I dont understand whymy trial balance doesn't addup on my Myob.can someone please help

GENERAL JOURNAL Date Description July 26 Accounts Payable - Hit the road Inventory GST Paid June Post Ref. Debit 242 Credit 220.00 22.00 30 Sales - Bikes GST Collected Accounts Receivable - Kozama Couriers 5280.00 528.00 30 Inventory Cost of goods sold 1650.00 5808.00 1650.00 30 GST COLLECTED GST PAID NET GST PAYABLE CLOSING ACCOUNT) 13959.70 8200.66 5759.05 ADJUSTING ENTRIES 30 DEPRECIATION-FURNITURE & FTTINGS FURNITURE & FIXTURES-ACCUM DEPRECIATION DEPRECIATION - MOTOR VEHICLE MOTOR VEHICLE -ACCUM DEPRECIATION 30 WAGES & SALARIES WAGES PAYABLE 50.00 50.00 450.00 450.00 385.00 385.00 INVENTORY LOSS/GAIN INVENTORY 20.00 DEPRECIATION - COMPUTER COMPUTER -ACCUM DEPRECIATION 90.00 20.00 90.00 CLOSING ENTRIES July 30 SALES -BIKES SALES - LESSONS DISCOUNT TAKEN Profit & Loss Summary Profit & Loss Summary COST OF SALES - BIKES INVENTORY LOSS/GAIN DEPRECIATION-FURNITURE & FTTINGS DEPRECIATION - MOTOR VEHICLE DEPRECIATION - COMPUTER WAGES & SALARIES 96897.00 539.00 1350.00 98786.00 41384.00 33874.00 20.00 50.00 450.00 90.00 2845.00 PRINTING RENT TELEPHONE & INTERNET EXPENSES Bank Fees INTEREST EXPENSE Profit & Loss Summary CAPITAL-MICHAEL HARLEY CAPITAL-MICHAEL HARLEY DRAWINGS 390.00 2800.00 490.00 45.00 330.00 57402.00 57402.00 5500.00 5500.00 . PURCHASES JOURNAL Pur. Date July Post. Order 11 11 19 23 25 Account Terms Ref. Page: 11 GST Paid Accounts Inventory (Outlays) Payable Hit the Road Best Breaks Tommy Tea Hit the Road Best Bikes 29,700.00 2,970.00 32,670.00 220.00 22.00 242.00 454.55 45.46 500.01 682.00 68.20 750.20 14,960.00 1,496.00 16,456.00 Totals 46,016.55 4,601.66 50,618.21 SALES JOURNAL Inv. No. Date July 11 19 25 Account Kamikaze Couriers Free Wheelers Kamikaze Couriers Totals Terms Post Ref. Cost of Goods Sold Sales GST Accounts Lessons Collected Receivable 4,950.00 14,400.00 236.00 1,089.00 6,600.00 21,120.00 1,440.00 15,840.00 108.90 1,197.90 2,112.00 23,232.00 11,786.00 36,609.00 3,660.90 40,269.90 CASH PAYMENTS JOURNAL Debits Date July 1 1 2 3 10 10 12 12 12 18 19 19 19 26 30 30 Cheque Post Accounts GST Paid No. Ref. Payable (Outlays) Account Computer Rent Expense Prepayments Legal Fees Payable Drawings Best Bikes Wages - Dirk wages - Mia Loan - Bikers Bank Interest expense Hit the Road Prinitng - Office works Drawings Best Bikes Wages - Dirk Wages - Mia Telephone & Internet fees Bank Charges Totals Wages Credits Vehicle Loan 340.00 280.00 75.00 Other 3,400.00 2,800.00 750.00 880.00 2,500.00 3,560.00 700.00 440.00 168.00 110.00 3,000.00 Cash at Discount GST Paid Bank Received (Outlays) 3,740.00 3,080.00 825.00 880.00 2,500.00 3,560.00 868.00 550.00 3,330.00 330.00 1,200.00 39.00 390.00 3,000.00 32,670.00 800.00 520.00 192.00 156.00 490.00 45.00 49.00 37,430.00 783.00 2,460.00 0.00 3,000.00 1,200.00 429.00 3,000.00 31,320.00 1,350.00 608.00 364.00 539.00 45.00 15,211.00 56,838.00 1,350.00 - CASH RECEIPTS JOURNAL Debits Date July July 3 3 10 12 13 13 18 25 30 Account Sales - Bikes Sales - Lessons Sales- Bikes Free Wheelers Sales - Bikes Sales - Lessons Kamikaze Couriers Sales - Bikes Unarned Income Credits Post GST Cash at Cost of Cash Ref. Coll Bank Goods Sold Sales 6754.00 253.00 2288.00 Lessons Accounts Receivable Collected 6754.00 Freight Other 675.40 0.00 1,975.60 21,731.60 253.00 6,930.00 19,756.00 3780.00 38453.80 286.00 21740.00 4510.00 550.00 GST 3780.00 12870.00 34958.00 3495.80 0.00 286.00 21740.00 1650.00 4100.00 410.00 50.00 500.00 500.00 Totals 76326.80 23738.00 65568.00 539.00 25520.00 6606.80 GENERAL LEDGER Name: BANK Acct No.: Date July Explanation 1 30 30 Post. Ref. Balance CRJ CPJ Debit 76326.80 56838.00 Name: ACCOUNTS RECEIVABLE Date July Explanation 1 30 30 30 Post. Ref. Balance GJ SJ CRJ Debit Credit 5808.00 40269.90 25520.00 Explanation Ref. GJ GJ PJ SJ CRJ GJ Debit Credit 220.00 1650.00 46016.55 11786.00 23738.00 20.00 Name: PREPAYMENTS Date 14370.00 90696.80 33858.80 Balance 9680.00 3872.00 44141.90 18621.90 Acct.: Date 1 26 30 30 30 30 30 Balance Acct No.: Name: INVENTORY July Credit Balance 80150.00 79930.00 81580.00 127596.55 115810.55 92072.55 92052.55 Acct No.: Explanation Post. Ref. Debit Credit Balance July 2 CPJ 750.00 Name: FURNITURE & FIXTURES-COST Date July Explanation 1 Acct No.: Post. Ref. Debit 1 30 Explanation 1 Acct No.: BALANCE GJ Date 50.00 Post. Ref. Debit July 1 30 Balance Acct No.: