BSB110 Accounting for Decision Making Assignment 1: Trial Balance

This assignment solution presents an Adjusted Trial Balance and Audit Trail Report for Creative Edge Professional Photography Pty Ltd for March 2020, prepared using Reckon Accounting Software. The document includes the unadjusted and adjusted trial balances, detailing debit and credit entries for various accounts such as cash, accounts receivable, photography supplies, equipment, and liabilities. The adjustments reflect changes in account balances and the preparation of the adjusted trial balance. The assignment also aligns with the BSB110 assessment criteria, demonstrating the application of accounting principles and the use of technology skills in preparing financial reports. The solution showcases the ability to identify and execute appropriate entries, adjust balances, and generate the necessary reports within the specified date range. The trial balance provides a summary of all the financial transactions of a business for a specific period, including the final balances of all accounts. The audit trail report helps to track changes made to accounting records, ensuring accuracy and transparency.

Unadjusted Balance Adjustments Adjuste...
Debit Credit Debit Credit Debit
Cash at Bank 56,999.00 56,999.00
Accounts receivable 34,056.00 34,056.00
Photography Supplies 3,750.00 2,900.00 850.00
Prepaid insurance 6,000.00 1,000.00 5,000.00
Photography Equipment 67,080.00 67,080.00
Photography Equipment:Less acc.deprec - photo equip 12,548.00 932.00
Accounts payable 7,163.00
Loan Payable – Current 3,023.00
Tax Payable 561.00
Tax Payable (GST Clearing) 5,396.00
Wages Payable 3,200.00
Loan Payable - Non Current 18,748.00
PAYG Withholding 6,750.00
Opening Bal Equity 0.00 0.00
Opening balance equity 0.00 0.00
Retained Earnings 15,180.00
Share Capital 70,000.00
Service revenue 69,620.00
Uncategorised Income 0.00 0.00
Depreciation Exp - photo equip 932.00 932.00
Insurance Expense 1,000.00 1,000.00
Interest expense 380.00 380.00
Photography Supplies Expense 2,900.00 2,900.00
Printing & Framing Expenses 9,045.00 9,045.00
Rent Expense 10,000.00 10,000.00
Studio Cleaning Expense 410.00 410.00
Telephone and Internet Expense 650.00 650.00
Uncategorised Expenses 0.00 0.00
Utilities Expense 1,040.00 1,040.00
Wages Expense 19,579.00 3,200.00 22,779.00
TOTAL 208,989.00 208,989.00 8,032.00 8,032.00 213,121.00
4:26 PM Creative Edge Professional Photography Pty Ltd
05-04-20 Adjusted Trial Balance
Accrual Basis March 2020
Page 1

Adjusted ...
Credit
Cash at Bank
Accounts receivable
Photography Supplies
Prepaid insurance
Photography Equipment
Photography Equipment:Less acc.deprec - photo equip 13,480.00
Accounts payable 7,163.00
Loan Payable – Current 3,023.00
Tax Payable 561.00
Tax Payable (GST Clearing) 5,396.00
Wages Payable 3,200.00
Loan Payable - Non Current 18,748.00
PAYG Withholding 6,750.00
Opening Bal Equity
Opening balance equity
Retained Earnings 15,180.00
Share Capital 70,000.00
Service revenue 69,620.00
Uncategorised Income
Depreciation Exp - photo equip
Insurance Expense
Interest expense
Photography Supplies Expense
Printing & Framing Expenses
Rent Expense
Studio Cleaning Expense
Telephone and Internet Expense
Uncategorised Expenses
Utilities Expense
Wages Expense
TOTAL 213,121.00
4:26 PM Creative Edge Professional Photography Pty Ltd
05-04-20 Adjusted Trial Balance
Accrual Basis March 2020
Page 2