All figures are inclusive of GST where applicable.

Requirements

1.Record each transaction in the journal. Include an explanation for each entry. Use the letters to identify the transactions.

2.Post the transactions to the ledger and keep a running balance for each account.

3.Prepare the trial balance of Maurey Wills, Environmental Consulting, as at 28 February 2015.

ACCT601 Accounting Practice and Systems Semester 2 2016 Assessment 2: Workshop Hand-in Exercise No 1 (3% of total assessment marks) Complete the following exercise using the tables provided, and submit a hard copy at the Week 4 workshop. All figures are inclusive of GST where applicable. Requirements 1. Record each transaction in the journal. Include an explanation for each entry. Use the letters to identify the transactions. 2. Post the transactions to the ledger and keep a running balance for each account. 3. Prepare the trial balance of Maurey Wills, Environmental Consulting, as at 28 February 2015. 1. General Journal TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank POST REF 201 205 POST REF 201 205 DEBIT CREDIT 8,400 8,400 DEBIT CREDIT 8,400 8,400 Accounts Receivable (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Ac counts Receivable (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable POST REF 201 205 POST REF 201 205 POST REF 201 205 DEBIT CREDIT 8,400 8,400 DEBIT CREDIT 8,400 8,400 DEBIT CREDIT 8,400 8,400 (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable (To record receipt of monies from debtors) POST REF 201 205 DEBIT CREDIT 8,400 8,400 TRANSACTION Mar 3 ACCOUNTS Bank POST REF 201 205 DEBIT CREDIT 8,400 8,400 Accounts Receivable (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable POST REF 201 205 DEBIT CREDIT 8,400 8,400 (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable POST REF 201 205 POST REF 201 205 DEBIT CREDIT 8,400 8,400 DEBIT CREDIT 8,400 8,400 (To record receipt of monies from debtors) TRANSACTION Mar 3 ACCOUNTS Bank Accounts Receivable (To record receipt of monies from debtors) POST REF 201 205 DEBIT CREDIT 8,400 8,400 2. General Ledger Account: Bank TRANSACTION Account No: 100 DESCRIPTION POST REF DEBIT CREDIT BALANCE 3 Accounts Receivable GJ 1 8,400 13,620 Dr 9 Cash Sales GJ 1 1,840 15,460 Dr 18 Sundry Creditors GJ 1 1,500 13,960 Dr 24 Salaries GJ 1 2,250 11,710 Dr 30 Drawings GJ 1 2,500 9,210 Dr Account: Accounts receivable TRANSACTION DESCRIPTION 30 Drawings Account No:114 POST REF DEBIT GJ 1 DESCRIPTION 30 Drawings DESCRIPTION 30 Drawings 9,210 Dr Account No: 115 POST REF DEBIT GJ 1 CREDIT BALANCE 2,500 Account: Office furniture TRANSACTION BALANCE 2,500 Account: Office supplies TRANSACTION CREDIT 9,210 Dr Account No: 130 POST REF GJ 1 DEBIT CREDIT 2,500 BALANCE 9,210 Dr Account: Building TRANSACTION Account No: 140 DESCRIPTION 30 Drawings POST REF DEBIT GJ 1 DESCRIPTION 30 Drawings DESCRIPTION 30 Drawings POST REF DEBIT GJ 1 DESCRIPTION 30 Drawings DESCRIPTION 30 Drawings BALANCE 9,210 Dr Account No: 300 POST REF DEBIT GJ 1 CREDIT BALANCE 2,500 9,210 Dr Account No: 311 POST REF DEBIT GJ 1 CREDIT BALANCE 2,500 Account: Service revenue TRANSACTION CREDIT 2,500 Account: Maurey Wills, drawing TRANSACTION 9,210 Dr Account No: 200 Account: Maurey Wills, capital TRANSACTION BALANCE 2,500 Account: Accounts payable TRANSACTION CREDIT 9,210 Dr Account No: 400 POST REF GJ 1 DEBIT CREDIT 2,500 BALANCE 9,210 Dr Account: Salary expense TRANSACTION Account No: 500 DESCRIPTION 30 Drawings POST REF DEBIT GJ 1 POST REF DEBIT GJ 1 POST REF DEBIT GJ 1 DESCRIPTION 30 Drawings 9,210 Dr CREDIT BALANCE 2,500 Account: Electricity and gas expense TRANSACTION BALANCE Account No:520 DESCRIPTION 30 Drawings CREDIT 2,500 Account: Advertising expense TRANSACTION 9,210 Dr Account No: 510 DESCRIPTION 30 Drawings BALANCE 2,500 Account: Lease expense TRANSACTION CREDIT 9,210 Dr Account No: 530 POST REF GJ 1 DEBIT CREDIT 2,500 BALANCE 9,210 Dr Account: GST Clearing TRANSACTION Account No: 110 DESCRIPTION Drawings POST REF DEBIT GJ 1 CREDIT 2,500 30 3. Wills Environmental Consulting Trial Balance as at 28 February 2015 Accounts Total Debit $ Credit $ BALANCE 9,210 Dr