Acc20015 The General Journal Answers Assessment Answer

From Canvas, Modules, Assessment, MYOB Assignment, Instructions, download the MYOB Assignment Stationery workbook which contains all the required stationery to complete Part A of the assignment.
2. Enter your Student ID AND Assignment No in the spaces provided.
NOTE: You must use your own workbook and not give your workbook to any other student. If any replicated files are discovered both students will receive a zero as their final mark for this section of the assignment.
3. Record the opening balances as at 1 March 2018 in the appropriate accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers.
4. Record reversing entries required from February 2018.

5. Record the transactions, in chronological order, in the appropriate general or special journal for March 2018. Record and post all transactions from journals to the general ledger in accordance with accounting procedures.
6. Prepare schedules of accounts receivable and accounts payable as at 31 March 2018 and reconcile these with the control accounts in the general ledger.
7. Record end of month adjustments in the general journal and post these to the general ledger.
8. Prepare a Trial Balance after end of month adjustments as at 31 March 2018.
9. Prepare an Income Statement for March 2018 and a Balance Sheet as at 31 March 2018.Your completed Excel spreadsheet is to be submitted for part A.

Answer:

Sales
Date	Account	Inv No	Post Ref	Canoes	Kayaks	Oars	Rowing Manuals	GST Payable	Accounts Receivable	Cost of Sales
11/3/2018	Croc's Tenant Creek	704		2,100	2,050	2,160	370	668	7,348	3,328
15/3/2018	Daly Waters Rowing Club	705		3,500	2,460	3,600	555	1,012	11,127	5,040
25/3/2018	Croc's Tenant Creek	706		1,750	1,640	3,600		699	7,689	3,455
27/3/2018	Katherine Kayaking	707		1,050	2,870	4,320	185	843	9,268	4,211






				8,400	9,020	13,680	1,110	3,221	35,431	16,034


Purchases
Date	Account	Inv No	Post Ref	Canoes	Kayaks	Oars	Rowing Manuals	GST Receivable	Accounts Payable
9/3/2018	Custom Canoes	CC1130		1,980				198	2,178
9/3/2018	Wave Rider	863K			1,200			120	1,320
9/3/2018	2B Oar not 2B	2177				2,928		293	3,221
12/3/2018	Wave Rider	890K			2,400			240	2,640
12/3/2018	Heave-Ho Publishers	367					288	29	317
16/3/2018	2B Oar not 2B	2209				2,196		220	2,416
18/3/2018	Heave-Ho Publishers	372					240	24	264
23/3/2018	Custom Canoes	CC1327		1,980				198	2,178
23/3/2018	Heave-Ho Publishers	410					360	36	396

				3,960	3,600	5,124	888	1,357	14,929


Date	Particulars	Rec No	Post Ref	Accounts Receivable	Cash Sales	Rowing Lessons	Sundry	Details	GST Payable	Bank	Cost of Sales
4-03-2018	Katherine Kayaking	753	D2	9,252						9,252
4-03-2018	Receipts for Rowing Lessons - SL 1	RL433	4-2000			650			65	715
4-03-2018	Sales Receipts		4-1000		1,531				153.10	1,684.10	768
12-03-2018	Montefiore Scholl - SL 1 & SL3	RL434	4-2000			1,330			133	1,463
14-03-2018	Daly Waters Rowing Club	754	D3	11,934						11,934
18-03-2018	Sales Receipts		4-1000		2,055				205.50	2,260.50	1015
22-03-2018	Sales Receipts		4-1000		4,497				449.70	4,946.70	2253
25-03-2018	Croc's Tenant Creek	755	D1	9,360						9,360
25-03-2018	Sales Receipts		4-1000		4,141				414.10	4,555.10	2065
27-03-2018	Receipts for Rowing Lessons - SL 1	RL435	4-2000			1,900			190	2,090
27-03-2018	Sales Receipts		4-1000		2,402				240.20	2,642	1205
28-03-2018	Sales Receipts		4-1000		4,264				426.40	4,690.40	2149
28-03-2018	Man O' Board		8-1000				2,700	Commission		2,700
										-
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										-
										-
				30,546	18,890	3,880	2,700		2,277	58,293	9,455


