Integrated Accounting Project for QUT AYN416, Semester 2, 2019

This document presents a completed Integrated Accounting Project for the QUT AYN416 Financial Accounting Processes course, undertaken in Semester 2, 2019. The project involves the preparation of an adjusted trial balance for Milton Appliances, including detailed debit and credit entries for various accounts such as ANZ Bank, Accounts Receivable, Inventory, Office Supplies, Prepayments, Undeposited Funds, Computer and Store Equipment, Trade Creditors, Goods and Services Tax, Payroll Liabilities, Capital Stock, Partners Accounts, Drawings, Sales, Cost of Goods Sold, Bank Charges, Depreciation, Electrical Repairs, Insurance, Rent, Supplies, Telephone, Utilities Expenses, and Wages. The project also encompasses the use of Reckon software, requiring the submission of reports and a Reckon file (.QBW). The provided solution includes the adjusted trial balance, crucial for the completion of the project. This project is designed to assess students' ability to apply financial accounting principles in a practical setting, including the preparation of financial statements and the use of accounting software.

Unadjusted Balance Adjustments Adjusted ...
Debit Credit Debit Credit Debit
ANZ Bank Account 55,721.00 55,721.00
Account Receivables 82,938.00 82,938.00
Inventory Asset 35,775.00 35,775.00
Office Supplies 2,520.00 1,640.00 880.00
Prepayments:Prepaid Insurance 1,440.00 120.00 1,320.00
Prepayments:Prepaid Rent 15,000.00 7,500.00 7,500.00
Undeposited Funds 0.00 0.00
Computer Equipment 25,720.00 25,720.00
Computer Equipment:Less accumulated amortisation 15,288.00 7,440.00
Store Equipment 29,080.00 29,080.00
Store Equipment:Less accumulated depreciation 14,040.00 5,928.00
Trade creditors 33,986.00
Goods and Services Tax 0.00 0.00
Payroll Liabilities 850.00
Payroll Liabilities:PAYG Tax Payable 2,060.00
Tax Payable 5,750.00
Capital Stock 144,070.00
Opening Bal Equity 0.00 0.00
Partners Accounts:Drawings 1,000.00 1,000.00
Sales 85,400.00
Cost of Goods Sold 42,700.00 42,700.00
Bank Charges 40.00 40.00
Depreciation-Computer Equipment 7,440.00 7,440.00
Depreciation - Stores Equipment 5,928.00 5,928.00
Electrical Repairs 820.00 820.00
Insurance 120.00 120.00
Rent 7,500.00 7,500.00
Supplies 1,640.00 1,640.00
Telephone [phone]
Utilities Expenses 740.00 740.00
Wages 6,260.00 850.00 7,110.00
TOTAL 300,594.00 300,594.00 23,478.00 23,478.00 314,812.00
3:30 AM Milton Appliances 10346350 Patel
24/09/19 Adjusted Trial Balance
Accrual Basis July 2019
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Adjusted ...
Credit
ANZ Bank Account
Account Receivables
Inventory Asset
Office Supplies
Prepayments:Prepaid Insurance
Prepayments:Prepaid Rent
Undeposited Funds
Computer Equipment
Computer Equipment:Less accumulated amortisation 22,728.00
Store Equipment
Store Equipment:Less accumulated depreciation 19,968.00
Trade creditors 33,986.00
Goods and Services Tax
Payroll Liabilities 850.00
Payroll Liabilities:PAYG Tax Payable 2,060.00
Tax Payable 5,750.00
Capital Stock 144,070.00
Opening Bal Equity
Partners Accounts:Drawings
Sales 85,400.00
Cost of Goods Sold
Bank Charges
Depreciation-Computer Equipment
Depreciation - Stores Equipment
Electrical Repairs
Insurance
Rent
Supplies
Telephone
Utilities Expenses
Wages
TOTAL 314,812.00
3:30 AM Milton Appliances 10346350 Patel
24/09/19 Adjusted Trial Balance
Accrual Basis July 2019
Page 2