Jack is a professional accountant

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Assessment 2
COVERSHEET
Course Code and
Title
COMR2008 Principles of Accounting
Assessment Assignment and Presentation
Learning Outcomes a)Explain the use of accounting information
and identify ethical issues in accounting
b)Explain the accounting cycle and apply double
entry
accounting principles to process transactions
Weighting 15% (8%
assignment, 7%
presentation)
Total
Marks
50 marks
Additional
Information
When there is evidence of academic dishonesty,
a student will face Misconduct Procedures.
Please refer to Torrens policies and procedures
in: http://www.tua.edu.au/policies/
Student Name and ID
Lecturer mark allocation:
Question Available
marks
Marks
achieved
1 13
2 14
3 8
4 5
Part A 40
Part B 10

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Instructions
This assessment is comprised of two parts; Part A and B. You need to
attempt both parts and submit two files on Blackboard under assessment
2 link. These two files should include; this word document with part A
completed and video that completes part B.
Part A:
Part A has four questions and has a weighting of 8%. You have to
attempt questions and provide answers to all these on this word
document. Download this document, answer all questions, save this
document and upload on Blackboard under assessment 2 link.
Part B:
Part B has a weighting of 7% and requires you to make a video of yourself
explaining how you achieved the provided answers. Do not read your
answers in the video. You need to explain the logic and concept behind the
answer you arrived at. This video can be made as on mobile device,
PowerPoint (voice over), YouTube, Vimeo, Collaborative Ultra,
Canva, Padlet, Prezi, or any other. Here is a useful video on making a
voice recorded PowerPoint presentation http://www.youtube.com/watch?
v=3uk4CU7uobM. It is highly recommended that you practice your
presentation several times before you submit the final record. You need to
submit this video on Blackboard under assessment 2 link.

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Part A
Question 1 (13 marks)
The following transactions relate to Joe’s Magazine Outlet from February
2020. Record these transactions in the General Journal. Include
narrations for each entry. Ignore GST.
Date Transactions
1/2 Sold magazines amounted to $1,400 to customers who will
pay cash later.
5/2 The business paid a one year rent in advance of $6,000.
20/2 Subscription fees of $400 was received from the credit
sales made at the beginning of the month.
22/2 The corporate client paid $10,000 for magazine subscription
fees in advance until end of this year.
28/2 Purchased supplies on credit for $8,000 to be paid in 90 days.
29/2 Purchased a delivery van for $20,000 paying $5,000 cash and
took loan on the outstanding amount.
Question 2 (14 marks)
Using the journal entries in Question 1 above, prepare and balance the
following T-accounts assuming the following opening balances as at 1
February 2020:
i) Accounts Receivable with an Opening balance of $20,000 Debit
ii) Cash at Bank with an Opening balance of $45,000 Debit
Question 3 (8 marks)
Jack is a professional accountant. His manager, Tom asked him to prepare
financial reports slightly different from what they actually should be for this
year only because they want make their clients happy. Jack is very
knowledgeable and competent but is afraid to say no in fear of losing his
promotion or job. Jack’s friend, Matt works for a marketing agency. Jack
helped Matt by providing him clients’ details (phone numbers and email
addresses) so they can targeted for marketing. Jack has referred his uncle
who runs a successful company to his accounting firm for preparing
financial reports. Jack’s accounting firm is well reputed.
Required: Identify the four ethical principles from the Code of Ethics
for Professional Accountants that apply in the case study above. How
these ethical principles relate to the facts of the case?