ACC103 IT in Accounting

Assignment 2 Worth 15 Marks

Due Date: 15 May 2022, Week 11 (Sunday, 11pm)

You are required to get a free trial of MYOB, the link is under week 9 and setup business details, and most relevant chart of accounts enter the transactions due the adjusting entries for the End of the period.

The Problem

XYZ is an accounting firm owned by Douglas Hart (DH Accounting Services) who started business on 1 December and had made the following

Transactions:

On 1 December, DH opened new business and invested/deposited $20,000 in the business bank account.

On 4 December, DH purchased supplies for $950, paid 350 cash and the rest on credit.

On 9 December, DH purchase equipment for $4,000 paid $1,000 cash and the remaining on account.

On 11 December, DH signed a contract hiring a secretary for $900 fortnightly pay starting from the first Monday of January

On 17 December, DH provided services to clients for $6,000 received $2,500 cash and invoiced the remaining to clients.

On 29 December, DH paid the following expenses: rent of $800 and insurance of $200.

On 30 December, DH billed clients of $2,500 for services provided during the month of December.

On 30 December, DH drawn $500 from business account for personal use.

On 31 December, DH received a bill of $750 for utilities incurred during the month of December.

The following information is also available for Adjusting Entries:

1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 Dec.

2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of December

3. A 12-month insurance policy was purchased on 1 December for $780.

4. The December telecommunications costs for $320 are unrecorded. No tax invoice has been received. There is $32 to book to GST.

5. Salaries of $980 were owing to employees at 31 December.

1. Setup a chart of accounts for service business Print the business details & chart of accounts from MYOB into a pdf.
2. Post all entries to the general ledger through journal
3. Prepare the Trial Balance (Unadjusted) generate with generate with MYOB into a pdf.
4. Prepare Adjusted trial balance generate with MYOB into a pdf.
5. Prepare Income Statement for the period generate with MYOB into a pdf.
6. Prepare Balance Sheet for the period generate with MYOB into a pdf.
7. Prepare Cashflow for the period generate with MYOB into a pdf.

Fill in a cover sheet and load the 6 pdfs that were generated by MYOB on submission link for assessment 2. (2.5 marks per each report)