Post. Ref. Debit BALANCE GJ Credit 450.00 Name: COMPUTER - COST Date Credit 46900.00 Name: MOTOR VEHICLE -ACCUM DEPRECIATION Explanation 3500.00 3550.00 Acct No.: BALANCE Date Balance 7500.00 Name: MOTOR VEHICLE - COST July Credit BALANCE Name: FURNITURE & FIXTURES-ACCUM DEPRECIATION July 750.00 Balance 10900.00 11350.00 Acct No.: Explanation Post. Ref. Debit Credit Balance July 1 CPJ 3400.00 Name: COMPUTER -ACCUM DEPRECIATION Date July Explanation 30 3400.00 Acct No.: Post. Ref. Debit Credit GJ 90.00 Name: ACCOUNTS PAYABLE Date July Post. Ref. GJ PJ CPJ Debit 50618.21 37,430.00 Post. Ref. Debit Credit 1 30 30 30 30 Balance 4760.00 4518.00 55136.21 17706.21 Acct No.: Explanation July GJ SJ CRJ GJ 528.00 13959.70 Name: ACCOUNTS PAYABLE Balance 4220.00 3692.00 3660.90 7352.90 6606.80 13959.70 0.00 Acct No.: Name: GST PAID Acct No.: Date July Credit 242.00 Name: GST COLLECTED Date 90.00 Acct No.: Explanation 1 26 30 30 Balance Explanation 1 26 GJ Post. Ref. Debit Credit Balance 2838.00 22.00 2816.00 30 PJ 30 CPJ 30 GJ 4601.66 783.00 8200.66 Name: NET GST PAYABLE CLOSING ACCOUNT) Date July Explanation 30 Acct No.: Post. Ref. Explanation 1 BALANCE 3 CPJ July Balance 5759.05 Acct No.: Post. Ref. Debit Credit Balance 880.00 880.00 Name: WAGES PAYABLE Date Credit 5759.05 Name: LEGAL EXPENSES PAYABLE July Debit GJ Date 7417.66 8200.66 0.00 0.00 Acct No.: Explanation 1 BALANCE 12 CPJ 30 GJ Post. Ref. Debit Credit Balance 68.00 278.00 -210.00 385.00 175.00 Name: UNEARNED INCOME Acct No.: 2-1800 Post. Date July Explanation 30 Ref. 0.00 Explanation Post. Ref. BALANCE CPJ Debit Date Explanation 1 30 30 Post. Ref. BALANCE GJ GJ Balance 50000.00 47000.00 Debit 5500.00 Credit Balance 85960.00 57402.00 143362.00 137862.00 Acct No.: Date Explanation 10 19 30 0.00 Acct No.: Name: DRAWINGS July Credit 3000.00 Name: CAPITAL-MICHAEL HARLEY July Balance Acct No.: Date 1 30 Credit CRJ Name: BANK LOAN July Debit CPJ CPJ GJ Post. Ref. Debit Credit 2500.00 3000.00 5500.00 Balance 2500.00 5500.00 0.00 Name: PROFIT & LOSS SUMMARY Date Explanation July Acct No.: Post. Ref. 30 GJ 30 GJ 30 GJ July 41384.00 57402.00 Post. Ref. SJ CRJ GJ GJ Debit 5280.00 96897.00 Name: SALES - LESSONS Date July Post. Ref. CRJ GJ Debit July SJ Balance 36609.00 36609.00 65568.00 102177.00 96897.00 0.00 Credit Balance 539.00 Explanation 30 Credit 539.00 0.00 539.00 Name: COST OF SALES - BIKES Date 98786.00 57402.00 0.00 Acct.: Explanation 30 30 Balance Acct No.: Explanation 30 30 30 30 Credit 98786.00 Name: SALES -BIKES Date Debit Acct.: Post. Ref. Debit 11,786.00 Credit Balance 11786.00 30 30 30 CRJ GJ GJ 23738.00 1650.00 33874.00 Name: INVENTORY LOSS/GAIN Date July Explanation 30 30 GJ GJ 35524.00 33874.00 0.00 Acct No.: Post. Ref. Debit Credit 20.00 20.00 Balance 20.00 0.00 Name: ADVERTISING Date Acct No.: Explanation Post. Ref. Debit Credit Name: DEPRECIATION-FURNITURE & FTTINGS Date July Explanation 30 30 Acct No.: Post. Ref. GJ GJ Debit Credit 50.00 50.00 Name: DEPRECIATION - MOTOR VEHICLE Date July Explanation 30 30 Post. Ref. Debit 450.00 Name: DEPRECIATION - COMPUTER July 30 30 GJ GJ Name: DISCOUNT GIVEN Credit 450.00 Explanation Balance 50.00 0.00 Acct No.: GJ GJ Date Balance Balance 450.00 0.00 Acct No.: Post. Ref. Debit Credit 90.00 90.00 Acct No.: Balance 90.00 0.00 Name: DISCOUNT GIVEN Date Acct No.: Explanation Post. Ref. Name: DISCOUNT TAKEN Date July Post. Ref. CPJ GJ Credit 1350.00 Explanation Post. Ref. Name: WAGES & SALARIES Date Balance 1350.00 0.00 CPJ GJ GJ Debit Credit Balance Acct No.: Explanation Name: PRINTING Balance Acct No.: Date 30 30 30 Debit 1350.00 Name: LEGAL FEES July Credit Acct No.: Explanation 30 30 Debit Post. Ref. Debit Credit 2460.00 385.00 2845.00 Acct No.: Balance 2460.00 2845.00 0.00 Date July Explanation 19 30 Post. Ref. CPJ GJ Debit 390.00 Explanation 1 30 Post. Ref. CPJ GJ Debit Credit Date 2800.00 Explanation 30 30 2800.00 0.00 Acct.: Post. Ref. CPJ GJ Debit Credit Balance 490.00 490.00 0.00 490.00 Name: Bank Fees Acct.: Date Explanation 30 30 Balance 2800.00 Name: TELEPHONE & INTERNET EXPENSES July 390.00 0.00 Acct No.: Date July Balance 390.00 Name: RENT July Credit CPJ GJ Post. Ref. Debit Credit 45.00 45.00 Balance 45.00 0.00 Name: INTEREST EXPENSE Date July Acct.: Explanation 12 30 Post. Ref. CPJ GJ Debit Credit 330.00 July Acct.: Explanation 1 Balance 330.00 0.00 330.00 Name: PAYG Tax Payable Date Balance Post. Ref. Debit Credit 