Accounting Systems and Processes Assignment - Course Code, University

This accounting assignment solution addresses various aspects of accounting systems and processes. It begins by defining plagiarism and its impact. The solution then details methods for integrating Excel spreadsheets into Word documents, including both normal and formula views. It lists relevant accounting websites like AASB, IFRS, and ATO. The assignment also covers professional accounting organizations, work-integrated assessment experiences, and a case study on ABC Learning, highlighting ethical issues and financial statement analysis. The solution further provides a breakdown of account types, prepares an income statement and balance sheet, and demonstrates the balance sheet equation with different cases. The document also contains excel formulas for the balance sheet equation.

Running head: ACCOUNTS SYSTEMS & PROCESS
Accounting System & Process
Name of the Student:-
Name of the University:-
Author’s Note:-

1ACCOUNTING SYSTEM & PROCESS

2ACCOUNTING SYSTEM & PROCESS
Table of Contents
Q 1:..................................................................................................................................................4
Q 2:..................................................................................................................................................4
Q 3:..................................................................................................................................................8
Q 4:..................................................................................................................................................9
Q 5:................................................................................................................................................10
Q 6:................................................................................................................................................11
Q 7:................................................................................................................................................12
Requirement 1:...........................................................................................................................12
Requirement 2:...........................................................................................................................13
Requirement 3:...........................................................................................................................14
Requirement 4:...........................................................................................................................14
Q 8:................................................................................................................................................16
Q 9:................................................................................................................................................17
Q 10:..............................................................................................................................................17
Q 12:..............................................................................................................................................19
Q 13:..............................................................................................................................................20
Q 14:..............................................................................................................................................20
Q 15:..............................................................................................................................................21
Reference & Bibliography:............................................................................................................29

3ACCOUNTING SYSTEM & PROCESS

4ACCOUNTING SYSTEM & PROCESS
Q 1:
Plagiarism can be defined as the process of copying the ideas of others and describing the
idea with same words, used in the original source, without giving proper credit to it. The honest
students often get deprived due to the plagiarism. Many students use to copy others’ assignments
without changing a single word and get higher marks. On the other hand, the honest students
complete the assignments by fair means but may not such high marks. In such scenario, the
student, who has not studied the subject at all and given any effort, would get more advantage
than the honest student, who has worked hard to complete the assignment. Hence, plagiarism is
considered as one of the unfair ways to deprive honest students.
Q 2:
The computer spreadsheet, for example, Excel sheets can be copied and pasted in the
word documents through various methods. However, there are two most widely-used methods of
pasting excel sheets are described below:
1) Simple Pasting Method:
The steps of simple pasting method are stated below:
- Selection of the excel sheet along with the row and column headings
- Right click of mouse and select paste or press Ctrl+C in keyboard
- In the word file, right click of mouse and select paste or press Ctrl+V in keyboard

5ACCOUNTING SYSTEM & PROCESS
2) Pasting in Image Method:
Under this method, the excel sheets are pasted in the word documents as images instead
of tables. The steps are as follows:
- Selection of the excel sheet along with the row and column headings
- Right click of mouse and select paste or press Ctrl+C in keyboard
- In the word file, press Alt+E+S in keyboard and select Picture

6ACCOUNTING SYSTEM & PROCESS
The two methods are applicable for both normal view and formula view. The examples
are given below:
1) Normal View:
a) First Method:
Student Name:
Income Statement
for the month ended 31 July 2017
$
INCOME
Revenue from Sales 100600
Revenue from Service 20000
TOTAL INCOME 120600
EXPENSES
Office Supplies Expense 2250
Wages 32500
Wages 8700
Lease Expenses 4500
Bank Fees 8
Power & Electricity 5000
Fule Charges 4300
Travelling Expenses 4300
Interest on Loan 220
Insurance Expenses 5000
TOTAL EXPENSES 66778
Profit/(Loss) for the period 53822
b) Second Method:

