Accounting Technology & Process
Added on 2022-11-27
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Running head: Accounting Technology & Process
Accounting Technology & Process
Name of Student:
Name of University:
Author’s Note:
Accounting Technology & Process
Name of Student:
Name of University:
Author’s Note:
ACCOUNTING TECHNOLOGY & PROCESS2
ACCOUNTING WORKING PAPERS AND REPORT
TEMPLATES
CHART OF ACCOUNTS
Account
No. Account Name
Element
(Asset,
etc)
Current/
non-
current
100 Cheque Account – Bank West Bank Asset Current
105 Petty Cash Asset Current
110 Accounts Receivable Asset Current
120 Merchandise Inventory Asset Current
130 Prepaid Insurance Asset Current
140 Prepaid Rates & Taxes Asset Current
150 GST Paid (outlays) Asset Current
160 Buildings & Improvement (cost) Asset Non-Current
161 Accumulated Depreciated - Bldgs & Imp Liabilities Non-Current
170 Motor Vehicles ( Cost) Asset Current
171 Accumulated Depreciation – Motor Vehicles Liabilities Non-Current
180 Store Equipment ( Cost) Asset Current
181 Accumulated Depreciation – Store Equip Liabilities Non-Current
200 Accounts Payable Liabilities Current
210 GST Collected Liabilities Current
220 PAYG Withholding Payable Liabilities Current
230 Superannuation Payable Liabilities Current
240 Wages & Salaries Liabilities Current
280 Bank Loan Liabilities Non-Current
310 Share Capital Equity
315 Dividends paid Equity
320 Retained Earnings Equity
321 Profit & Loss Summary Equity
400 Sales Income
420 Discounts Received Income
430 Freight Collected Income
440 Profit on Sale of Assets Income
500 Cost of Sales Cost of
Sales
520 Freight Expense Cost of
Sales
600 Advertising Expenses
610 Bank Charges Expenses
615 Cleaning Expenses
620 Depreciation Expenses
625 Electricity Expenses
2
ACCOUNTING WORKING PAPERS AND REPORT
TEMPLATES
CHART OF ACCOUNTS
Account
No. Account Name
Element
(Asset,
etc)
Current/
non-
current
100 Cheque Account – Bank West Bank Asset Current
105 Petty Cash Asset Current
110 Accounts Receivable Asset Current
120 Merchandise Inventory Asset Current
130 Prepaid Insurance Asset Current
140 Prepaid Rates & Taxes Asset Current
150 GST Paid (outlays) Asset Current
160 Buildings & Improvement (cost) Asset Non-Current
161 Accumulated Depreciated - Bldgs & Imp Liabilities Non-Current
170 Motor Vehicles ( Cost) Asset Current
171 Accumulated Depreciation – Motor Vehicles Liabilities Non-Current
180 Store Equipment ( Cost) Asset Current
181 Accumulated Depreciation – Store Equip Liabilities Non-Current
200 Accounts Payable Liabilities Current
210 GST Collected Liabilities Current
220 PAYG Withholding Payable Liabilities Current
230 Superannuation Payable Liabilities Current
240 Wages & Salaries Liabilities Current
280 Bank Loan Liabilities Non-Current
310 Share Capital Equity
315 Dividends paid Equity
320 Retained Earnings Equity
321 Profit & Loss Summary Equity
400 Sales Income
420 Discounts Received Income
430 Freight Collected Income
440 Profit on Sale of Assets Income
500 Cost of Sales Cost of
Sales
520 Freight Expense Cost of