1150.00 Balance 0.00 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Name: FREE WHEELERS Date July Explanation Post. Ref. 1 BALANCE 12 CRJ 19 SJ Debit Credit 3780.00 1197.90 Balance 3780.00 0.00 1197.90 9680.00 Name: KAMIKAZE COURIERS Date July Explanation 1 BALANCE 11 SJ 18 CRJ 25 SJ 30 GJ Post. Ref. Debit Credit Balance 5900.00 15840.00 21740.00 21740.00 0.00 23232.00 23232.00 5808.00 17424.00 18621.90 ACCOUNTS PAYABLE SUBSIDIARY LEDGER Name: HIT THE ROAD Date April Explanation 1 11 18 23 26 Post. Ref. BALANCE PJ CPJ PJ GJ Debit Credit 242.00 1200.00 750.20 242.00 Balance 1200.00 1442.00 242.00 992.20 750.20 Name : BEST BIKES Date April Explanation 1 10 11 19 25 Name: Post. Ref. BALANCE CPJ PJ CPJ PJ Debit Credit Balance 3560.00 0.00 32670.00 32670.00 32670.00 0.00 16456.00 16456.00 3560.00 TOMMY TEA Date April 4760.00 19 Explanation PJ Post. Ref. Debit Credit 500.01 Balance 500.01 Name: Date Explanation Post. Ref. Debit Credit Balance INVENTORY SUBSIDIARY LEDGER Item: BIG HEAD HELMET Item Code: BHH Date July Explanation 1 3 10 11 19 23 26 BALANCE SALES SALES PURCHASE SALES PURCHASE RETURN Purchases Cost of Sales 10 22.00 220.00 16 (10) 0.00 0.00 0.00 0.00 Balance 4 5 22.00 22.00 88.00 110.00 8 22.00 176.00 220.00 20 22.00 440.00 11 21 13 29 19 22.00 22.00 0.00 0.00 0.00 242.00 462.00 0.00 0.00 0.00 374.00 Item: ROAD RUNNER Item Codde: RR Date July Explanation 1 11 11 25 25 31 BALANCE SALES PURCHASES SALES PURCHASES RETURN Purchases Cost of Sales 3 5 4 1650.00 1650.00 8250.00 6600.00 14850.00 4 1 (1) 1650.00 4950.00 1650.00 1650.00 6600.00 1650.00 1650.00 1650.00 -1650.00 11550.00 Balance 20 17 22 18 21 22 1650.00 1650.00 1650.00 1650.00 1650.00 1650.00 33000.00 28050.00 36300.00 29700.00 34650.00 36300.00 Item: DIRT TRACKER Item Code: DT Date July Explanation 1 BALANCE 10 SALES 11 PURCHASE 13 SALES 25 PURCHASE Purchases Cost of Sales 5 2090.00 10450.00 4 2090.00 8360.00 Balance 2 2090.00 5 2090.00 10450.00 18810.00 4180.00 15 13 18 13 17 2090.00 2090.00 2090.00 2090.00 2090.00 31350.00 27170.00 37620.00 27170.00 35530.00 14630.00 Item: COAST CRUISER Item Code: CC Date July 86790.00 Explanation 1 3 10 11 13 BALANCE SALES SALES PURCHASE SALES Purchases 5 Cost of Sales Balance 1 1 2200.00 2200.00 2200.00 2200.00 1 2200.00 2200.00 2200.00 11,000.00 10 2200.00 22000.00 8 13 12 2200.00 17600.00 2200.00 28600.00 2200.00 26400.00 11000.00 6600.00 Item: Leather Chaps Item Code: LC Date July Explanation 1 10 11 23 BALANCE SALES PURCHASE PURCHASE Purchases Cost of Sales 8 10 6 55.00 55.00 55.00 Balance 55.00 550.00 330.00 880.00 25 17 27 33 55.00 55.00 55.00 55.00 1375.00 1485.00 1815.00 55.00 Item: TEE-SHIRTS Item Code: TS Date July Explanation 19 PURCHASE 19 SALES 30 Purchases 100 5.50 Cost of Sales Balance 550.00 12 4 5.50 5.50 66.00 22.00 100 88 84 5.50 5.50 5.50 550.00 484.00 462.00 550.00 88.00 Schedules of Subsidiary Ledgers Schedule of Accounts Receivable Account Name Name: FREE WHEELERS Name: KAMIKAZE COURIERS Totals Account 1197.90 17424.00 Amount 18621.90 Schedule of Accounts Payable Account Name Name: HIT THE ROAD Name : BEST BIKES Name: TOMMY TEA Totals Account 750.20 16456.00 500.01 Amount 17706.21 Schedule of Inventory on Hand Inventory item Item: BIG HEAD HELMET Item: ROAD RUNNER Item: DIRT TRACKER Item: COAST CRUISER Item: TEE-SHIRTS Totals Units on hand Total Cost 19 0.00 22 36,300.00 17 35,530.00 12 26,400.00 84 462.00 98,692.00 Trial Balance as at 31 July 2014 Acct No. Account Ref Bank Accounts Receivable Inventory Prepayments FURNITURE & FIXTURES-COST FURNITURE & FIXTURES-ACCUM DEPRECIATION MOTOR VEHICLE - COST MOTOR VEHICLE -ACCUM DEPRECIATION COMPUTER - COST COMPUTER -ACCUM DEPRECIATION ACCOUNTS PAYABLE GST COLLECTED GST PAID NET GST PAYABLE CLOSING ACCOUNT) LEGAL EXPENSES PAYABLE WAGES PAYABLE UNEARNED INCOME BANK LOAN CAPITAL-MICHAEL HARLEY DRAWINGS PROFIT & LOSS SUMMARY SALES -BIKES SALES - LESSONS COST OF SALES - BIKES INVENTORY LOSS/GAIN ADVERTISING DEPRECIATION-FURNITURE & FTTINGS DEPRECIATION - MOTOR VEHICLE DEPRECIATION - COMPUTER DISCOUNT GIVEN DISCOUNT TAKEN LEGAL FEES WAGES & SALARIES PRINTING RENT TELEPHONE & INTERNET EXPENSES Bank Fees INTEREST EXPENSE Debit 33858.80 18621.90 92072.55 750.00 7500.00 Credit 3500.00 46900.00 10900.00 3400.00 17706.21 13959.70 8200.66 0.00 -210.00 0.00 47000.00 85960.00 5500.00 96897.00 539.00 33874.00 1350.00 2460.00 390.00 2800.00 490.00 45.00 330.00 257192.91 