7ACCOUNTING SYSTEM & PROCESS
Student Name:
Income Statement
for the month ended 31 July 2017
$
INCOME
Revenue from Sales 100600
Revenue from Service 20000
TOTAL INCOME 120600
EXPENSES
Office Supplies Expense 2250
Wages 32500
Wages 8700
Lease Expenses 4500
Bank Fees 8
Power & Electricity 5000
Fule Charges 4300
Travelling Expenses 4300
Interest on Loan 220
Insurance Expenses 5000
TOTAL EXPENSES 66778
Profit/(Loss) for the period 53822
2) Formula View:
a) First Method:
Student Name:
Income Statement
for the month ended 31 July 2017
$
INCOME
=E10 =B10+B12+B22
=E15 =B15
TOTAL INCOME =H9+H10
EXPENSES
Office Supplies Expense =B7
=E17 =B8+B9+B13+B16
=E17 =B17+B18

8ACCOUNTING SYSTEM & PROCESS
=E11 =B11
=E14 =B14
=E19 =B19
=E20 =B20
=E7 =B20
=E21 =B21
=E6 =B6
TOTAL EXPENSES =SUM(H13:H22)
Profit/(Loss) for the period =H11-H23
b) Second Method:
Student Name:
Income Statement
for the month ended 31 July 2017
$
INCOME
=E10 =B10+B12+B22
=E15 =B15
TOTAL INCOME =H9+H10
EXPENSES
Office Supplies Expense =B7
=E17 =B8+B9+B13+B16
=E17 =B17+B18
=E11 =B11
=E14 =B14
=E19 =B19
=E20 =B20
=E7 =B20
=E21 =B21
=E6 =B6
TOTAL EXPENSES =SUM(H13:H22)
Profit/(Loss) for the period =H11-H23
Q 3:
The five websites, which are relevant to accounting, are listed below:

9ACCOUNTING SYSTEM & PROCESS
1) Australian Accounting Standard Board (http://www.aasb.gov.au ) : This website provides the
accounting standards, which have to be followed for recording any accounting transactions and
preparing accounting reports.
2) International Financial Reporting Standards (http://www.ifrs.org/ ) : This website describes
the international standards for preparing financial reports.
3) Australian Taxation Office (https://www.ato.gov.au ): This is the website, where all the
information, related to accounting for taxation in Australia, are available.
4) Financial Accounting Standard Board (http://www.fasb.org ): The accounting standards of
AASB are based on the FASB standards. Therefore, apart from AASB website, this website can
also be helpful for the relevant information on accounting standards.
5) Generally Accepted Accounting Principles (http://gaap.com.au ): GAAP is another popular
accounting principles, followed in any countries, especially in USA. Hence, for international
financial reporting, this website can be very beneficial to understand the accounting policies,
adopted by foreign companies.
Q 4:
Amongst the various professional accounting organizations, Association of International
Accountants is one of the most revered organizations. The organization helps the people, who
wish to have training in accountancy, financially. Moreover, the professional accountants and the
business firms can also get various type of financial and accounting information from the website
of this organization.

10ACCOUNTING SYSTEM & PROCESS
Q 5:
Work Integrated Assessment
My previous work was in educational institute where they had to prepare the students for
the entrance examination of engineering as well as medical background. In that, we had
computing work environment that my existing workplace. My key responsibility computer was
to handle the administration as well as documentation work for the educational institutes. I had to
perform all the documentation work by using computers and system need to be updated as well.
In my computer, information was saved in data saving file as well as protected by uploading on
the computer. The use of network was easily accessible and reliable because it was linked with
the computer (Williams, 2014). In my computer, Microsoft office programs were present that I
used to work like Microsoft PowerPoint, Microsoft word, Microsoft Excel and Microsoft
Outlook. While working in these educational institutions, I was aware of various courses and
programs that are provided for the students so that they can score well in their entrance
examination. I was responsible to handle the administration department where I noted that this
educational institution was running their business in a profitable way.
Currently, I am working in a bank where I am employed as manager. In the bank, I was
provided with materials that I need on daily basis like task lamp, document holder, phone head
set as well as computer to work. We are given comfortable desk and chair where we can sit and
work without any problem. Secrecy and confidentiality of information need to be maintained at
banks as there are so many transactions related to money that we have to handle. I really enjoy
working in this friendly and productive environment where we are given enough freedom to
work as we like and utilize the resources as far as possible.

