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 the option to either work electronically or print off a hard copy of the Excel File which contains the Specialised Journal, General Journal and Ledger Accounts. The necessary accounts as well as blank accounts to be used if needed have been included. 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 Spcialised Journals and then update the Ledger accounts as required. You can either print the forms and do this in hard copy or enter them electronically. (The transactions below include previous transactions that you have completed using only the General Journal and a number of new transactions) Transactions July 3 Issued Cheque number 718 to Flooded Industries. The cheque amount was $269.50 and a discount of $5.50 (including GST of $0.50) was received for early payment. July 4 Purchased 20 metres of piping from Tubes 4 U (Invoice 3081) for $95 per metre, plus a total freight charge of $100 and total GST of $200. July 6 Sold 25 Water Saving Shower Heads for $15 each, plus a total GST of $37.50 to Housing for U (Invoice 4296) July 10 Purchased 20 submersible pumps from Flooded Industries (invoice 7050) for $20 each, plus a total freight charge of $60 and total GST of $46. July 12 Cash Sale of 30 brass taps for $12.50 each plus a total GST of $37.50 to Heather Philips (Receipt 286) July 14 Paid "The Telephone Company" (Chq 725) $660 (GST included) for the last months phone bill. July 18 Sold 15 metres of cabling for $125 per metre plus a total GTS of 187.50 to Gully Construction (Invoice 4297) July 20 Issued Cheque number 719 to Safety First. The cheque amount was $1163 as full payment of their account. Transactions continued July 21 Completed $580 (net of GST) worth of repairs for Mr Johnson Prider. These repairs were paid for in cash (Receipt 287) July 23 Received full payment from Gully Contraction for Invoice 4297. A 10% discount of $206.25 (including GST of $18.75) was applied for early payment. July 23 Cash Sale of 50 submersible pumps for $35 each plus a total GST of $175 was made to the local community gardening group. (Receipt 288) July 26 Purchased 30 Water Saving Shower Heads from Action Limited (invoice 54279) for $10 each, plus a total freight charge of $40 and total GST of $34. July 27 the rent expense of $750 (net of GST) was paid in full in cash (Chq 726). July 29 Richard Otten withdrew $350 cash for personal use. (Receipt 289) A stocktake on July 31 reveals $11 660 worth of inventory on hand. 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 2016. These tasks can either be done in hard copy or electronically. 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. Submission Requirements Once you have completed the data entry in the above two tasks, you will need to upload your excel file or scan your hard copies and upload them as either a PDF or picture file to learnonline so they can be checked for completeness. At this point accuracy 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 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