277601.91 -20409.00 18621.90 98714.00 0.00 -6641.45 17706.21 0.00 33242.00 632.00 WORKSHEET Worksheet for the month of July 2014 Acc No Account Trial Balance Bank 33858.80 Accounts Receivable 18621.90 Inventory 92072.55 Prepayments 750.00 FURNITURE & FIXTURES-COST 7500.00 FURNITURE & FIXTURES-ACCUM DEPRECIATION 3500.00 MOTOR VEHICLE - COST 46900.00 MOTOR VEHICLE -ACCUM DEPRECIATION 10900.00 COMPUTER - COST 3400.00 COMPUTER -ACCUM DEPRECIATION ACCOUNTS PAYABLE 17706.21 GST COLLECTED 13959.70 GST PAID 8200.66 NET GST PAYABLE CLOSING ACCOUNT) LEGAL EXPENSES PAYABLE WAGES PAYABLE UNEARNED INCOME 0.00 BANK LOAN 47000.00 CAPITAL-MICHAEL HARLEY 85960.00 DRAWINGS 5500.00 PROFIT & LOSS SUMMARY SALES -BIKES 96897.00 SALES - LESSONS 539.00 COST OF SALES - BIKES 33874.00 INVENTORY LOSS/GAIN ADVERTISING DEPRECIATION-FURNITURE & FTTINGS DEPRECIATION - MOTOR VEHICLE DEPRECIATION - COMPUTER DISCOUNT GIVEN DISCOUNT TAKEN 1350.00 LEGAL FEES 0.00 WAGES & SALARIES 2460.00 PRINTING 390.00 RENT 2800.00 TELEPHONE & INTERNET EXPENSE 490.00 Bank Fees 45.00 INTEREST EXPENSE Adjustments 20.00 50.00 450.00 90.00 385.00 20.00 50.00 450.00 90.00 385.00 330.00 257192.91 277811.91 995.00 995.00 SHEET month of July 2014 Adjusted Trial Balance Income Statement 33858.80 18621.90 92052.55 750.00 7500.00 3550.00 46900.00 11350.00 3400.00 90.00 17706.21 13959.70 8200.66 Balance Sheet 33858.80 18621.90 92052.55 750.00 7500.00 3550.00 46900.00 11350.00 3400.00 90.00 17706.21 13959.70 8200.66 385.00 0.00 47000.00 85960.00 385.00 0.00 47000.00 85960.00 5500.00 5500.00 96897.00 539.00 96897.00 539.00 33874.00 20.00 33874.00 20.00 50.00 450.00 90.00 50.00 450.00 90.00 1350.00 1350.00 2845.00 390.00 2800.00 490.00 45.00 2845.00 390.00 2800.00 490.00 45.00 330.00 330.00 258167.91 278786.91 41384.00 57402.00 98786.00 216783.91 180000.91 57402.00 216783.91 237402.91 Surf Haven INCOME STATEMENT for the month of July 2014 Revenues SALES -BIKES COST OF SALES - BIKES INVENTORY LOSS/GAIN Gross Profit Other revenues SALES - LESSONS Expenses DEPRECIATION-FURNITURE & F DEPRECIATION - MOTOR VEHIC DEPRECIATION - COMPUTER DISCOUNT TAKEN WAGES & SALARIES PRINTING RENT TELEPHONE & INTERNET EXPE Bank Fees INTEREST EXPENSE Total Expenses Net income 96,897 33,874 20 33894.00 63003.00 539.00 63542.00 50 450 90 -1,350 2,845 390 2,800 490 45 330 6140.00 57402.00 Surf Haven BALANCE SHEET as at 31 July 2014 ASSETS Current Assets Bank Accounts Receivable Inventory Prepayments Total Current Assets Property, Plant & Equipment FURNITURE & FIXTURES-COST FURNITURE & FIXTURES-ACCUM DEPRECIATIO MOTOR VEHICLE - COST MOTOR VEHICLE -ACCUM DEPRECIATION COMPUTER - COST COMPUTER -ACCUM DEPRECIATION Total Property, Plant & Equipment Total Assetts Liabilites and Stockholders Equity Current Liabilites ACCOUNTS PAYABLE NET GST PAYABLE CLOSING ACCOUNT) WAGES PAYABLE UNEARNED INCOME Total Current Liabilites Long term Liabilites BANK LOAN Total Liabilites CAPITAL-MICHAEL HARLEY Add: Net Income Less: Drawings Total Liabilites & Owner's Capital 33858.80 18621.90 92052.55 750.00 145283.25 7500.00 3550.00 46900.00 11350.00 3400.00 90.00 3950.00 35550.00 3310.00 42810.00 188093.25 17706.21 5759.05 385.00 0.00 23850.25 47000.00 70850.25 85960.00 57402.00 143362.00 5500.00 137862.00 208712.25 -20619.00 Trial Balance after closing entries Acct No. Account Bank Accounts Receivable Inventory Prepayments FURNITURE & FIXTURES-COST FURNITURE & FIXTURES-ACCUM DEPRECIATION MOTOR VEHICLE - COST MOTOR VEHICLE -ACCUM DEPRECIATION COMPUTER - COST COMPUTER -ACCUM DEPRECIATION ACCOUNTS PAYABLE NET GST PAYABLE CLOSING ACCOUNT) WAGES PAYABLE UNEARNED INCOME BANK LOAN CAPITAL-MICHAEL HARLEY Totals Ref Debit 33858.80 18621.90 92052.55 750.00 7500.00 46900.00 3400.00 203083.25 Credit 3550.00 11350.00 90.00 17706.21 5759.05 385.00 0.00 47000.00 137862.00 223702.25 -20619.00 8/10/2016 ACC10008: Assessment 2 Teaching period 2, 2016 ACC10008: Financial Information Systems Assessment 2: MYOB assignment Word / Time limit: N/A Weighting: 30% Due date: 9am AEST Monday 12 September (Week 9) Assessment overview This assignment is designed to introduce you to using double entry accounting using both a manual recording system and computer accounting software (MYOB) for an Australian small business. It covers many of the common transactions of an everyday business, including GST. The assignment is not meant to be a data entry exercise, but you are