11ACCOUNTING SYSTEM & PROCESS
Q 6:
ABC Learning and ethics- ABC Learning Case study
In this particular question, ABC Learning was explained where it experiences a slow but
stable start especially in the first year of operations (Weil, Schipper & Francis, 2013). On
introducing the role of Federal Government, it was considered as the main factor that needs
development at that point of time. It was all about the company who actually has access to
fantastic media coverage but the government was even purchasing the centers of ABC by using
indirect means. In addition, the company even was capable for international expansion in the
near future. The company enjoys high share price as well as valuation of assets that was
increasing at a faster pace because of financial inclusions. After gathering information from the
reports of the company, it is noted that the financial performance as well as cash flow shows the
scenario that it is about to collapse in short time (Deegan, 2013). There was a need for ABC
Learning on urgent basis and this could be realized because of astronomical debt as well as
valuation of assets at given inflated and the cross assets liquidity at the same time. The company
even suffered from huge debt crisis during the Global Financial Crisis 2008 where the company
owned more than dollar in debt at 30% in equity.
There are three major ethical issues that were the reason for the collapse of ABC
Learning and these are as follows:
There was wrong information given about the company to the public because of which
shareholders had lost money in the business.
There was constant accounting irregularities as well as company had used margin loan
for financing purpose.

12ACCOUNTING SYSTEM & PROCESS
It is noted that the company actually ignored financial reality at the time of profit
generation activities. In addition, the valuation of intangible assets contributed to the
artificially inflated value for getting access to the overall worth of business enterprise that in
turn lead to collapse to the entire business enterprise (Beatty & Liao, 2014).
The company prepares financial statement such as income statement, balance sheet and
cash flow analysis. Income statement highlights the expenses and revenues incurred by the
company. Balance sheet depicts the financial status of the company in form of assets and
liabilities of the company. By using income statement, managers come to understand about the
loss or profits as reported for the given accounting period. Cash flow statement only takes cash
transactions into consideration and gets information such as cash generated from operating
activities, investing activities and financing activities.
The main objective of any business organization is profit maximization, resource
minimization and risk minimization. Profits are one of the essential factors that are needed for
any business for surviving in the upcoming financial year. This factor helps at the time of
expansion as well as growth of business that serves as index of success of business activities. It is
the profits that are needed for reinvestment purpose in the business. Business organization needs
working capital for paying day-to-day expenses of the company and to get better grip over the
other financial of the company.
Q 7:
Requirement 1:
The types of the accounts, provided, are stated in the following table:
Particulars Amoun Account Type

13ACCOUNTING SYSTEM & PROCESS
t
($)
Loan Payable 12300 Liability
Rent Expense 33000 Expense
Cash 6500 Asset
Office Supplies 3300 Asset
Salary Expense 49000 Expense
Salaries Payable 2400 Liability
Property Tax Expenses 1700 Expense
Prepaid Expense 8000 Asset
Office Furniture 28000 Asset
Electricity & Gas Expense 6500 Expense
Accounts Payable 2400 Liability
Amy Capital 42900
Proprietorshi
p
Service Revenue 155800 Revenue
Accounts Receivable 9200 Asset
Supplies Expense 33600 Expense
Investments 5000 Asset
Requirement 2:
INCOME STATEMENT
for the year ended 31-Dec-16
Particulars Amount
($)
Service Revenue 155800
Total Revenue 155800
Expenses:
Rent Expense 33000
Salary Expense 49000
Property Tax Expenses 1700
Electricity & Gas Expense 6500
Supplies Expense 33600
Total Expenses 123800
Net Profit for the period 32000

