Reference no: EM131959263

Assessment Task -

About the Business - The business supplies a small range of women's surf-wear to surf shops and souvenir shops around Sydney. There are also a limited number of cash sales. For cash sales, the normal selling price is overridden with the cash price given.

The company data file has been set up. Opening balances have been entered for inventory and other asset and liability accounts. Cards have been set up for customers and vendors. Inventory items have been entered onto the list. At the beginning of July, there are no outstanding balances for accounts receivable or accounts payable and no GST owing.

All selling prices include GST and all prices on purchase invoices include GST. Default terms for customers are that the balance is due in 30 days.

You will be required to enter transactions for July, enter details of new customers, vendors and inventory items and prepare reports. If an account that you need is not included, add it to the relevant section of the Accounts List.

Cash and cheques received are debited to Un-deposited Funds until banked. All receipts and payments are by cheque unless otherwise noted.

Note: Next cheque number is 33021.

Required:

1. Reconcile the bank account to 31 July 2016.

2. Print the following reports for the month of July or as at 31 July:

a. Reconciliation Report, account 1-1110 only.

b. Sales and Receivables Journal.

c. Purchases and Payables Journal.

d. Cash Disbursements Journal.

e. Cash Receipts Journal.

f. GST Summary [Accrual].

g. Profit and Loss Statement.

h. Balance Sheet.

Attachment:- Part 1.rar