Can it be done in Word document
ACT 1100 Introduction to Accounting Group Assignment Sem 1 2022 – 2023 Instructions: 1. Last Date for Submission: 28th December 2022. 2. List all your group members Last Name, First Name and USI # correctly at the front page of the assignment. 3. One submission per group is enough and Group Leader must submit the assignment in Moodle. 4. If your name is not included in any of these groups then you can make an individual submissions in Moodle. 4. Once you completed the assignment, you can make your submissions before the deadline. 5. Presentation must be neat and clear. ASSIGNMENT ONE: Total Marks: 20 QUESTION : 1 The following Trial balance was extracted from the book of Jim Jones a Sole Trader at December 31st , 2020 DETAILS DEBIT ($) CREDIT ($) Sales 138,078 Purchases 82,350 Carriage 5,144 Drawings 7,800 Rates, Rent, Insurance 6,622 Postage and Stationery 3,001 Salary and wages 26,420 Bad debts 877 Provision for bad debts 130 Debtors 12,120 Creditors 6,471 Cash in Hand 1,507 Cash at Bank 1,002 Stock (1st Jan ) 11,927 Equipment at Cost 58,000 Accumulated Depreciation 19,000 Capital 53,091 TOTAL 216,770 216,770 The following matters are to be taken into account: A. Rent is accrued by $210 B. Rates have been prepaid by $880 C. $ 2,211 of the carriage represents carriage inwards on purchases D. Equipment is to be depreciated at 15% per annum using the straight line method E. The provision for bad debts is to be increased to $170 F. Stock as at 31st December has been valued at $13,551 G. During the year Jim withdrew goods valued $200 for his own use. No entry was recorded for withdrawal in the books. H. NET PROFIT for the period $7418 REQUIRED: Prepare Mr. Jim Jones’s Balance Sheet on at December 31, 2020. (Trading and Profit & Loss account is not required). You must use Vertical Presentation Format for preparing the Balance Sheet.