14ACCOUNTING SYSTEM & PROCESS
From the income statement, prepared above, it can be stated that from the company has
earned $32000 profit from the operation.
Requirement 3:
The amount of drawings for the year is $32000.
Requirement 4:
BALANCE SHEET
as at 31-Dec-16
Particulars
Amoun
t
($)
Current Assets:
Cash 6500
Office Supplies 3300
Prepaid Expense 8000
Accounts Receivable 9200
Total Current Assets 27000
Non-Current Assets:
Office Furniture 28000
Investments 5000
Total Non-Current Assets 33000
TOTAL ASSETS 60000
Current Liabilities:
Salaries Payable 2400
Accounts Payable 2400
Total Current Liabilities 4800
Non-Current Liabilities:
Loan Payable 12300
Total Non-Current Liabilities 12300

15ACCOUNTING SYSTEM & PROCESS
TOTAL LIABILITIES 17100
NET ASSETS 42900
Owner's Equity:
Amy Capital 42900
Current Year's Profit 32000
Amy Drawings (Balancing
Figure) -32000
TOTAL EQUITY 42900

16ACCOUNTING SYSTEM & PROCESS
Q 8:
BALANCE SHEET EQUATION:-
Particulars Case 1 Case 2 Case 3
Revenue 600 K 850 2040
Expenses 300 300 1480
Dividends Declared 0 45 Q 350
Additional Investment by Stakeholders 0 60 460
Net Income E 300 550 P 560
Retained Earnings
Beginning Year 110 650 2240
End of Year D 410 J 1155 2450
Paid-in-Capital
Beginning Year 155 172 N 2200
End of Year C 155 H 232 2660
Total Assets
Beginning Year 360 F 1072 L 5110
End of Year 700 1570 M 6000
Total Liabilities
Beginning Year A 95 250 670
End of Year B 135 G 183 890
BALANCE SHEET EQUATION (Formual View):-
Particulars Case 1 Case 2 Case 3
Revenue 600 K =E9+E12 2040
Expenses 300 300 1480
Dividends Declared 0 45 Q =G14+G12-G15
Additional Investment by
Stakeholders 0 60 460
Net Income E =C8-C9 550 P =G8-G9
Retained Earnings
Beginning Year 110 650 2240
End of Year D =C14+C12-C10 J =E14+E12-E10 2450
Paid-in-Capital
Beginning Year 155 172 N =G18-G11

17ACCOUNTING SYSTEM & PROCESS
End of Year C =C17-C11 H =E17+E11 2660
Total Assets
Beginning Year 360 F =E14+E17+E23 L =G14+G17+G23
End of Year 700 1570 M =G15+G18+G24
Total Liabilities
Beginning Year A =C20-C17-C14 250 670
End of Year B =C21-C15-C18 G =E21-E18-E15 890
Q 9:
The four accounts with normal debit balance are as follows:
- Plant & Machinery A/c
- Accounts Receivable A/c
- Salary Expenses A/c
- Drawings A/c
The following four accounts use to have credit balances normally:
- Capital A/c.
- Accounts Payable A/c.
- Accrued Wages A/c.
- Sales Revenue A/c.
Q 10:
In the Books of Croatia Deliveries
Trial Balance
as on 30/06/2017
Particulars Amount Amount
S S
Capital 917115
Insurance Expenses 4500
Accounts Payable 35640

