HI5001 Accounting for Business Decisions: Revenue And Expenses

HI5001 Accounting for Business Decisions: Revenue And Expenses

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HI5001 Accounting for Business Decisions

Questions:

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Unit Learning Outcomes Assessed:

1. 

Analyze how various transactions will affect the accounting equation, the balance sheet, and the income statement and communicate this to a range of stakeholders;

2. 

Apply, analyze, synthesize and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses;

3. 

Employ information technologies to analyze transaction data and financial statement to facilitate data-driven decision-making;

4. 

Assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice on business and define management strategies.

Description:

Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document.

The questions to be answered are:

Week 1

Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to justify your answer. (10 marks, maximum 250 words)

Week 2

Financial data for Safety Hire as of 30 June 2019 are:

Required:

Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks)

Week 3

On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.

Required:

  1. Prepare the general journal entries to record the above transactions. (6.25 marks)
  2. Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks)
  3. Prepare a trial balance as at 31 July 2018. (1 mark)

Week 4

The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.

  1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at 8% interest. The principal and interest are payable on 15 August.
  2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance.
  3. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid.
  4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.
  5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June.

Required:

Prepare the necessary adjusting entries at 30 June. (10 marks)

Week 5

The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.

Elliot Painting Services; Worksheet (Partial) for the year ended 30 June 2019:

Account

Adjusted trial balance

Income statement

Balance sheet

Debit

Credit

Debit

Credit

Debit

Credit

Cash at Bank

1

230

Accounts Receivable

75

600

Prepaid Rent

1

800

Office Supplies

8

320

Equipment

160

000

Accum. Depr. Equip’t

25

000

Accounts Payable

54

000

Salaries Payable

8

760

Unearned Revenue

3

430

F. Elliot, Capital

101

500

F. Elliot, Drawings

22

000

Painting Revenue

219

650

Salaries Expense

106

000

Rent Expense

6

050

Depreciation Expense

8

040

Telephone Expense

4

020

Office Supplies Used

10

080

Sundry Expenses

9

200

$412

340

$412

340

Profit for the period

Required:

  1. Complete the worksheet. (6 marks)
  2. Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity’s accounting period. (4 marks)

HI5001 Accounting for Business Decisions

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