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 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 $194.7 (including GST of $17.70) was received for early payment. July 6 July 6 July 8 Issued Cheque number 718 to Flooded Industries. The cheque amount was $1752.30 and a discount of $194.7 (including GST of $17.70) was received for early payment. Purchased 200 metres of premium low voltage cabling from Get Connected for $4 per metre, plus a freight charge of $50 and total GST of $85. Received $450 cash (net of GST) from Ms Elvia Marks for a full house inspection and energy usage report. Purchased 500 Energy Saving light globes for $3 each from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726. July 12 July 13 July 15 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (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 Zhee and Ena 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 Armim 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 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 at this point accuracy of data entry is being checked, however the majority of the marks will be awarded based on the fact that all transactions have been entered. / 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 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 $194.7 (including GST of $17.70) was received for early payment. July 6 July 6 July 8 Issued Cheque number 718 to Flooded Industries. The cheque amount was $1752.30 and a discount of $194.7 (including GST of $17.70) was received for early payment. Purchased 200 metres of premium low voltage cabling from Get Connected for $4 per metre, plus a freight charge of $50 and total GST of $85. Received $450 cash (net of GST) from Ms Elvia Marks for a full house inspection and energy usage report. Purchased 500 Energy Saving light globes for $3 each from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726. July 12 July 13 July 15 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (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 Zhee and Ena 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 Armim 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 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 at this point accuracy of data entry is being checked, however the majority of the marks will be awarded based on the fact that all transactions have been entered. /