18ACCOUNTING SYSTEM & PROCESS
Service Revenue 123456
Building 480760
Supplies Expenses 1980
Cash 27601
Salary Expenses 139358
Trucks 302348
Fuel Expenses 58000
Drawings 27500
Electricty Expenses 8760
Accounts Receivable 28760
Bills Payable 34900
Supplies 3654
Equipment 27890
TOTAL 1111111 1111111
In the Books of Croatia Deliveries
Trial Balance (Formula View)
as on 30/06/2017
Particulars Amount Amount
S S
Capital 917115
Insurance Expenses 4500
Accounts Payable 35640
Service Revenue 123456
Building 480760
Supplies Expenses 1980
Cash 27601
Salary Expenses 139358
Trucks 302348
Fuel Expenses 58000
Drawings 27500
Electricty Expenses 8760
Accounts Receivable 28760
Bills Payable 34900
Supplies 3654
Equipment 27890
TOTAL =SUM(B7:B23) =SUM(C7:C23)

19ACCOUNTING SYSTEM & PROCESS
In the Books of Croatia Deliveries
Trial Balance (Alternative Figures)
as on 30/06/2016
Particulars Amount Amount
S S
Capital 914615
Insurance Expenses 4500
Accounts Payable 35640
Service Revenue 128456
Building 480760
Supplies Expenses 1980
Cash 30601
Salary Expenses 136358
Trucks 302348
Fuel Expenses 58000
Drawings 25000
Electricty Expenses 8760
Accounts Receivable 33760
Bills Payable 34900
Supplies 3654
Equipment 27890
TOTAL 1113611 1113611
Q 12:
The two types of period end adjusting entries are given below:
1) Prepaid Rent Adjusted:
Prepaid Rent A/c……Dr.
To, Rent A/c.
2) Outstanding Salary Recorded:

20ACCOUNTING SYSTEM & PROCESS
Salary A/c……Dr.
To, Outstanding Salary A/c.
Q 13:
Current liabilities are those forms of liabilities of any individual or business firm, which
are to be paid within the next accounting period. These liabilities are created from the business
operation process mainly.
Non-current liabilities are such debts, which are payable in the long run. These types of
liabilities help the firms to raise capital funds, especially, for expansion of the business.
Accounts payable is a form of current liability, whereas, long-term mortgage loan can be
considered as non-current liability.
Q 14:
Current ratio is required for evaluating the liquidity position of any business firm. It
denotes whether the firm owns adequate current assets to cover its current liabilities or not. It is
derived by dividing the current assets by the current liabilities of any firm.
For example, AB Corp has current assets of $12,00,000 and current liabilities of
$8,50,0000. Therefore, its current ratio would be as follows:
Current ratio = Current Assets/Current Liabilities
= $12,00,000/$8,50,000
= 1.41

21ACCOUNTING SYSTEM & PROCESS
Q 15:
Normal View:
In the Books of Colossal Motors
Adjustment Worksheet
as on 30/06/2017
Trial Balance
Adjustmen
t
Adjusted Trial
Balance
Income
Statement
Balance
Sheet
Particulars
Debi
t
Credi
t
Deb
it
Cre
dit Debit Credit Debit
Credi
t
Debi
t
Credi
t
Cash
5467
0 54670
5467
0
Accounts
Receivable
1315
60 600 132160
1321
60
Supplies
1756
0
171
10 450 450
Prepaid Insurance 3456 400 3056 3056
Equipment
3470
00 347000
3470
00
Accumulated
Depreciation
1078
90
286
0 110750
1107
50
Accounts Payable
1458
90 145890
1458
90
Wages Payable
1678
9 500 17289
1728
9
Unearned Service
Revenue
1234
5
460
0 7745 7745
Capital
2108
02 210802
2108
02
Drawings
2890
0 28900
2890
0
Service Revenue
2678
90
520
0 273090
2730
90
Depreciation
Expense
286
0 2860 2860
Wages Expense
1659
00 500 166400
1664
00
Insurance Expense 400 400 400
Utilities Expenses
1256
0 12560
1256
0
Supplies Expense
171
10 17110
1711
0