required to carefully record each transaction to understand how transactions are recorded in both the general and subsidiary ledgers to create useful reports. Part A: Manual recording of transactions is to be completed in pairs. Record the opening balances as at 1 July 2014 in the appropriate journals and accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers. Record the transactions in the appropriate general or special journal for July 2014. Record and post all transactions from journals to the general ledger in accordance with accounting procedures. Prepare schedules of accounts receivable, accounts payable and inventory as at 31 July 2014 and reconcile these with the control accounts in the general ledger. Prepare a Trial Balance before end of month adjustments and closing entries as at 31 July 2014. Record end of month adjustments in the general journal and post these to the general ledger Prepare closing entries for July 2014. Prepare a Trial Balance after end of month adjustments and closing entries for July 2014. Prepare an Income Statement for July 2014 and a Balance Sheet as at 31 July 2014. You will need to submit all of the above in a single PDF le for this component of the assessment. Part B: Electronic recording of transactions in MYOB is to be completed individually. You will need to setup your MYOB le and then enter all of the transactions as detailed in the Highway Heaven case study below. This should be completed over weeks 1-9. https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 1/11 8/10/2016 ACC10008: Assessment 2 In order to complete the assessment you may need to read ahead. Tutorial videos are available to guide you each week in the Learning Materials area on Blackboard. You will need to submit the following MYOB reports for assessment (not your actual MYOB le) in a single excel document: 1. Trial Balance as at 31 July 2014 (after all adjustments). 2. The Income Statement for the month ended 31 July 2014. 3. Balance Sheet as at 31 July 2014. Important: Your submitted reports must follow generally accepted accounting principles as presented throughout this unit. When establishing the business name for your submission, you are required to insert your name after the business name (Highway Heaven - your name). For example, if your name is John White, the company name of your submission would be (Highway Heaven - John White). Any submission with no student nameames in the company name will not be accepted. Assessment details Specic information Highway Heaven (ABN 53 004 085 616) is owned and operated by Michael Harley. He buys motorcycles from importers, and sells them in Melbourne, Australia from his shop at 888 Sydney Road, Moneytown, 3056. All sales are on cash, except where specically stated, and all business expenses are on cash, unless stated otherwise. Employees Michael has two employees. Dirk Davidson - $25 per hour gross wages, and deducts $6 per hour PAYG tax payable. Mai Scooter - $20 per hour gross, with $5 per hour deducted for PAYG tax payable. On June 30, there were wages owing to Dirk and Mai. Goods and Services Tax Highway Heaven pays GST of 10% on all business expenses, except Wages. Capital acquisitions are also taxed at 10%. Merchandise Inventory The following is a list of closing inventory and the suppliers as at 30th June, 2014. Quantity on hand Item Code Description Last Cost Price Last Sale Price Supplier 20 BHH Big Head Helmet $22 $66 Hit the Road 25 LC Leather Chaps $55 $242 Hit the Road 20 RR Road Runner $1650 $5280 Best Bikes https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 2/11 8/10/2016 ACC10008: Assessment 2 15 DT Dirt Tracker $2090 $5500 Best Bikes 10 CC Coast Cruiser $2200 $6490 Best Bikes Each of the above items of inventory is quoted including GST. Lessons Highway Heaven oers riding lessons. All the lessons between 3.00pm and 8.00pm Tuesday's to Saturday's. Customers take as many of the lessons as they feel is necessary. Each lesson is one hour in duration. Level Lesson Type Fee per hour 1 Beginner $22 2 Moderate $33 3 Advanced $44 Lessons are quoted above including GST. Lessons Revenue is recorded separately from sales. Supplier information Suppliers account balances as at 30 June 2014: Name Address ABN Account Balance Hit the Road 181 Bend Boulevard, 50 566 722 363 $1,200 20 888 560 222 $3,560 Bankstown, 3111 Best Bikes 99 Hill Street, Spokesville, 