Special purpose Report Student Number: ____________________________ XXXXXXXXXXSurname: ____________________________ XXXXXXXXXXGiven Name: ____________________________ Lecturer/Tutor:_...

this this is an accounting assessment pls complete with your five star experience and no mistakes . This is a numerical assessment.


Special purpose Report Student Number: ____________________________ Surname: ____________________________ Given Name: ____________________________ Lecturer/Tutor:_ ___________________________ MID-TRIMESTER ASSESSMENT ( ACC700 PRINCIPLES OF ACCOUNTING PG Special Purpose Report Submission: a word file via Turnitin Submission due: 11:49AM 3 May 2020 Instructions for Students: You are required to prepare a special-purpose financial report for the start-up one-person architectural service business owned by you. You may use the financial template provided in this paper , or you can use any format of financial report . Basic information Business structure: Sole Trader Business Industry: Architectural Service s Start date: 1 July 20 19 Ignore GST and Income tax Transactions are given. U se your own amounts (the amount should be multiples of $100 and the maximum of $100,000) Details of financial report Chart of accounts of the business- Given Trial balance as at 31 May 2020 - Given Transactions for the month of Ju ne 2020 & Year End Adjustments Journal Entries for the month of June 2020 General Ledger (use three-column format) Accounting Worksheet Prepare adjusting entries at year end Prepare closing entries Prepare the financial statements (P&L, Changes in equity and B/S) ) ( Examination Conditions: King’s Own Institute examinations are run in accordance with KOI examination procedures. Any student breaching these procedures will be dealt with in accordance with KOI’s Student Academic Misconduct Policy. It is your responsibility to fill out and complete your details in the space provided on all the examination material provided. You are not permitted to obtain assistance by improper means or to ask for or give help to any other person. Penalty will apply on late submission ) ACC 700 INDIVIDUAL ASSESSMENT Special purpose Report For the year ended 30 June 2020 prepared by: Your Name on your student ID EMAIL Your Mobile Number Table of contents 1.0 The Chart of accounts 4 2.0 Trial balance as at 31 May 2020 4 3.0 Transactions for the month of June 2020 & Year End Adjustments5 4.0 General Journal 6 5.0 General Ledger 7 6.0 Accounting Worksheet 10 7.0 Adjusting Journals 11 8.0 Closing Journals 11 9.0 Financial Statements 12 9.1 Income Statement 12 9.2 Statement of changes in equity 12 9.3 Balance Sheet 13 1.0 The Chart of accounts Cash at Bank Service Revenue Accounts Receivable Advertising Expense Supplies Bank Servicing Fee Prepaid Insurance Bank Interest Expense Motor Vehicle Depreciation Expense Accumulated Depreciation - MV Insurance Expense Accounts Payable Rent Expense Wages and Salaries Payable Repair & Maintenance Expense Unearned Revenue Wages and Salaries Expense Interest Payable Supplies Expense Loan Payable Travel Expense Your First Name, Capital Utilities Expense Your first Name, Drawing Income Summary 2.0 Trial balance as at 31 May 2020 Your Name on Student ID Unadjusted Trial Balance as at 31 May 2020 Accounts DR CR Cash at Bank $53,000 　 Accounts Receivable $20,000 　 Supplies $9,000 　 Prepaid Insurance $15,000 　 Motor Vehicle $50,000 　 Accumulated Depreciation - MV 　 $0 Accounts Payable 　 $25,000 Wages and Salaries Payable 　 $0 Unearned Revenue 　 $30,000 Interest Payable 　 $0 Loan Payable 　 $0 Your First Name, Capital 　 $55,000 Your first Name, Drawing $30,000 　 Service Revenue 　 $290,000 Advertising Expense $35,000 　 Bank Servicing Fee $110 　 Bank Interest Expense $0 　 Depreciation Expense $0 　 Insurance Expense $13,000 　 Rent Expense $33,000 　 Repair & Maintenance Expense $15,000 　 Wages and Salaries Expense $110,000 　 Supplies Expense $0 　 Travel Expense $12,000 　 Utilities Expense $4,890 　 　 $400,000 $400,000 3.0 Transactions for the month of June 2020 & Year End Adjustments Transactions for the month of June 2020 YOU MUST USE YOUR OWN NUMBERS Date Transactions Amount 01/06/2020 Borrowed money from King's Own Bank. Interest rate is 12% per annum. (1% per month) ? 03/06/2020 The owner made additional investment into the business check account ? 05/06/2020 Paid cash for travel costs associated with consultation work ? 08/06/2020 Collected a partial payment on an outstanding account receivable ? 13/06/2020 Paid a partial payment on the open account ? 15/06/2020 Paid wages expense incurred ? 19/06/2020 Provided services to customers, received cash ? 20/06/2020 The owner made withdrawal from business account ? 23/06/2020 Paid rent for June ? 25/06/2020 Received a bill for Utilities used ? 26/06/2020 Provided services on account ? 30/06/2020 Incurred wages expense, to be paid on 2 July 2020 ? Year End Adjustments 30/06/2020 The interest on loan accrued 30/06/2020 Depreciation Expense for Motor Vehicle (purchased 1 July 2019. It has a useful life of 5 years and no salvage value. The business uses a straight-line method) 30/06/2020 During the period the business used one third of supplies 30/06/2020 Prepaid insurance represents premiums for 1 year paid on 1 January 2020 30/06/2020 Adjustment of unearned service revenue (half of the unearned revenue has been earned by 30 June 2020) 30/06/2020 Overlooked bank servicing fee ($10) withdrawn 4.0 General Journal Date Accounts Debit Credit 01/06/2020 03/06/2020 05/06/2020 08/06/2020 13/06/2020 15/06/2020 19/06/2020 20/06/2020 23/06/2020 25/06/2020 26/06/2020 30/06/2020 5.0 General Ledger Cash at Bank Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Accounts Receivable Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Supplies Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Prepaid Insurance Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Motor Vehicle Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Accumulated Depreciation - MV Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Accounts Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 30/06/2020 Ending balance Wages and Salaries Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Unearned Revenue Date Description Debit Credit Balance 01/06/2019 Opening balance 　 　 30/06/2020 Ending balance 　 　 Interest Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Loan Payable Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 Your First Name, Capital Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Your first Name, Drawing Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Service Revenue Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 　 30/06/2020 Ending balance 　 Advertising Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Bank Servicing Fee Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Bank Interest Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Depreciation Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Insurance Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Rent Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Repair & Maintenance Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Wages and Salaries Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Supplies Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 30/06/2020 Ending balance 　 　 Travel Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 　 　 30/06/2020 Ending balance 　 　 Utilities Expense Date Description Debit Credit Balance 01/06/2020 Opening balance 　 30/06/2020 Ending balance 　 ( Newsletter Title ) ( Pa g e 2 ) ( Page 13 ) T118 Final Examination: ACC100 UG – Introduction to Accounting page 24