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ACC1AIS Accounting And Information Systems

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Task 

This assignment requires you to create a new business, input transactions, and generate financial statements and reports using Xero. This assignment question sheet should be used in conjunction with the weekly Xero help-sheets which explain in more detail the steps 
required to complete the exercises below.

You are the accountant and owner of a business which is registered for GST purposes. You previously used to use another software as your main accounting system. However, as a result of changes in technology, you have decided to move onto a cloud-based accounting software 
platform, XERO. To transfer from your previous accounting package to XERO you are required to transfer balances in your previous system onto XERO. The conversion date (date when you stop using your previous system and start using XERO) is 1 September 2019, and the Trial.

This is the final day of the calendar month, and your main task is to prepare the month end accounting entries. For any adjustments required you will need to prepare a general journal entry.

The adjusting journals that you will need to enter are as follows - round to TWO decimal places:

1.Interest expense – short-term loan (Northern Bank). (0.5 marks)

2.Insurance expense – product liability insurance policy (CoverWallet). (0.25 marks)

3.First month of subscription revenue earned from the company featured magazine, “Mindful Parenting”. (0.25 marks)

4.You completed 30% of car seat repairs for OohlaMomma during September. (0.25 marks)

5.Office supplies on hand at 30th September is $275 incl. GST. (0.5 marks)

6.    Depreciation expense – plastic welding machinery, using the units of production method. (0.5 marks)

7.Depreciation expense – computer, using the diminishing balance method. (0.5 marks)

8.Interest earned at month end. (0.5 marks)

9.You are required to pay for an invoice for a week’s (27 September to 29 September) fuel bill of $385 incl. GST from Apache Petrol. This is not
yet paid yet. Record the relevant adjusting entry. (0.5 marks)

10.Advertising expense amount for the month of September. (0.5 marks)

11.Provision for warranties is equal to 5% of sales. (0.5 marks)

12.Estimate of doubtful debts is 10% of Accounts Receivable as at 30th September. (0.5 marks)

13.Salaries expense accrued for September. (0.25 marks)

14.Warehouse rent expense accrued for September. (0.5 marks)

15.Depreciation expense Delivery Van, using the straight-line method. (0.25 marks)

16.Depreciation expense Store Building, using the straight-line method. (0.25 marks)

17.Interest expense accrued on the loan for Building of the Head Office. (0.25 marks)

18.40% of deliveries are performed during September. (0.25 marks)

19.Telecommunication accrued for September. (0.25 marks)

20.Insurance expense, Fire insurance. (0.25 marks)

Assignment requirements (Please ensure all reports have correct dates)

1.A Trial Balance report dated 29th September 2019. This is your ‘unadjusted’ Trial Balance. Use the older version of the Trial Balance. (4.5 marks)

2.A Journal Report for 30th September 2019. An example from Demo Company is shown below. (7.5 marks)

3.A Profit and Loss report for the period 1st September 2019 to 30th September 2019. Use the older version of the Profit and Loss. (0.5 marks)

4.A Balance Sheet report as at 30th September 2019. Use the older version of the Balance Sheet. (0.5 marks)

5.A professionally presented short written business report (maximum 1,000 words) designed for an internal user of the accounting information. 

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