3222 Each of the above account balances represents deliveries of inventory received on June 16th all purchases are on terms of payment: 5% 10 days, net 30 days. Customer information Name Address ABN Date Last Invoice Account Balance Free Wheelers 22 Downhill Drive, Skyway, 3444 62 444 333 543 June 10 $3,780 Kamikaze Couriers 10 Lost Lane, Somewhere, 3999 20 877 475 200 June 26 $5,900 https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 3/11 8/10/2016 ACC10008: Assessment 2 Terms of payment for these customers is 2% 15 days, net 30 days. Highway Heaven sometimes receives payment in full within the discount period, but they also may receive payment outside the discount period. Bank Loan: Highway Heaven has a loan payable to Bikers Bank. Each month, Interest is paid and $1000 principal is paid o the loan. Opening Balances Trial Balance as at 30th June, 2014 Ledger Account Debit Credit Cash at Bank $14,370 Merchandise Inventory $80,150 Accounts Receivable $9,680 Accounts Payable $4,760 Motor Vehicle $46,900 Accumulated Depreciation of Motor Vehicle $10,900 Furniture & Fixtures $7,500 Accumulated Depreciation of Furniture & Fixtures $3,500 GST Collected $4,220 GST Paid $2,838 Capital Michael Harley $85,960 Loan - Bikers Bank, Brunswick $50,000 PAYG Tax Payable $1,150 Legal Fees Payable - Dumber & Dumber $880 Wages Payable $68 $161,438 $161,438 Transactions: July, 2014 July 1 Wrote a cheque to Harvey Norman for a computer & printer $3,740 (inc. GST). The computer is expected to last for 3 years with a residual value of $160. Depreciation to be allocated using the Straight-Line method. https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 4/11 8/10/2016 ACC10008: Assessment 2 1 Wrote a cheque to White Real Estate for rent of the shop for the months of July and August $3080 (including GST). 1 Paid a six month advertising campaign in Bikers World, a monthly magazine sold in newsagencies for motor-bike enthusiasts. Highway Heaven will have an advertisement each edition of the magazine. A cheque was written for $825 (including GST) for the six months. 3 Cash Sale Inventory: 1 Coast Cruiser, 4 Big Head Helmets 3 Cash Sale Lessons: 6 Beginner, 1 Moderate and 2 Advanced. 3 Paid the Legal Fees owed to Dumber & Dumber. 10 Michael withdraws cash for personal use - $2,500 10 Cash Sale Inventory: 5 Big Head Helmets. 8 Leather Chaps. 2 Dirt Tracker, 1 Coast Cruiser. 10 Total amount owing from June was paid to Best Bikes. 11 Credit Sale Inventory: Sold 3 Road Runner motor bikes on credit to Kamikaze Couriers. 11 Restocking Inventory levels. Highway Heaven purchase the following inventory items on credit. All goods were received the same day. Big Head Helmets - 10 Leather Chaps - 10 11 Restocking Inventory levels. Highway Heaven purchase the following inventory items on credit. All goods were received the same day. Road Runner - 5 Dirt Tracker - 5 Coast Cruiser - 5 12 Received full amount owed by Free Wheelers from June. 12 Pay day for the employees. Dirk was paid for 28 hours and Mia was paid for 22 hours which includes wages owing from last month. https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 5/11 8/10/2016 ACC10008: Assessment 2 12 Paid monthly repayment to Bikers Bank for loan. $1330 (includes $330 interest). GST is not payable on this transaction. In addition, Michael decides the business will pay an extra $2,000. (All of this payment is for the loan principal). 13 Cash Sale Inventory: 3 Dirt Trackers, 4 Leather Chaps. 2 Dirt Tracker, 1 Coast Cruiser. 13 Cash Sale of Lessons: 3 Beginner, 4 Moderate and 2 Advanced. 18 Received amount owing from Kamikaze Couriers allowing for discount. 18 Total owing from June monthly account to Hit the Road was paid in full. 19 Michael introduces a new product for sale. He has purchased black tee shirts with the business logo on the back. The supplier is Tommy Tea, 18 Short Street, Tigerland 3055. Highway Heaven purchased 100 Tee-shirts on credit for a list price of $5.50 (GST inclusive). Selling price for the Teeshirts is $16.50 (including GST). 19 Credit Sale Inventory: 8 Big Head Helmets and 12 Tee-shirts on credit to Free Wheelers 19 Paid for printing expenses from Oceworks - $429 (including GST). 19 Michael withdraws cash for personal use - $3,000 19 Paid Best Bikes in full taking advantage of the discount. 