Reference no: EM132479852
Assessment - Prepare accounting records for a service business
TASK
Assessment conditions: This is an individual assessment task (not a group assessment task).
All workings, where appropriate, must be shown to substantiate your answers.
Preparation of accounting records - using spreadsheets
The business will operate a hip-hop dance studio, called 'Groovy Dancing: Bella and Frankie will operate the business as a partnership.
Required:
Question 1. Prepare journal entries for January -June 2020 transactions listed above (including any adjusting entries). In relation to adjusting entries for prepaid expenses, depreciation and unearned revenue, prepare these entries as at 30 June 2020 (rather than at the end of each month). Include dates, references and narrations.
Question 2. Prepare T-accounts in an Excel spreadsheet. Post all of the above journal entries to the T-accounts. Include dates and references for each entry. Total all of the T-accounts to determine their balances at the end of June 2020.
Question 3. Prepare the 'Adjusted Trial Balance' in an Excel spreadsheet as at 30 June 2020. Use formulas to generate all of the figures in the 'Adjusted Trial Balance' from the balances in the T-Accounts.
Question 4. Prepare the income statement, balance sheet, and statement of changes in equity in Excel. Use formulas to generate all of the figures in the financial statement reports from the 'Adjusted Trial Balance'.
Attachment:- Accounting Records.rar
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