Swinburne FNSACC311 Assignment 2: Ledger and Trial Balance

This assignment requires the student to process financial transactions for Giannopolous Industries for the month of October 2019. The student must post completed journals (General, Sales, Purchases, Sales Returns & Allowances, Purchases Returns & Allowances, Cash Receipts, and Cash Payments) to the general ledger accounts. The assignment emphasizes the application of double-entry accounting principles, ensuring transactions are accurately allocated to the correct accounts. The student is expected to enter data accurately, update the trial balance, and process special transactions like discounts and merchant fees. The final step involves extracting and checking the trial balance to ensure debits and credits are equal and preparing other interim reports. The assignment assesses the student's ability to maintain the integrity of financial systems, process transactions, and prepare accurate financial reports in accordance with organizational standards. The student must demonstrate understanding of the accounting cycle and the importance of accurate record-keeping.