Sales
600 Advertising Expenses
610 Bank Charges Expenses
615 Cleaning Expenses
620 Depreciation Expenses
625 Electricity Expenses
2
ACCOUNTING TECHNOLOGY & PROCESS3
630 Insurance Expenses
635 Interest Expense Expenses
640 Motor Vehicle Expenses Expenses
650 Postage & stationery Expenses
655 Rates Expenses
660 Repairs & Maintenance Expenses
670 Staff Amenities Expenses
675 Superannuation Expenses
680 Telephone Expenses
685 Wages & Salaries Expenses
690 Bad Debts Expenses
690 Discount Paid Expenses
3
630 Insurance Expenses
635 Interest Expense Expenses
640 Motor Vehicle Expenses Expenses
650 Postage & stationery Expenses
655 Rates Expenses
660 Repairs & Maintenance Expenses
670 Staff Amenities Expenses
675 Superannuation Expenses
680 Telephone Expenses
685 Wages & Salaries Expenses
690 Bad Debts Expenses
690 Discount Paid Expenses
3
ACCOUNTING TECHNOLOGY & PROCESS4
GENERAL JOURNAL
Date Description Post
Ref Debit Credit
01-Nov 201
8 Wages & Salaries Payable 240 200.00
Wages & Salaries 685 200.00
01-Nov 201
8 Insurance 630 3728.00
Rates 655 4400.00
Prepaid Insurance 130 3728.00
Prepaid Rates & Taxes 140 4400.00
08-Nov 201
8 Bad Debts 690 900.00
GST Collected 210 90.00
Accounts Receivable 110-3 990.00
08-Nov 201
8
Accumulated Depreciation-Store
Equip 181 1540.00
Store Equipment 180 1540.00
09-Nov 201
8 Wages & Salaries 685 160.00
PAYG Withholding Payable 220 160.00
23-Nov 201
8 Wages & Salaries 685 160.00
PAYG Withholding Payable 220 160.00
30-Nov 201
8 Wages & Salaries 685 400.00
Wages & Salaries Payable 240 400.00
Prepaid Insurance 130 3262.00
Insurance 630 3262.00
Prepaid Rates & Taxes 140 3850.00
Rates 655 3850.00
Superannuation 675 144.00
Superannuation Payable 230 144.00
Depreciation 620 2267.00
Accum Dep. - Bldg. & Imp. 161 1633.00
Accum Dep. - Motor Vehicle 171 313.00
4
GENERAL JOURNAL
Date Description Post
Ref Debit Credit
01-Nov 201
8 Wages & Salaries Payable 240 200.00
Wages & Salaries 685 200.00
01-Nov 201
8 Insurance 630 3728.00
Rates 655 4400.00
Prepaid Insurance 130 3728.00
Prepaid Rates & Taxes 140 4400.00
08-Nov 201
8 Bad Debts 690 900.00
GST Collected 210 90.00
Accounts Receivable 110-3 990.00
08-Nov 201
8
Accumulated Depreciation-Store
Equip 181 1540.00
Store Equipment 180 1540.00
09-Nov 201
8 Wages & Salaries 685 160.00
PAYG Withholding Payable 220 160.00
23-Nov 201
8 Wages & Salaries 685 160.00
PAYG Withholding Payable 220 160.00
30-Nov 201
8 Wages & Salaries 685 400.00
Wages & Salaries Payable 240 400.00
Prepaid Insurance 130 3262.00
Insurance 630 3262.00
Prepaid Rates & Taxes 140 3850.00
Rates 655 3850.00
Superannuation 675 144.00
Superannuation Payable 230 144.00
Depreciation 620 2267.00
Accum Dep. - Bldg. & Imp. 161 1633.00
Accum Dep. - Motor Vehicle 171 313.00
4
ACCOUNTING TECHNOLOGY & PROCESS5
Accum Dep. -Store Equipment 181 321.00
Interest Expense 635 3843.75
Bank Loan 280 3843.75
Profit & Loss Summary 325 82587.50
Cost of Sales 500 29641.00
Freight Expense 520 736.50
Advertising 600 2380.00
Bank Charges 610 53.60
Cleaning 615 1050.00
Depreciation 620 11353.00