22ACCOUNTING SYSTEM & PROCESS
TOTAL
7616
06
7616
06
260
70
260
70 765566 765566
2730
90
1993
30
5662
36
4924
76
Net Profit
7376
0
7376
0
NET TOTAL
7616
06
7616
06
260
70
260
70 765566 765566
2730
90
2730
90
5662
36
5662
36
Income Statement
For the period ending on 30/06/2017
Particulars Amount Amount
Service Revenue 273090
TOTAL REVENUE 273090
Oerating Expenses:
Depreciation Expense 2860
Wages Expense 166400
Insurance Expense 400
Utilities Expenses 12560
Supplies Expense 17110
TOTAL EXPENSES 199330
Net Profit for the Period 73760
Balance Sheet
as at 30/06/2017
Particulars
Amoun
t
Amoun
t
Cash 54670
Accounts Receivable 132160
Supplies 450

23ACCOUNTING SYSTEM & PROCESS
Prepaid Insurance 3056
CURRENT ASSETS 190336
Equipment 347000 0
Less: Accumulated Depreciation
-
110750 236250
NON-CURRENT ASSETS 236250
TOTAL ASSETS 426586
Accounts Payable 145890
Wages Payable 17289
Unearned Service Revenue 7745
CURRENT LIABILITIES 170924
NON-CURRENT LIABILITIES 0
Capital 255662
EQUITY 255662
TOTAL EQUITY & LIABILITY 426586
Statement of Changes in Equity
For the period ending on 30/06/2017
Particulars Amount
Opening Balance of Capital 210802
Add: Net profit for the year 73760
284562
Less: Drawings 28900
Closing Balance of Capital 255662
Formula View:

24ACCOUNTING SYSTEM & PROCESS
In the Books of Colossal Motors
Adjustment Worksheet
as on 30/06/2017
Trial Balance Adjustment
Adjusted Trial
Balance
Income
Statement Balance Sheet
Particulars Debit Credit Debit Credit Debit Credit Debit
Credi
t Debit Credit
Cash 54670
=B8+D
8-E8 =F8
Accounts
Receivable
13156
0 600
=B9+D
9-E9 =F9
Supplies 17560
=B10-
450
=B10+
D10-
E10 =F10
Prepaid
Insurance 3456 400
=B11+
D11-
E11 =F11
Equipment
34700
0
=B12+
D12-
E12 =F12
Accumulate
d
Depreciatio
n
10789
0 2860
=C13-
D13+E
13 =G13
Accounts
Payable
14589
0
=C14-
D14+E
14 =G14
Wages
Payable 16789 500
=C15-
D15+E
15 =G15
Unearned
Service
Revenue 12345 4600
=C16-
D16+E
16 =G16
Capital
21080
2
=C17-
D17+E
17 =G17
Drawings 28900
=B18+
D18-
E18 =F18
Service
Revenue
26789
0
=4600
+600
=C19-
D19+E
19 =G19
Depreciatio
n Expense 2860
=B20+
D20-
E20 =F20

25ACCOUNTING SYSTEM & PROCESS
Wages
Expense
16590
0 500
=B21+
D21-
E21 =F21
Insurance
Expense 400
=B22+
D22-
E22 =F22
Utilities
Expenses 12560
=B23+
D23-
E23 =F23
Supplies
Expense =E10
=B24+
D24-
E24 =F24
TOTAL
=SUM
(B8:B2
5)
=SUM
(C8:C2
5)
=SUM
(D8:D
25)
=SUM
(E8:E2
5)
=SUM
(F8:F2
5)
=SUM
(G8:G
25)
=SUM
(H8:H
25)
=SU
M(I8:
I25)
=SUM
(J8:J2
5)
=SUM
(K8:K2
5)
Retained
Earnings
=H26-
I26 =I28
NET TOTAL
=B28+
B26
=C28+
C26
=D28+
D26
=E28+
E26
=F28+
F26
=G28+
G26
=H28+
H26
=I28+
I26
=J28+
J26
=K28+
K26
Income Statement
For the period ending on 30/06/2017
Particulars
Amoun
t Amount
Service Revenue =Sheet3!H19
TOTAL REVENUE =SUM(C6:C7)
Oerating Expenses:
Depreciation Expense =Sheet3!I20
Wages Expense =Sheet3!I21
Insurance Expense =Sheet3!I22
Utilities Expenses =Sheet3!I23
Supplies Expense =Sheet3!I24
TOTAL EXPENSES =SUM(C11:C16)

