Styles Editing BIU - abc X, X A A A Font + A A A A21 T Paragraph Styles Practical Completion Point 1 Minnie armim runs a business Min amim Wasteage that specialises in energy saving products and advice. She has contacted you for some assistance in setting up a new accounting system. Minnie has managed to collect enough information to create a chart of accounts for you to work from. This completion point comprises two tasks. Setting up a new system by completing an opening entry and any other relevant journal entries then posting these appropriately, and entering a set of transactions into the general journal and then recording these in the relevant ledgers. After completing these tasks, you will need to review your work and submit Task 1 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. To set up Minnie's new system, enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts provided in the excel file. Min demim Wasteage - Chart of Accounts as at 1 July 2020 090 091 610 611 111 113 115 116 140 141 150 151 160 161 800 205 210 220 299 820 900 Bank Petty Cash Accounts Receivable Control Allowance for Bad and Doubtful Debts Inventory Stationery on Hand Prepaid Insurance Prepaid Rent queden Ace Depreciation Equipe Premises Accumulated Depreciatica - Premises Vehicle Ace Depreciation - Vehicle Accounts Payable Control Office Supplies Owing Internet and Telephone Expenses Payable Wages Expense Payable Big 4 Bank Mortgage Loan (5-year) GST Capital - Minnie Armin 3860 210 13585 462 3090 130 1800 10000 6400 1460 140000 21000 23000 229 7887 186 481 862 123000 950 45358 3 13 of 680 words LE English (Australia) LS I Additional Notes Acc. No. 61001 61003 61005 61007 Schedule of Accounts Receivable as at 1 July 2020 Unplugged Limited 726 The Charity Stores 2,310 Developing Naturally 4,455 Hotels United 6.094 13,585 Schedule of Accounts Payable as at 1 July 2020 Get Connected Limited 4,180 Reduce, Reuse, Get Rich 1,760 Flooded Industries 1,947 7,887 80001 80003 80005 You will need to enter this information into the appropriate subsidiary ledger accounts e 1 of 3 13 of 680 words LE English (Australia) A A ) 19 A 211 AAA- Font Paragraph Styles ard Task 2 Using the excel file you have already been working on, enter the transactions below into the General Journal and then update the Ledger accounts as required. Transactions July 1 July 2 July 4 July 6 July 8 Sold 40 Energy Saving light globes on credit to Uaplugged 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 $17.10) 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. Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (net of GST). July 12 July 13 July 15 Submission Requirements Once you have completed the data entry in the above two tasks, you will need to upload your excel file to leargoline so they can be checked for completeness. Remember at this point accuracy of data entry is not being checked, only that all transactions have been entered into the correct accounts by following the correct processes. However, 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 13 of words Ennlich Turtralia