Norma Na Sud BE edna Heading St Paragraph Practical Completion Point 2 This section of the practical is designed to allow you to compare how a basic General Journal and Ledger System operates with a system of Specialised Journals. You should be taking note of the different data entry processes and the efficiencies that can be achieved as well as any difficulties that arise with the more complex system. You have been provided with an excel file which contains the General Journal and Ledger Accounts. The necessary accounts as well as blank accounts to be used if needed have been included. You will need to complete this task by entering the relevant information into the excel spreadsheet provided. The opening and reversing entries have been completed for you. You will be re-entering the transaction data from Completion Point 1 as well as a number of new transactions into the "new" system using specialised journals. Task 1 Using the excel file provided for completion Point 2 you must enter the transactions below into the Specialised Journals and then update the Ledger accounts as required (The transactions below include previous transactions that you have completed using only the General Journal and a number of new transactions) Transactions July 1 July 2 July 4 July 6 Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST). Received a cheque for $2475 from Developing Naturally as part payment of their account Sold 2 Smart Meters to The Charity Stores for $350 each plus a $50 delivery fee (all amounts are net of GST) Issued Cheque number 718 to Flooded Industries. The cheque amount was $1752 30 and a discount of S1947 (including GST or $17.70) was received for early payment Purchased 200 metres of premium low voltage cabling from Get Connected for S4 per metre, plus a freight charge of $50 and total GST of S85 Received $450 cash (act of GST) from Ms Elva Marks for a full house inspection and energy usage report Purchased 500 Energy Saving light globes for $3 cach from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726 July 8 July 12 July 13 July 15 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 cach (net of GST) Transactions continued July 16 July 16 July 19 July 20 July 20 Paid wages of $1,680 to Minnie's two part time employees Lei Zher and Esa Jetic Made a cash purchase of $60 stationery (net of GST) from Little M department store Purchased 15 LED Lighting Kits for a total of $330 (GST inclusive) from Flooded Industries Cash Sale to Mr D Rock of 5 LED Lighting Kits for a total of $275 (including GST) Received a cheque from Unplugged Ltd of $1166 being full settlement of their account Sold 100 meters of premium low voltage cable to Unplugged Ltd for $20 per meter (net of GST) The office supplies account of $186 was paid in full in cash. Minnie mimo withdrew $1,050 cash for personal use. Sold 3 Smart Meters to Hotels United for $350 each plus a delivery fee of $100 (all amounts are net of GST) Paid all amounts owing to Reduce, Reuse, Get Rich. Made a cash payment of $921 (including $40 GST) to The Big Telco for the last two months telephone and internet usage. July 21 July 23 July 25 July 27 July 29 July 30 A stocktake on July 31 reveals $4 140 worth of inventory on hand and $114 of stationery on hand Prepaid insurance was paid for 3 months in advance on June 30, 2020. Prepaid rent was paid for 6 months in advance on 1 June, 2020. Depreciation is only calculated at the end of the financial year and so no adjustments are required for these accounts Task 2 Once you have completed the data entry above, you will need complete Schedules for Accounts Receivable and Accounts Payable and you will need to create a Balance Sheet dated 31 July 2020 Remember of this point occuracy of data entry is being checked, however the majority of the monks will be awarded based on the fact that all transactions have been entered Submission Requirements Once you have completed the data entry in the above two tasks, you will need to upload your excel file to cling so they can be checked for completeness. At this point occuracy of data entry is being checked but is not the primary focus of the marking. The majority of marks are awarded if all transactions have been entered by following the correct processes and reports have been properly created. It is expected that students will make every effort to achieve the correct result which they can then compare to the feedback provided after all submissions are made 10 Date De DA 10/00 Putty Chigret 91 210.00 151 Active Control 610 1 The Charity 2010 # Developing turly 4455 WEWE . 104 IL Serend EEE DET 1 ale 04 20 09 510 PT DATE wango Remot ertan elephone BE HOT DENT CREDITS BALANCE SO DATE CHE LALANCE LES NI egy Opening 1 one AENEN 611 MLANCE CRIOTS BE DATE SHARES GRANATOR DRANATION POSTRES DET CREDITS BALANCES Opening by CREDIT DATE DEBIT (5 MALANCE DEPLANATION POURER NO Entry Ace 15 MALANCES DATE EXPLANATION DET CREDIT (5) INHO 140000 340000 Opening Entry Accumulated Depreciation A 141 BALANCE 15 EXPLANATION DEBIT (S1 CREDIT 140 DATE LLANCE BPLANATION POST REF CREDIT DATE CREDITS BALANCE IS ALANCE 1980 21000 14 DATE EXPLANATION POUR MANCE Act No. 160 BALANCE SI CREDIT dat DO BALANCE COM DAN GORE BALANCE Opening in TART MALANCE FRANTON POUR De CHERIS DATE MANCE POST CREDITS DATE PLANATION BETH 10 Nes Open Cape Paide 19 GAT MALANCE EXPLANATION PORT DEN CREDITS Opening GI PURCHAMI re MILANCE 50 ROSTRIE DAT CREDITS 1 DER MALANES DATE DEBITI CREDIT DOPLANATION POSTI! Auses BALANCE DET CREDIT POST RIF DATE EXPLANATION TE LARES ANO BALANCE IS DENT CHIO 12100 DATE ROSTRI MLANCE DET CRIDERS E POSTE CRO BALAN 41 Payat POSTER CH BALANCE *** DATE EXPLANATION RIF CREDIT AGO WARE Opening 4 POLI RIP MANCE GATE - RECENARI GATE DES TENTION No EXPLANATION POST REF. DET CREDITS 0 Opening Entry MANCES o DET 15 CREDITS 1903 IND De 720 GI 726 Opening Entry The Charity Stores Account No 61003 BALANCES CREDIT (SI POST DESIT (58 De 2310 DATE EXPLANATION 2310 -01 Opening Entry Developing Naturally Account No. 6100S BALANCE SI CREDIT IS) De DEBIT (5) POST REF DATE EXPLANATION 4055 4455 Ju-01 Opening Entry Go