26ACCOUNTING SYSTEM & PROCESS
Net Profit for the Period =C8-C17
Statement of Changes in Equity
For the period ending on 30/06/2017
Particulars Amount
Opening Balance of Capital =Sheet3!K17
Add: Net profit for the year =C19
=K6+K7
Less: Drawings =Sheet3!J18
Closing Balance of Capital =K8-K9
Balance Sheet
as at 30/06/2017
Particulars Amount Amount
Cash =Sheet3!J8
Accounts Receivable =Sheet3!J9
Supplies =Sheet3!J10
Prepaid Insurance =Sheet3!J11
CURRENT ASSETS =SUM(H6:H9)
Equipment =Sheet3!J12 =Sheet3!N21
Less: Accumulated Depreciation
=-Sheet3!
K13 =G13+G12
NON-CURRENT ASSETS =H13
TOTAL ASSETS =H14+H10
=Sheet3!A14 =Sheet3!K14
=Sheet3!A15 =Sheet3!K15
=Sheet3!A16 =Sheet3!K16
CURRENT LIABILITIES =SUM(H19:H21)

27ACCOUNTING SYSTEM & PROCESS
NON-CURRENT LIABILITIES 0
Capital =K11
EQUITY =H26+H27
TOTAL EQUITY & LIABILITY =H28+H22
Alternative Worksheet:
In the Books of Colossal Motors
Adjustment Worksheet
as on 30/06/2017
Trial Balance
Adjustmen
t
Adjusted Trial
Balance
Income
Statement
Balance
Sheet
Particulars
Debi
t
Credi
t
Deb
it
Cre
dit Debit Credit Debit
Credi
t
Debi
t
Credi
t
Cash
3967
0 39670
3967
0
Accounts
Receivable
8156
0 600 82160
8216
0
Supplies
1756
0
171
10 450 450
Prepaid Insurance 3456 400 3056 3056
Equipment
3470
00 347000
3470
00
Accumulated
Depreciation
1078
90
286
0 110750
1107
50
Accounts Payable
1458
90 145890
1458
90
Wages Payable
2778
9 500 28289
2828
9
Unearned Service
Revenue
1234
5
460
0 7745 7745
Capital
2128
02 212802
2128
02
Drawings
3090
0 30900
3090
0
Service Revenue
2178
90
520
0 223090
2230
90
Depreciation 286 2860 2860

28ACCOUNTING SYSTEM & PROCESS
Expense 0
Wages Expense
1769
00 500 177400
1774
00
Insurance Expense 400 400 400
Utilities Expenses
2756
0 27560
2756
0
Supplies Expense
171
10 17110
1711
0
TOTAL
7246
06
7246
06
260
70
260
70 728566 728566
2230
90
2253
30
5032
36
5054
76
Net loss for the
period -2240
-
2240
NET TOTAL
7246
06
7246
06
260
70
260
70 728566 728566
2230
90
2230
90
5032
36
5032
36

29ACCOUNTING SYSTEM & PROCESS
Reference & Bibliography:
Baxter, W. T. (2014). Accounting theory (Vol. 3). Routledge
Beatty, A., & Liao, S. (2014). Financial accounting in the banking industry: A review of the
empirical literature. Journal of Accounting and Economics, 58(2), 339-383.
Bonin, H. (2013). Generational accounting: theory and application. Springer Science &
Business Media.
Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia.
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to
concepts, methods and uses. Cengage Learning.
Williams, J. (2014). Financial accounting. McGraw-Hill Higher Education.