no referencing required. just a 1 page workshop question2108AFE Topic 2 Assessable Practical Work...

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2108AFE Topic 2 Assessable Practical Work and Reflection 2108AFE Financial Accounting Assessable Practical Work and Reflection Topic 2 – The Adjusting and Closing Process Question 1 Journalise any necessary adjusting entries for ABC Accounting in the General Journal at 30th June 2018. Explanations/Narrations are NOT required. 1. On the first of April paid rent in advance for 12 months, $15,000. 2. Received $4,000 Fees in Advance on 1st March 2018. At the 30th 25% of the work has been completed. 3. Employee Salaries owed for Monday to Wednesday of a five-day working week; the weekly payroll is $12,500. 4. Depreciation for one month on Office Equipment costing $5,000 with a salvage value of zero and a useful life of 10 years. 5. Interest expense accrued $1,300. Journal DATE ACCOUNTS AND EXPLANATIONS POST.REF. DEBIT CREDIT June 30 Question 2 Explain why accrual accounting provides more complete information than cash basis accounting. Question 3 Spanners Accounting Practice reported the following account balances (all these accounts have normal balances) at 30 November 2017: Sales and Marketing expense $ 2,100 Cash $1,100 Other assets 700 Service Revenue 5,500 Depreciation expense 800 Accounts Payable 500 Non-current liabilities 600 Accounts Receivable 900 Capital - Spanners 3,500 Drawings -Spanners 500 Required: Journalise Spanner’s closing entries, as needed for these accounts. Journal DATE ACCOUNTS AND EXPLANATIONS POST.REF. DEBIT CREDIT Nov 30 Question 4 Why are closing entries necessary? 1

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2108AFE Financial Accounting
Assessable Homework Workshop Questions
Topic 1 – Part 2 Recording Business Transactions
Question 1
Journalise the following transactions for FGH Financial Services in the General Journal. 
Explanations/Narrations are NOT required. 
1. July 1 FGH Financial Services received $11,000 from the owner Frank Hood to start the business
2. July 2 Signed a lease agreement on premises and paid first month’s rent of $2,800.
3. July 4 Purchased office furniture on credit for $600.
4. July 7 Prepared financial advice for a client and received payment of $300 Cash.
5. July 8 Purchased office supplies for cash of $200. These supplies will be used in the future.
6. July 10 Completed insurance application for Client on credit for $150.
7. July 13 Frank Hood took cash drawings of $600.
		Journal
		DATE
		ACCOUNTS AND EXPLANATIONS
		POST.REF.
		DEBIT
		CREDIT
		July
		1
		Cash
		
		$11,000
		
		
		
		     Capital
		
		
		$11,000
		July
		2
		Rent Expense
		
		$2,800
		
		
		
		     Cash
		
		
		$2,800
		July
		3
		Office Furniture
		
		$600
		
		
		
		     Accounts Payable
		
		
		$600
		July
		4
		Cash
		
		$300
		
		
		
		     Service Revenue
		
		
		$300
		July 
		5
		Office Supplies
		
		$200
		
		
		
		     Cash
		
		
		$200
		July
		6
		Accounts Receivable
		
		$150
		
		
		
		     Service Revenue
		
		
		$150
		July
		7
		Drawings
		
		$600
		
		
		
		     Cash
		
		
		$600
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
Question 2 – Reflection (Minimum 100 words, Maximum 150 words)
Why is it important for a professional accountant to understand double entry accounting and the ‘debit and credit rules’?

2108AFE Topic 2 Assessable Practical Work and Reflection 2108AFE Financial Accounting Assessable Practical Work and Reflection Topic 2 – The Adjusting and Closing Process Question 1 Journalise any...

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