List of Items for SquidGames March 2021

Date

Details

1

Lee ordered 50 x PC01 Inflatable Play Centre from BB and Co. at a cost of $206 each (excluding GST). Purchase Order #492.

Freight charges were exempt as the purchase was over $5,000.

Ensure tax inclusive box is not ticked.

Received the Supplier Invoice #1022 the same day.

(Ignore the pre-dated message when recording the purchase)

3

Made a Cash sale to a customer:

5 x PT01 Pool Inflatable Float

9 x KY01 Kids Kayak with Paddle

11 x PC01 Inflatable Play Centre

Ensure tax inclusive box is ticked when recording the cash sale.

4

Received an EFTPOS payment from Samuel and Jo for Invoice #1902, calculate and apply any discount, if applicable.

The quarterly employer Superannuation payment of $945 was paid by cheque #892 to Superfast.

Received and paid an invoice (using cheque #893) from Adsell for $3,850 (including GST) for website and shop advertising.

Received a cheque from Trinity Jones in payment for Invoice #1905, calculate and apply any discount, if applicable.

5

Wrote cheque #891 to pay Park's fortnightly wage. His gross pay is $3,000 with $690 PAYG tax withheld, and there are no other deductions.

Lee uses split entries for any wages accrued from February 2021.

Note: employer superannuation is recorded and paid separately (see below).

8

10

Credit sale to Trinity Jones Invoice #1905 (PO #81) 9 x AU01 Audi Ride on Car

6 x FR01 Ford Ranger 12V Ride on Car

22 x QB01 Quad Bike 6V

13 x SG01 Soccer Goal Set

Include a freight charge of $150 on the Invoice.

11

15

17

Prepared a quote for Just for Kids Pty Ltd totalling $16,920 (including GST) for a childrens event that may be held over the Easter long weekend.

The entertainment for the event would include the use of 10 x FR01, 20 x PC01 and 15 x CB01 for sick kids.

19

Wrote cheque #894 to pay Park's fortnightly wage. His gross pay is $3,000 with $690 PAYG tax withheld, and there are no other deductions. Wages are paid for the fortnight just worked, up to and including the Friday.

Note: employer superannuation is recorded and paid separately.

20

Made a Cash sale to a customer, who paid by EFTPOS: 7 x CB01 Cubby House

3 x TM01 Junior Trampoline

6 x SG01 Soccer Goal Set

2 x PC01 Inflatable Play Centre

Ensure tax inclusive box is ticked when recording the cash sale.

AYB106 Summer Semester 2022 Page 5 of 9 Assignment Decision Marking for Accounting

22

Paid Volts and Wheels with cheque #895 clearing the full amount owing for Invoice #491. Calculate and apply any discount, if applicable.

Lee signs a lease agreement to rent a new printer. The agreement will commence on 15 April 2021 with an upfront annual rental payment of $5,280 made on that date.

31

March 2021 Adjusting Entries

Record the following adjusting entries for 31 March 2021

Note:

1. No GST applies to any of the adjusting entries.

2. Where necessary, round to the nearest whole number, do not record decimal places.

3. Base any required calculations on months (hint: divide by 12) not days, except for the end of

month wages accrual.

25

Process the below adjusting entries required for the end of month.

Adj. Entry #

Details

1

The next fortnightly wages payment will be on Friday, 2 April 2021 and it will be based on the same rate as wages paid in March.

Park only works Monday to Friday each week.

Calculate and record the adjusting entry for the accrued wages at the end of March, including the PAYG tax withholding component at a rate of 23% of gross wages.

Hint: work out daily rate x number of days worked up until the end of March.

2

3

4

The business has a term deposit with the bank which earned $625 in interest for the quarter ended 31 March 2021. The bank will not pay the interest until April 2021. Record the adjusting entry for the interest earned for the quarter ended 31 March 2021.

Note: use account number 8-1000 for interest income.

5

Depreciation on Furniture & Equipment is calculated using the Straight Line Method over 7 years with a $35,000 estimated residual value.

Calculate and record the adjusting entry for depreciation on Furniture & Equipment for the month of March.

Hint: the calculation is for one month only.

6

Depreciation on Buildings is calculated using the Straight Line Method over 40 years with a $0 estimated residual value.

Calculate and record the adjusting entry for depreciation on Buildings for the month of March.

Lee Prepaid Rent of $48,000 for 12 months at the start of the financial year. Calculate and record the adjusting entry for rent at the end of March.

Accrue $792 for March's electricity expense, the bill is expected to be received in paid in April 2021.

REMINDER!

Make sure you regularly backup your working files (NOT through the MYOB prompt) and retain these files until the assignment is marked and results released. Do not rely on one file location in case there is a problem such as corruption, losing USB etc.

AYB106 Summer Semester 2022 Page 6 of 9 Assignment Decision Marking for Accounting

MYOB Reports

Produce the following using MYOB in PDF format:

1. Session Report/s

You must ensure a session report is generated every time you work on your assignment in MYOB. You cannot go back and produce session reports for prior sessions.

If you did complete the assignment in one MYOB session, you will need to only submit your one MYOB session report.

If you did not complete the assignment in one MYOB session, you will need to submit your session reports for every MYOB session where you worked on the assignment.

IMPORTANT

Where session reports are not submitted in the appropriate format, investigations into plagiarism may be commenced.

IF SESSION REPORTS ARE NOT SUBMITTED, YOUR ASSIGNMENT WILL NOT BE MARKED.

2. Profit & Loss [Accrual] Statement

The period must be from 1/03/2021 to 31/03/2021.

Report Level: Level 4.

3. Standard Balance Sheet

The date must as of 31/03/2021.

Report Level: Level 4.

4. General Ledger [Summary]

The period must be from 31/03/2021 to 31/03/2021.