Reference no: EM133132015

ACCG6011 Principles of Accounting - Macquarie University

Xero Assignment

Introduction

The Xero assignment is designed to provide introductory accounting students with an overview of the Xero Accounting Software by completing a one-month accounting cycle for a fictional business.

Assignment Objectives

To perform a variety of activities and transactions in Xero, particularly:
• Complete company information
• Add or modify general ledger accounts
• Add or modify customer or supplier contacts
• Record money received from customers and payments to suppliers
• Record other cash receipts and payment (cash received in advance and prepayment for insurance)
• Record adjusting entries
• Finalise and close accounts
• Prepare and print various accounting reports including Journal Report, Profit & loss statement and Balance Sheet.

After completing all the tasks in the assignment, you will be asked to download THREE reports (in PDF format) from Xero including (1) Journal Report; (2) Profit and Loss statement; (3) Balance Sheet. You will then need to submit these reports through the submission link on iLearn. It is up to you to either combine all the three reports into one PDF file or upload the three reports separately.

Company Background

Assume that you established ABC cleaning (a fictional business) on 1 March 2022 in Sydney. The company provide cleaning services for residential and commercial requests in Sydney's Eastern suburbs. The company currently have five contractors on call. It is now coming towards the end of the first month (i.e., 31 March 2022). You are required to complete the following tasks.
Please note that the transactions in this fictional business may vary from the cleaning business in practice. Ignore GST and company tax implications.

1. Enter Company and bank Information:
Enter the following company information and leave the rest organisation details as blank.
• Legal/Trading name: Your name Your Student ID (For example: PEIPEI PAN1234567)
• Line of business: Cleaning Service
• Organization type: Company
(Note: Please do not change "Display name". Leave other information, such as Austrlaian
Business Number blank.)
Enter the following bank information.
• Business Saving Account
• Account Type: Everyday (day-to-day)
• BSB: 012-620; Account Number: 1234567

2. Enter the following transactions for March, 2022
(Reminder: Please enter the correct dates to record transactions. If you do not enter the correct dates, then xero system will default the dates as ones when you record the transactions.)
1/03/2022 Invested $75 000 cash as the starting deposit
1/03/2022 Purchased and paid two cleaning equipments from Aspel Cleaning equipments (Reference: Inv146). The unit price is $1 600.
(You need to add a new account "Cleaning equipment". Use "1450" as the
Acount Code)
1/03/2022 Purchased and paid cleaning supplies from Sanitizer Solutions total $1 200 (Reference: 896).
(You need to add a new account "Cleaning supplies". Use "1350" as the Account Code)
2/03/2022 Paid one-year insurance policy to InsuranceUs for $2 400 (Reference: 8799) 2/03/2022 Ordered the company uniform from NNT Uniform for $500 on account. The
unit price of the uniform is $50. The payment is due on 11 March. (Reference: 5798)
10/03/2022 Two contractors completed a residential cleaning task within one hour. $150 was paid by the client. (Invoice#: INV-0001; Customer: Jane)

10/03/2022 Received the total of $3 000 (i. e. $1 000 x 3 tasks) in advance from ABCLogistics
for three commercial cleaning tasks (Invoice#: INV-0002).
(You need to add a new account "Revenue received in advance". Use "2250"
as the Account Code)
11/03/2022 Paid $500 to NNT Uniform
18/03/2022 Three contractors completed the first commercial cleaning task for ABCLogistics in the night shift.
19/03/2022 Two contractors completed a residential cleaning task within two hours. $450 was paid by the client. (Invoice#: INV-0003; Customer: Tom)
21/03/2022 One contractor completed an end-of-lease cleaning within two hours. $250 was paid by the client. (Invoice#: INV-0004; Customer: Jerry)
25/03/2022 Three contractors completed the second commercial cleaning task for ABCLogistics in the night shift.
28/03/2022 Paid $300 to PromoteUs for marketing (Reference: Inv369)
29/03/2022 Received electricity bill of $73 from AGL. The due date is 15 April. This bill will be paid in April.
31/03/2022 Conducted a stock count and cleaning supplies on hand at 31 March total $400
(Add a new account "Supplies expense" account. Use "5450" as the Account Code)
31/03/2022 Recorded insurance expense for March
31/03/2022 Salaries of $ 880 are owed at 31 March and will be paid on 2 April.

3. Export the following reports for the period 1/03/2022 to 31/03/2022 from Xero:
(1) Journal Report;
(2) Profit and Loss Statement;
(3) Balance Sheet

Attachment:- Principles of Accounting.rar