23 Restocking Inventory levels. Highway Heaven purchase the following inventory items on credit. All goods were received the same day. Big Head Helmets - 16 Leather Chaps - 6 25 Credit Sale Inventory: Kamikaze Couriers purchase 4 Road Runner motor bikes on credit. 25 Cash Sale Inventory: 1 Road Runner This sale was for the special price of $4510 GST inclusive. The customer was particularly good at negotiating a special price. https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 6/11 8/10/2016 ACC10008: Assessment 2 25 Restocking Inventory levels. Highway Heaven purchase the following inventory items on credit. All goods were received the same day. Road Runner - 4 Dirt Tracker - 4 26 Returned 10 Big Head Helmets to Hit the Road as they were damaged. These were items from the purchase on July 23. A credit note was issued by the supplier. 26 Pay day for the employees. Dirk was paid for 32 hours and Mia was paid for 26 hours. 31 Kamikaze Couriers returned 1 Road Runner as it was not required, Michael agreed to a full credit as the bike was returned in perfect condition. 31 A customer paid cash in advance for 2 Beginner, 2 Moderate and 2 Advanced lessons. All lessons are to be conducted in September. 31 The Bikers Bank in Moneytown has sent a bank statement for the month of July. The following items were noted. Direct Debit for Telephone and Internet fees - $539 (Inc GST) Bank fees of $45 (No GST) The wages cheque from July 26 had not been presented to the bank. Adjustments at 31 July 2014 Some of the necessary adjustments are to be found in the transactions above. Additional adjustments are: Motor Vehicles and Furniture & Fixtures are to be depreciated at 15% using the Reducing Balance method. Physical stock take as at 31st July, 2014. Big Head Helmet 20 Leather Chaps 29 Road Runner 22 Dirt Tracker 20 Coast Cruiser 12 https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 7/11 8/10/2016 ACC10008: Assessment 2 Tee-shirts 80 Wages Payable: Mai 8 hours and Dirk 9 hours. Submission details Part A will need to submitted via TurnItIn in a single PDF le for this component of the assessment. Part B will need to the following MYOB reports submitted for assessment (not your actual MYOB le) in a single excel document: 1. Trial Balance as at 31 July 2014 (after all adjustments). 2. The Income Statement for the month ended 31 July 2014. 3. Balance Sheet as at 31 July 2014. Assessment criteria Part A of your work will be assessed using the following marking guide and converted to a score out of 10: Criteria No Pass Pass 50-59% Credit 60-69% Distinction 70-79% High Distinction 80-100% Opening balances No entries in general journal or general ledger. Entries recorded in general ledger only; no general journal entries. Some errors in recording in general journal and general journal. 1-2 errors in recording in general journal and general journal e.g. no narrations. All opening balances recorded correctly in general journal and general ledger. No entries in general journal and no postings to general ledger. Limited recording in general journal and incomplete posting to general ledger. Some in general journal entries recorded correctly and posted to general ledger. 1-2 errors in general journal entries recorded correctly with narrations. All general journal entries recorded correctly with narrations. Incorrect entries, e.g. returns, no totals or incomplete. Transactions recorded in special journal, totals not posted to general ledger. Minimal errors only recorded correctly in all special journals, totals only posted to general ledger. 1-2 errors only recorded correctly in all special journals, totals only posted to general ledger. Transactions recorded correctly in all special journals, totals only posted to general ledger. (4 marks) General journal entries (1 marks) Specialist journals (4@) Sales Purchases Cash Receipts Journal Cash payments journal (16 marks) https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 8/11 8/10/2016 ACC10008: Assessment 2 General ledger posting (12 marks) Subsidiary ledgers (3 @) & reconciliations (1@) Accounts Minimal transactions for general ledger and special journals posted to general ledger. No totals posted from special journals (individual transactions only). 1-2 errors only in posting transactions from general journal and specialist journal totals posted correctly to general ledger. 