TASK Assessment conditions: This is an individual assessment task (not a group assessment task). Part 1 - Entering Transactions At 1 July 2021, Alex set up a communications business in Bathurst, New South Wales called 'AA MAxx Communications'. For the first 11 months, through to 31 May 2022, Alex has maintained a spreadsheet recording the businesses financial information for the year. As the business has grown, Alex has insufficient time to maintain the business records for AA Maxx Communications. It is now the end of June 2022 and you have been employed as a part time bookkeeper for the business. Today is your first day and Alex has provided you with the unadjusted trial balance from 1 July 2021 to 31 May 2022 and a list of events which have taken place in June 2022 . These are available in our Interact Site under Assessment Resources / Assessment Item 2. From this information, you need to prepare the General Journal to record the June 2022 transactions. Narrations are essential for all journal entries. (45 marks) Part 2 - Accounting Cycle This assessment tasks builds on Part 1 where you will completing the accounting cycle for AA MAxx Communications. Alex has reviewed your journals and has noted the following errors, omissions and adjustments relating to the year ended 30 June 2022 which have not yet been recorded; Services totalling $3,300 on credit had been provided but not yet invoiced at the end of the year; $11,300 of pre-paid insurance has been used as at 30 June 2022 $26,200 of office supplies were consumed prior to 30 June 2022 $7,200 relating to rent has been incorrectly recorded as electricity expense; and $8,600 of services currently recorded as 'sales revenue received in advance' were provided in June 2022. Based on this, you are required to; 1. Enter the above adjusting entries into the General Journal (5 marks); 2. Prepare the General Ledger accounts (T-Accounts) for the year ended 30 June 2022. To complete this, you need to; (30 marks) enter the opening balance for every account at 31 May 2022 ; post the corrected General Journal entries from Part 1 for the month of June 2022; enter the posting references for all transactions; and balance off every general ledger account at 30 June 2022. 3. Prepare the Trial Balance for AA MAxx Communications as at 30 June 2022. (5 marks) Alex has reviewed the trial balance you prepared for the year ended 30 June 2022 and sent it to the accountant to allow for preparation of the financial statements and tax returns (note, you do not need to complete this). In order to start a new financial year, Alex has asked you to: 4. Prepare the post closing trial balance as at 30 June 2022. In order to complete this, you need to: a. prepare closing entries in the General Journal. (5 marks) o. complete the necessary closing entries in the General Ledger. Use a P\&L Summary Account to close off the relevant accounts. (5 marks) c. prepare the Post-Closing Trial Balance as at 30 June 2022. (5 marks) TASK Assessment conditions: This is an individual assessment task (not a group assessment task). Part 1 - Entering Transactions At 1 July 2021, Alex set up a communications business in Bathurst, New South Wales called 'AA MAxx Communications'. For the first 11 months, through to 31 May 2022, Alex has maintained a spreadsheet recording the businesses financial information for the year. As the business has grown, Alex has insufficient time to maintain the business records for AA Maxx Communications. It is now the end of June 2022 and you have been employed as a part time bookkeeper for the business. Today is your first day and Alex has provided you with the unadjusted trial balance from 1 July 2021 to 31 May 2022 and a list of events which have taken place in June 2022 . These are available in our Interact Site under Assessment Resources / Assessment Item 2. From this information, you need to prepare the General Journal to record the June 2022 transactions. Narrations are essential for all journal entries. (45 marks) Part 2 - Accounting Cycle This assessment tasks builds on Part 1 where you will completing the accounting cycle for AA MAxx Communications. Alex has reviewed your journals and has noted the following errors, omissions and adjustments relating to the year ended 30 June 2022 which have not yet been recorded; Services totalling $3,300 on credit had been provided but not yet invoiced at the end of the year; $11,300 of pre-paid insurance has been used as at 30 June 2022 $26,200 of office supplies were consumed prior to 30 June 2022 $7,200 relating to rent has been incorrectly recorded as electricity expense; and $8,600 of services currently recorded as 'sales revenue received in advance' were provided in June 2022. Based on this, you are required to; 1. Enter the above adjusting entries into the General Journal (5 marks); 2. Prepare the General Ledger accounts (T-Accounts) for the year ended 30 June 2022. To complete this, you need to; (30 marks) enter the opening balance for every account at 31 May 2022 ; post the corrected General Journal entries from Part 1 for the month of June 2022; enter the posting references for all transactions; and balance off every general ledger account at 30 June 2022. 3. Prepare the Trial Balance for AA MAxx Communications as at 30 June 2022. (5 marks) Alex has reviewed the trial balance you prepared for the year ended 30 June 2022 and sent it to the accountant to allow for preparation of the financial statements and tax returns (note, you do not need to complete this). In order to start a new financial year, Alex has asked you to: 4. Prepare the post closing trial balance as at 30 June 2022. In order to complete this, you need to: a. prepare closing entries in the General Journal. (5 marks) o. complete the necessary closing entries in the General Ledger. Use a P\&L Summary Account to close off the relevant accounts. (5 marks) c. prepare the Post-Closing Trial Balance as at 30 June 2022