Electricity 625 557.00
Insurance 630 2330.00
Interest Expense 635 19593.75
Motor Vehicle Expenses 640 866.00
Postage & stationery 650 156.55
Rates 655 2750.00
Repairs & Maintenance 660 75.00
Staff Amenities 670 68.60
Superannuation 675 756.00
Telephone 680 641.50
Wages & Salaries 685 8600.00
Bad Debts 690 900.00
Discount Paid 690 79.00
Sales 400 99300.00
Discounts Received 420 771.40
Freight Collected 430 740.00
Profit on Sale of Assets 440 130.00
Profit & Loss Summary 325 100941.4
0
Profit & Loss Summary 325 18353.90
Retained Earnings 320 18353.90
Retained Earnings 320 19000.00
Dividend Paid 315 19000.00
5
Accum Dep. -Store Equipment 181 321.00
Interest Expense 635 3843.75
Bank Loan 280 3843.75
Profit & Loss Summary 325 82587.50
Cost of Sales 500 29641.00
Freight Expense 520 736.50
Advertising 600 2380.00
Bank Charges 610 53.60
Cleaning 615 1050.00
Depreciation 620 11353.00
Electricity 625 557.00
Insurance 630 2330.00
Interest Expense 635 19593.75
Motor Vehicle Expenses 640 866.00
Postage & stationery 650 156.55
Rates 655 2750.00
Repairs & Maintenance 660 75.00
Staff Amenities 670 68.60
Superannuation 675 756.00
Telephone 680 641.50
Wages & Salaries 685 8600.00
Bad Debts 690 900.00
Discount Paid 690 79.00
Sales 400 99300.00
Discounts Received 420 771.40
Freight Collected 430 740.00
Profit on Sale of Assets 440 130.00
Profit & Loss Summary 325 100941.4
0
Profit & Loss Summary 325 18353.90
Retained Earnings 320 18353.90
Retained Earnings 320 19000.00
Dividend Paid 315 19000.00
5
ACCOUNTING TECHNOLOGY & PROCESS6
6
6
ACCOUNTING TECHNOLOGY & PROCESS7
7
7
8ACCOUNTING TECHNOLOGY & PROCESS
SALES JOURNAL
Date
Inv
Account Terms Sales
Freight GST Accounts Cost of Sales Dr
No Collect
ed Collected Receivable Inventory Cr
05-Nov 201
8 5203 Albert Park Primary School N/30 2180.0
0 20.00 220.00 2420.00 1080.00
12-Nov 201
8 5205 Melbourne High School 2/10,N/
30
3900.0
0 395.00 50.00 4345.00 2120.00
14-Nov 201
8 5206 Albert Park Sports Club N/30 6100.0
0 50.00 615.00 6765.00 2800.00
23-Nov 201
8 5208 Albert Park Sports Club N/30 11375.
00 80.00 1145.50 12600.50 5165.00
27-Nov 201
8 5211 Yarra City Council N/30 1780.0
0 178.00 1958.00 790.00
30-Nov 201
8 5212 Albert Park Primary School N/30 2400.0
0 20.00 242.00 2662.00 1320.00
27735.
00 565.00 2450.50 30750.50 13275.00
8
SALES JOURNAL
Date
Inv
Account Terms Sales
Freight GST Accounts Cost of Sales Dr
No Collect
ed Collected Receivable Inventory Cr
05-Nov 201
8 5203 Albert Park Primary School N/30 2180.0
0 20.00 220.00 2420.00 1080.00
12-Nov 201
8 5205 Melbourne High School 2/10,N/
30
3900.0
0 395.00 50.00 4345.00 2120.00
14-Nov 201
8 5206 Albert Park Sports Club N/30 6100.0
0 50.00 615.00 6765.00 2800.00
23-Nov 201
8 5208 Albert Park Sports Club N/30 11375.
00 80.00 1145.50 12600.50 5165.00
27-Nov 201
8 5211 Yarra City Council N/30 1780.0
0 178.00 1958.00 790.00
30-Nov 201
8 5212 Albert Park Primary School N/30 2400.0
0 20.00 242.00 2662.00 1320.00
27735.
00 565.00 2450.50 30750.50 13275.00
8
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