1-2 errors only in posting transactions from general journal and specialist journal totals posted correctly to general ledger. All transactions from general journal and specialist journal totals posted correctly to general ledger. Minimal or no reconciliations or all incorrect and do not agree to general ledger accounts. Subsidiary accounts listed prepared, amounts incorrect and do not all agree with general ledger account. Minor errors Account list for all accounts Receivable, accounts Payable. and inventory listed at correct amounts and agrees with general ledger. Account list for all accounts Receivable, accounts Payable. and inventory listed at correct amounts and agrees with general ledger. Account list for all accounts Receivable, accounts Payable. and inventory listed at correct amounts, general ledger balances shown and amounts agree. Minimal or no balance day adjustments recorded in general journal or posted to general ledger. Majority of balance day adjustments recorded incorrectly at correct amounts with narrations and posted correctly to general ledger. Majority of balance day adjustments recorded correctly at correct amounts with narrations and posted correctly to general ledger. Minimal errors of balance day adjustments recorded with narrations and posted correctly to general ledger. All balance day adjustments recorded correctly at correct amounts with narrations and posted correctly to general ledger. Minimal or no closing recorded in general journal or posted to general ledger. Majority of closing entries recorded incorrectly at correct amounts with narrations and posted correctly to general ledger. Majority of closing recorded correctly at correct amounts with narrations and posted correctly to general ledger. Minimal errors in closing entries recorded amounts with narrations and posted correctly to general ledger. All closing entries recorded correctly at correct amounts with narrations and posted correctly to general ledger. Receivable Accounts Payable Inventory (12 marks) Balance day adjustments (BDA) (6 marks) Closing entries (3 marks) https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 9/11 8/10/2016 ACC10008: Assessment 2 Reports: Trial Balance 1-2 reports only submitted or reports submitted with major errors. Majority of reports presented with errors e.g. Trial balance does not balance. Majority of reports submitted and appropriately classied and presented. 1-2 errors only in all reports required to be presented. All reports submitted and appropriately classied and presented. after balance day adjustmen ts Income statement Balance sheet Trial balance after closing entries (6 marks) Total (60 marks) Part B of your work will be assessed using the following marking guide to give a score out of 20: You will start with the full 20 marks awarded for the assessment and each error identied will reduce your marks as follows: Presentation (5 Marks) Marks will be deducted for: Incorrect heading of Income Statement, with dates as the heading. Incorrect heading of Balance Sheet, with dates as the heading. General presentation - layout, headings, readability Prot and Loss (6 Marks) Marks will be deducted for: Incorrect service income. Incorrect sales gure. Incorrect calculation for discount received and stock adjustment. Omitted a transaction, such as: did not record the printing, left out the Bank Fees, missed any transaction. Incorrect Wages Expense (It is absolutely essential to get right!). Depreciation expense miscalculation. https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 10/11 8/10/2016 ACC10008: Assessment 2 Careless recording mistakes. Balance Sheet (9 Marks) Marks will be deducted for: Inclusion of GST in expenses (this deduction will be made for each and every occurrence). Incorrect Accounts Receivable and Payable balances. Confusing current liability loan and non-current liability loan. Incorrectly allocating all of the loan as a non-current liability. Fixed assets not having the asset followed by the accumulated depreciation. Accumulated depreciation expense miscalculation. Failure to adjust prepaid and unearned revenue accounts Drawings as an expense. Incorrect Wages Liabilities (PAYG, Wages Payable). Careless recording mistakes. Note: Carried-forward error marking rules will be applied so you will only be penalised once for a mistake. https://ilearn.swin.edu.au/bbcswebdav/pid5696741dtcontentrid31124904_2/courses/2016SO2ACC10008215358/Assessments/assessment2.html 11/11