. (Where the work contains any spelling and grammatical errors, it cannot be awarded
more than 5 marks),
● Any headings and sub-headings displayed properly, and are used consistently throughout the
document,
● Font size and font style are used consistently throughout the document,
● If applicable, requested templates are used.
Mark (maximum 2):
TOTAL WRITTEN COMMUNICATION SKILLS MARK (maximum 6)
ACCT1008 (Accounting for Business) SP5 2020
Assignment Part B
72 Marks – Weighting 18%
Due 9:00am
on Monday 26th October 2020
IMPORTANT – Failure to follow these instructions may result in your
assignment not being marked, so please read them carefully.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
You must complete your assignment using the assignment Word document provided.
There is no need to delete any part of this template.
Do not convert this document into any other format (.docx or .doc are the only permissible
file formats than can be uploaded).
You can only submit this one file.
If you use Excel for calculations, ensure you only copy and paste as a table. Do not ‘embed’
spreadsheets in the assignment Word document.
Do not include any files as pictures within the assignment Word document.
You cannot scan hand written responses and submit. All assignments must be word
processed.
Remember to fill out the assignment coversheet which is the second page of assignment
Word document.
All assignments must be lodged via Learnonline page (link located on same page as
assignment).
Assignments submitted via e-mail (or any other method) will NOT be accepted.
Make sure that you upload the correct file. If you discover (after the due date) that you have
uploaded a draft version or the wrong file completely, you will not be allowed to submit a
second file.
Note that this is an individual piece of assessment. Pay particular attention to the student declaration
which forms part of the coversheet. You must type your name and the date in the appropriate field
in this declaration.
Please also be aware that extensions to assignment due dates will only be approved in exceptional
circumstances and for reasons that could not have been foreseen at the commencement of the
study period. All applications for extensions must be submitted via the “Extensions” link provided
on the course website and must include an explanation of the circumstances under which the
extension is being sought and relevant supporting documentation must be included with the original
application. Please note that circumstances such as usual workload (university or employment),
taking a holiday, being overseas or any situation within the control of the student do not qualify as
grounds for an extension.
Please note that extension requests made with 7 days of the due date must also include a draft of
the work you have completed to that point.
Best of luck with your assignment.
Accounting for Business Assignment – Learning Outcomes
The Assignment is a further opportunity to apply the knowledge and skills that you are developing.
The Assignment also develops learning outcomes which are highly valued by the employers of
accounting graduates: Knowledge, Judgement, Critical analysis and Problem solving skills, and
Communication skills. Learning outcomes are the knowledge and skills that graduates are expected to
know, understand and be able to do as a result of their learning.
Communication skills
Employers want graduates who are strong communicators. Communication skills rank among the
most important selection criteria that employers use when recruiting graduates (Source: Graduate
Careers Australia). These three aspects of your written communication skills development will be
assessed in the assignment to a maximum of 9 marks:
● Paraphrasing,
● Being relevant and the art of selection, and
● An introduction to writing for a professional business audience.
Please refer to the resource Developing written communication skills in Accounting for Business on
the subject learnonline site. It has information about the three aspects of your written
communication skills development and links to resources that will assist you develop your skills. As
you use the resources in your assignment, remember that your studies is the perfect time to start
developing these skills and appreciating their importance in your career.
QUESTION 1: Balance Day Adjustments (19 marks)
Fred Jones is the sole proprietor of ‘Shore Read’, a second hand book and coffee shop situated on
the esplanade of a popular beach. The ‘Shore Read’ has become extremely popular with locals and
holidaymakers due to the excellent coffee, special recipe chocolate fudge brownies and the
extensive range of reasonably priced books.
When Fred is in the shop he is very busy running the coffee shop and on Monday and Tuesdays he
travels widely to source good second hand books to sell in the shop. He has become so busy that he
is unable to attend to the bookkeeping, so he has recently hired Michell & Co Accounting Specialists
Pty Ltd to take over the accounting function.
You are the graduate accountant working at Michell & Co Accounting Specialists Pty Ltd and are now
responsible for preparing the year end Balance Day Adjustment journals for ‘Shore Read’. Fred
Jones has provided you with the ‘Shore Read’s’ Unadjusted Trial Balance but unfortunately he
doesn’t know what order the accounts should be in.
(Continued next page)
QUESTION 1: Balance Day Adjustments (cont.)
Debit ($)
Credit ($)
Shore Read
Unadjusted Trial Balance
30 June 2020
Shop Cleaning Expense
Gas Expense
Water Expense
Motor Vehicle
Cash at Bank
Term Deposit
Prepaid Insurance
Shop Furniture & Fittings
Sales Returns & Allowances
Interest expense
Discount Received
Electricity Expense
Sam, Capital
Accounts Receivable
Loan
Accumulated Depreciation – Shop Furniture &
Fittings
Inventory (1 July 2019)
Rent Expense
Bookkeepers Wages Expense
Coffee Shop Staff Wages Expense
Bookshop Staff Wages Expense
Purchases
Advertising Expense
Office Cleaning Expense
Accounts Payable
Office Supplies Expense
Fred Jones, Drawings
Repairs and Maintenance Payable
Sales – Coffee Shop
Sales – Book Shop
Accumulated Depreciation – Motor Vehicle
Accrued Rent
Discount Allowed
Insurance Expense
Totals
18 000
2 387
3 001
85 104
27 400
140 000
1 536
85 000
848
7 360
1 336
5 920
211 580
520
62 840
7 200
47 160
24 204
33 163
58 272
50 000
161 400
19 760
16 000
8 185
2 026
42 452
8 560
362 824
145 200
26 100
1 800
1 040
3 072
835 625
835 625
Fred has emailed you the following list of account information related to the year ended 30 June
2020. He is not sure if all of the following transactions require Balance Day Adjustment journals or
not, but he is confident that you will know:
(Continued next page)
QUESTION 1: Balance Day Adjustments (cont.)
(1) The Shop Furniture & Fittings is expected to have a useful life of five years and have a
residual value of $12,500.
(2) Fred records all office supplies purchases initially as an expense. Fred counts the Office
Supplies and determines that there is $232 on hand at 30 June 2020.
(3) The 6 month insurance policy (policy #34448) of $1 536 was paid on March 1 2020.
(4) The Motor Vehicle is expected to have a useful life of six years and have a zero scrap
value.
(5) $16 563 of the recorded sales represent payment …
Purchase answer to see full
attachment
Get 20% Discount on The assignment
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on The Assignment

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

EssayBrill has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At EssayBrill, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.