ACCT1008 - Accounting for Business - SP2 2017
Assignment Part A
35 Marks – Weighting 10%
Due 5:00pm Adelaide time (ACST) on Friday 4th August 2017
Please aim to complete the assignment a few days before the due date to allow for any unforeseen circumstances such as illness, family issues, work commitments etc. You may submit the assignment early if you have other commitments around the due date.
The due date and time is stated in the course outline, on the course website and above. Please note it is your responsibility to ensure you factor in any time difference between Adelaide (South Australia) and your location when submitting your assignment.
Please note that following important instructions relating to the assignment format and submission:
1. You must complete your assignment using the assignment Word document provided.
2. Do not convert this document into any other format (.docx or .doc are the only permissible file formats than can be uploaded).
3. You can only submit this one file.
4. Do not ‘embed’ other files (Excel for example) as pictures within the assignment Word document
5. You cannot scan hand written responses and submit. All assignments must be word processed.
6. Remember to fill out the assignment coversheet which is the second page of assignment Word document.
7. All assignments must be lodged via the turnitin link (link located on same page as assignment).
8. Assignments submitted via e-mail (or any other method) will NOT be accepted.
9. 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.
IMPORTANT - Failure to follow these instructions may result in your assignment not being marked, and you will receive a zero grade.
Please note that this is an individual piece of assessment. Pay particular attention to the student declaration which forms a part of the cover sheet. You must type your name and the date in the appropriate field in this declaration.
Best of luck with your assignment.

Developing knowledge and skills in the assignment

During the study period, you have been developing:
• technical and theoretical knowledge and the ability to integrate that knowledge,
• judgement skills, and
• application skills.
This is an example of the knowledge and skills which are learning outcomes of Bachelor accounting and business programs. Learning outcomes are what graduates are expected to know, understand and be able to do as a result of learning. Importantly, business and the professions were consulted during the design of the learning outcomes. Thus, they give us vital insights into the knowledge and skills that business and the professions want graduates to possess.
This assignment is designed to further develop your knowledge and skills.
• Theoretical and technical knowledge, and the skill to integrate these interrelated areas of knowledge, is highly valued by the employers of graduates.
• Employers of graduates also value:
o the skill to be able to exercise judgement under supervision to solve routine accounting problems, and
o the ability to critically apply theoretical and technical knowledge and skills to solve routine accounting problems.
Please keep these learning outcomes in mind as you work on the assignment and remember that this knowledge and skills are important to employers.
Communication skills. The assignment is also designed to develop your communication skills. The importance of communication skills in the professions and careers in business cannot be underestimated. While the ability to justify and communicate accounting advice and ideas is a learning outcome of graduates of Bachelor accounting programs, communication skills are equally valuable in all Bachelor business programs. Indeed, communication skills consistently rank as the most or one of the most important skills that employers consider when they employ graduates.
We focus on three aspects of your written communication skills development:
• Paraphrasing,
• Being relevant and the art of selection, and
• An introduction to writing for a professional business audience.
Please refer to the resource ‘Written Communication Skills in AFB’ on the course website. It has information about the three aspects of your written communication skills development and links to accompanying resources that will assist you develop your skills. Parts of An introduction to writing for a professional business audience are particularly relevant to your work on Question 3 in the assignment.
As you use the resources and apply them in your assignment, remember that the finest communicators are constantly developing their skills, based on experience and observing other communicators. Nonetheless, your studies is the perfect time to start working on these skills and appreciating their importance in business careers and the professions.
Sources: Hancock, P., Freeman, M. and Associates. (2010), Graduate Careers Australia (graduatecareers.com.au) and Achievement Matters (achievementmatters.com.au).
UNIVERSITY OF SOUTH AUSTRALIA
Assignment Cover Sheet
________________________________________
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QUESTION 1: General Journal, General Ledger, Trial Balance (35 marks)
Paul is the sole proprietor of Auldana Custom Concrete Foundations (ACCF), a specialist construction company. The following is a list of transactions that took place during the month of May 2016.
May 1 The business purchased additional equipment costing $22,400 by increasing the loan with the bank.
May 5 The construction of a house foundation was completed and the client was invoiced. The client paid $8,500 in cash and agreed to pay the remaining $33,500 over the following ten months.
May 10 Paul withdrew $1,200 cash for personal use.
May 15 An Advertising Bill for $1,680 was paid for in cash.
May 17 Paul hurt his wrist at work and visited his local Doctor. The consultation cost $65, which he paid for using his own credit card.
May 23 The business paid $750 off the loan owed for the purchase of equipment on May 1.
May 29 The business received $3,350 from the debtor relating to the transaction on May 5.
REQUIRED:
a. Prepare the General Journal entries where required to record each transaction. Include a narration (explanation) for each journal entry. (14 marks)
b. Post the journals from (a) above to the General Ledgers provided, ensuring a balance for each ledger is included. (14 marks)
c. Complete the attached Adjusted Trial Balance provided for the account balances calculated in the General Ledger from (b) above. (7 marks)

a. Prepare the General Journal entries where required to record each transaction. Include a narration (explanation) for each journal entry.
Date Details Debit ($) Credit ($)


b. Post the journals from (a) above to the General Ledger provided. All ledgers below must be footed.
Cash at Bank

May 1 Balance 5 817
Accounts Receivable

May 1 Balance 16 896
Equipment

May 1 Balance 46 800
Drawings – ACCF

May 1 Balance 28 080
Loan

May 1 Balance 98 625

Sales

May 1 Balance 664 800

Advertising Expense

May 1 Balance 26 910

c. Complete the attached Adjusted Trial Balance provided. Please total both the debit and credit column on completion.
ACCF
ADJUSTED TRIAL BALANCE
AS AT 31 MAY 2016
Debit ($) Credit ($)
Cash at Bank
Accounts Receivable
Inventory 140 400
Prepaid Insurance 4 914
Office Supplies on hand 3 276
Furniture & Fittings 21 030
Accumulated Depreciation – Furniture & Fittings 11 934
Equipment
Accumulated Depreciation – Equipment 18 720
Accounts Payable 27 027
Loan Payable
Paul’s ACCF – Capital 54 972
Paul’s ACCF – Drawings
Sales Revenue
Sales Returns and Allowances 9 924
Cost of Sales 412 308
Discount received 12 957
Freight inwards 9 360
Sales Salary Expense 68 328
Delivery Expense 18 252
Advertising Expense
Rent Expense 28 548
Office Salaries Expense 33 750
Electricity Expense 7 656
Discount Allowed 6 786
Totals