Assessment Task – Tutorial QuestionsUnit Code: HI5001Unit Name: Accounting for Business DecisionsAssignment: Tutorial Questions 1Due: 11:30pm 29th May 2020Weighting: 25%Total Assignment Marks: 50...

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Assessment Task – Tutorial QuestionsUnit Code: HI5001Unit Name: Accounting for Business DecisionsAssignment: Tutorial Questions 1Due: 11:30pm 29th May 2020Weighting: 25%Total Assignment Marks: 50 marksPurpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unitUnit Learning Outcomes Assessed:1. Analyze how various transactions will affect the accounting equation, the balance sheet, and the income statement and communicate this to a range of stakeholders;2. Apply, analyze, synthesize and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses;3. Employ information technologies to analyze transaction data and financial statement to facilitate data-driven decision-making;4. Assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice on business and define management strategies.Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document.The questions to be answered are:Week 1Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to justify your answer. (10 marks, maximum 250 words)Week 2Financial data for Safety Hire as of 30 June 2019 are:Required:Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks)Week 3On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.Required:a) Prepare the general journal entries to record the above transactions. (6.25 marks)b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks)c) Prepare a trial balance as at 31 July 2018. (1 mark)Week 4The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at 8% interest. The principal and interest are payable on 15 August.2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance.3. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid.4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June.Required:Prepare the necessary adjusting entries at 30 June. (10 marks)DateAccountsRefDebitCreditWeek 5The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2019Adjusted trial balance Income statement Balance sheetAccount Debit Credit Debit Credit Debit CreditCash at Bank1 230Accounts Receivable75 600Prepaid Rent1 800Office Supplies8 320Equipment160 000Accum. Depr. Equip’t25 000Accounts Payable54 000Salaries Payable8 760Unearned Revenue3 430F. Elliot, Capital101 500F. Elliot, Drawings22 000Painting Revenue219 650Salaries Expense106 000Rent Expense6 050Depreciation Expense8 040Telephone Expense4 020Office Supplies Used10 080Sundry Expenses9 200$412 340$412 340Profit for the periodRequired:a) Complete the worksheet. (6 marks)b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity’s accounting period. (4 marks)Submission Directions:The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one.Academic IntegrityAcademic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number.In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues.All assessments will be automatically submitted to SelfAssign to assess their originality.Further Information:For further information and additional learning resources, students should refer to their Discussion Board for the unit.
Answered Same DayMay 21, 2021HI5001

Answer To: Assessment Task – Tutorial QuestionsUnit Code: HI5001Unit Name: Accounting for Business...

Suvrat answered on May 26 2021
155 Votes
Week 1
Evaluate the statement “Accounting is all about numbers.” Using the definition of accounting to justify your answer.
Ans –
Accounting is defined as the process of identifying, measuring, recording and communicating economic information to assist users of the information in making informed economic decisions.
According to the above definition accounting involves identifyi
ng which includes not only numbers but it requires knowledge of entity and its operations to consider the economic event as identifiable. In order to measure the impact of the economic event identified above, it requires knowledge of various accounting standards, judgments apart from only numbers. The next step involves recording of the data which needs to be classified and recorded accordingly. In order to communicate the numbers, they must be presented in a proper format/financial statements so that a normal layman can understand.
Therefore, Accounting is not all about numbers. It involves knowledge of various standards and other techniques.
Week 2
Required:
Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019.
Ans –
    SAFETY HIRE
    INCOME STATEMENT
    For the month of June 2020
    Particulars
    Amount ($)
    Sales:
    
    Revenue from operations
    63,000
    Equipment hire income
    1,70,000
    Net Sales
    2,33,000
    Less: Cost of goods Sold
    
    Purchases
    40,000
    Wage expense
    75,000
     
    1,15,000
    Gross Margin
    1,18,000
    Less: Operating expenses
    
    Advertising expenses
    30,000
    Electricity expense
    18,000
    Telephone expense
    7,500
    Total expenses
    55,500
    Net Income
    62,500
    SAFETY HIRE
    BALANCE SHEET
    As at June 2020
    Assets
    Amount ($)
    Liabilities
    Amount($)
    Accounts receivable
     63,000
    Accounts Payable
     40,000
    Cash at Bank
     45,000
    Mortgage Payable
     50,000
    Building
     85,000
    Loan Payable
     
    Land
     75,000
    Equity
     
    Hire Equipment
     1,80,000
    Michael Donato Capital
     2,95,500
     
     
    Add: Net Income
     62,500
     
     
    Total Equity
     3,58,000
    Total Assets
     4,48,000
    Total Equity & Liabilities
     4,48,000
Week 3
Required:
a) Prepare the general journal entries to record the above transactions.
Ans –
    Date
    Ref
    Acc No.
    Acc. Name
    Debit ($)
    Credit ($)
    02-Jul
    a
    100
    Cash at Bank
    1,20,000
    
     
     
    300
    To Nicole Andreou, Capital
    
    1,20,000
     
     
     
    (Being capital introduced)
    
    
    02-Jul
    b
    500
    Rent expense
    1,800
    
     
     
    100
    To Cash at Bank
    
    1,800
     
     
     
    (Being rent paid)
    
    
    03-Jul
    c
    103
    Equipment
    70,000
    
     
     
    100
    To Cash at Bank
    
    32,000
     
     
    200
    To Loan Payable
    
    38,000
     
     
     
    (Being equipment purchased)
    
    
    04-Jul
    d
    102
    Supplies
    8,400
    
     
     
    100
    To Cash at Bank
    
    8,400
     
     
     
    (Being supplies purchased)
    
    
    06-Jul
    e
    501
    Advertising expenses
    890
    
     
     
    100
    To Cash at Bank
    
    890
     
     
     
    (Being advertising expenses paid)
    
    
    16-Jul
    f
    100
    Cash at Bank
    3,250
    
     
     
    101
    Account receivable
    620
    
     
     
    400
    To revenue
    
    3,870
     
     
     
    (Being revenue booked)
    
    
    20-Jul
    g
    502
    Insurance expenses
    480
    
     
     
    100
    To Cash at Bank
    
    480
     
     
     
    (Being insurance expense paid)
    
    
    23-Jul
    h
    100
    Cash at Bank
    140
    
     
     
    101
    To Accounts receivable
    
    140
     
     
     
    (Being amount received)
    
    
    28-Jul
    i
    301
    Nicole Andreou, Drawings
    560
    
     
     
    100
    To Cash at Bank
    
    560
     
     
     
    (Being amount withdrawn)
    
    
    31-Jul
    j
    100
    Cash at Bank
    3,680
    
     
     
    101
    Account receivable
    580
    
     
     
    400
    To...
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