Accounting for Business Assignment - General Journal, General Ledger, Trial Balance

Please aim to complete this assignment a few days prior to the due date to allow for any
unforeseen circumstances such as illness, holidays, 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 are stated in the course outline, on the course website and above. All
times listed are local (South Australia) times. Please ensure you factor in any time difference
between Adelaide (South Australia) and your location when submitting your assignment, to
avoid incurring any late submission penalties.
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. You must complete your assignment using the assignment Word document provided.
2. There is no need to delete any part of this template.
3. Do not convert this document into any other format (.docx or .doc are the only
permissible file formats than can be uploaded).
4. You can only submit this one file.
5. If you use Excel for calculations, ensure you only copy and paste as a table. Do not
‘embed spreadsheets in the assignment Word document.
6. Do not include any files as pictures within the assignment Word document.
7. You cannot scan hand written responses and submit. All assignments must be word
processed.
8. Remember to fill out the assignment coversheet which is the third page of assignment
Word document.
9. All assignments must be lodged via Learnonline page (link located on same page as
assignment).
10. Assignments submitted via e-mail (or any other method) will NOT be accepted.
11. 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
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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
1

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.
Go to the Commerce home page to find out more about these important learning outcomes.
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
are the perfect time to start developing these skills and appreciating their importance in your
career.
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QUESTION 1: General Journal, General Ledger, Trial Balance (34 marks)
Part 1 (19 marks)
Required
Record the General Journal entries in the proforma provided on the following
pages to record each of the following transactions (where required).
Remember to format the journals correctly and include narration (explanation)
for each journal entry.
Steve Gowen is the sole owner of Stylish Home Furniture Pty Ltd, located in the Northern
Suburbs of Adelaide. He has been selling high quality furniture over the past ten years. He
has been experiencing tremendous growth in his business and he wants to establish a
proper accounting system to manage his business affairs more effectively. He has
approached a local accounting firm called Smart Accountants and Consultants Pty Ltd to
help him establish a proper accounting system for his business.
Assume you are a financial accountant at Smart Accountants and Consultants Pty Ltd and
you are required to prepare the monthly general journal entries for Stylish Home Furniture
Pty Ltd. You need to record the following transactions that occurred during June 2019 in the
accounting books of Stylish Home Furniture Pty Ltd.
June 3 Stylish Home Furniture Pty Ltd sold two dining tables to a customer for $5 000.
The customer paid 40% of this amount in cash and the remaining amount is to
be paid by June 30.
June 5 The delivery truck was broken down and Superfast Auto Mechanics Pty Ltd
repaired it on the same day for $550 cash payment.
June 10 Stylish Home Furniture Pty Ltd purchased office equipment for $8 000 from
Ultra Mechanical Engineers Pty Ltd. 60% of the purchase price was paid in
cash with the balance payable in 15 days.
June 14 Stylish Home Furniture Pty Ltd received an invoice (#123) of $860 from
Reliable Office Cleaners Pty Ltd for performing the office cleaning services.
The invoice must be paid within 30 days.
June 19 Stylish Home Furniture Pty Ltd installed a new air-conditioning system in
the office and paid $20 000 cash to JB Air-condition Suppliers Pty Ltd. This
air-conditioning system has a 10-year useful life.
June 23 Stylish Home Furniture Pty Ltd paid the remaining amount owing to Ultra
Mechanical Engineers Pty Ltd for repairs performed on June 10.
June 26 Steve paid his home electricity bill $640 using the business’s bank account.
June 30 Stylish Home Furniture Pty Ltd received the remaining payment from the
customer who purchased two dining tables on June 3.
.
3

General Journal
Journal Entries in the books of Stylish Home
furniture Limited
Date Details Debit Credit
3rd
June Cash A/c
D
r.
$
2,000.00
To sales a/c
$
2,000.00
for cash received from the customer
3rd
June Accounts Receivables A/c
D
r.
$
3,000.00
To sales a/c
$
3,000.00
for sales made to the customer
5th
June Repair and maintenance
D
r. $ 550.00
To cash a/c $ 550.00
for repairing of truck
10th
June Office Equipment A/c
D
r.
$
8,000.00
To cash a/c
$
4,800.00
To Accounts payable
$
3,200.00
for office equipment partly paid in cash
14th
June Cleaning services A/c
D
r.
$
860.00
To Reliable office (Accounts payables) $ 860.00
for services provided and invoice generated
19th
June Air conditioner a/c
D
r.
$
20,000.0
0
To cash A/c
$
20,000.0
0
for air conditioner purchased
23rd
June Accounts payable
D
r.
$
3,200.00
To cash A/c
$
3,200.00
for cash paid for the office equipment
26th
June Electricity a/c
D
r. $ 120.00
To bank a/c $ 120.00
for electricity expenses paid
30th
June Cash A/c
D
r.
$
3,000.00
4