Assignment Help on BACT105 Business Accounting Report
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This assignment allows students to use the language of financial accounting and financial reporting, explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, the Statement of Cash Flows and the relationship between these financial statements and apply the accounting cycle and the business process of accounting information systems and their ethical implications.
BACT105 Individual Business Accounting Report Assignment Help
Assignment (20%)
Walker Company has just started the operations in July. The company is owned by Franklin Walker. The following transactions have taken place in the first month of operation.
Dates Transactions:
July 1: Received cash investment of $ 650,000 from Franklin Walker.
July 1: Purchased two computers for $50,000 for cash. The computers are expected to have useful life of 5 years and salvage value of $1,000. The business uses straight-line depreciation method.
July 1: Rented an office and paid $20,000 for next 6 months.
July 4: Received $10,000 service income in cash from services provided.
July 5: Purchased supplies of $1,000 on credit. The payment will be made on 20 July.
July 6: Paid advertising expense of $1,500.
July 12: Provided $6,500 worth of services on account.
July 15: Received cash of $6,000 in advance from ABC. The company will receive the service for the next three months.
July 20: Paid telephone bill of $220.
July 20: Paid supplies purchased on 5 July.
July 31: John Walker withdrew $3,000 for his personal use.
July 31: Paid monthly salary to employee of $ 8,000.
July 31: Supplies on hand now becomes $200.
July 31: The company has provided services of $1,200 to ABC.
July 31: The company makes all necessary adjusting entries.
The chart of accounts is as follows:
Account no Account name
101 Cash
102 Accounts receivable
103 Supplies
105 Prepaid rent
110 Equipment
111 Accumulated depreciation
201 Accounts payable
205 Unearned revenue
301 Owner’s capital
302 Owner’s drawings
350 Income Summary
401 Service revenue
501 Salary expense
503 Supply expense
505 Advertisement expense
507 Depreciation expense
510 Rent expense
511 Telephone expense
Required: You need to use Word document to answer the questions below.
a. Journalize the transactions in the Journal (template is given below). Narrations must be provided.
b. Post the entries to the Ledger (template is given below).
Account name: Account no.
c. Prepare Adjusted Trial Balance.
d. Prepare Income Statement and Balance Sheet
e. Prepare Closing entries and post them to the ledger.
f. Please write a business report on Historical Cost Principle and Fair Value Principle. In this report, please identify and discuss the advantages and disadvantages of them respectively.
Reference requirements: You must provide both in-text references and reference list using Harvard Style reference (600-700 words).
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