Cash Payments
Date	Particulars	Chq No	Post Ref	Accounts Payable	Vehicle Expenses	Wages	Sundry	Details	GST Receivable	Cash at Bank
1-03-2018	Viking Press	371	6-2300				360	Printing	36	396
1-03-2018	Cash-Mere Pty. Ltd.	372	1-6100				2,590	Cash Register	259	2,849
2-03-2018	Prime Real Estate	373	1-2100				7,560	Prepaid Rent	756	8,316
3-03-2018	HMG Autos	374	6-2600		486				49	535
3-03-2018	2B Oar not 2B	375	C3	3,960						3,960
4-03-2018	Rowing Times	376	1-2200				720	Prepaid Advertising	72	792
8-03-2018	Heave-Ho Publishers	377	C4	1,620						1,620
10-03-2018	Wave Rider	378	C2	9,360						9,360
12-03-2018	Woody Boate	379	6-2700			800				800
12-03-2018	Ian Titanic	380	6-2700			760				760
16-03-2018	Bank of Rupt	381	2-6000/9-1000				3,270	Principal and Interest paid		3,270
16-03-2018	Drawings	382	3-8100				2,220			2,220
16-03-2018	Vehicle Expenses	383	6-2600		350				35	385
19-03-2018	A.T.O.	384	2-3010				3,500	GST for February paid		3,500
21-03-2018	Custom Canoes	385	C1	8,550						8,550
23-03-2016	Telstra	386	6-2500				310	Telephone Expenses	31	341
26-03-2018	Woody Boate	387	6-2700			850				850
26-03-2018	Ian Titanic	388	6-2700			400				400





				23,490	836	2,810	20,530		1,238	48,904


Date	Particulars	Post Ref	Dr	Cr

1/3/2018	Office Equipment		1,720
	Capital - Ima Galah			1,720

1/3/2018	Wages		1,044
	Wages Payable			1,044

21/3/2018	Wave Rider		220
	Inventory			200
	GST Receivable			20

28/3/2018	Sales Return	4-1500	720
	GST Payable		72
	Croc's Tenant Creek			792

28-03-2018	Inventory		366
	Cost of Sales			366

31-03-2018	Stock Gain/Loss		117
	Inventory			117

31-03-2018	Depreciation		2,253
	Accum Dep. - Shop Fittings			585
	Accum Dep. - Motor Vehicles			1,560
	Accum Dep. - Office Equipment			108

31-03-2018	Wages		720
	Wages Payable			720

31-03-2018	Rent		2,520
	Prepaid Rent			2,520

31-03-2018	Advertising		360
	Prepaid Advertising			360



	Bank				1-1100
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance		42,750		42,750
31-03-18	Total Cash Receipts	CRJ	58,293		1,01,043
	Total Cash Payments	CPJ		48,904	52,139
					52,139

	Accounts Receivable				1-2000
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance		30,546		30,546
28-03-18	Sales Return	GJ		792	29,754
31-03-18	Total Credit Sales	SJ	35,431		65,185
	Total Cash Receipts	CRJ		30,546	34,639


	Prepaid Rent				1-2100
Date	Particulars	Post Ref	Dr	Cr	Bal
02-03-18	Rent paid in advance	CPJ	7,560		7,560
31-03-18	Rent Expired	GJ		2,520	5,040
					5,040
					5,040
	Prepaid Advertising				1-2200
Date	Particulars	Post Ref	Dr	Cr	Bal
04-03-18	Advertisement Expenses paid in advance	CPJ	720		720
31-03-18	Benefits Consumed	GJ		360	360
					360
					360
	Inventory				1-3000
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance		19,536		19,536
21-03-18	Purchase Return	GJ		200	19,336
28-03-18	Sales Return	GJ	366		19,702
31-03-18	Loss of Stock	GJ		117	19,585
	Total Credit Sales	SJ		16,034	3,551
	Total Cash Sales	CRJ		9,455	- 5,904
	Total Credit Purchase	PJ	13,572		7,668



	Shop Fittings				1-4100
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance		46,800		46,800
					46,800
					46,800

	Accumulated Depreciation - Shop Fittings				1-4200
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			11,700	11,700
31-03-18	Depreciation Charged	GJ		585	12,285
					12,285

	Motor Vehicle				1-5100
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance		93,600		93,600
					93,600
					93,600

	Accumulated Depreciation - Motor Vehicle				1-5200
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			24,300	24,300
31-03-18	Depreciation Charged	GJ		1,560	25,860
					25,860

	Office Equipment				1-6100
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Purchase of Cash Register	CPJ	2,590		2,590
01-03-18	Computer Brought In	GJ	1,720		4,310
					4,310
					4,310
	Accumulated Depreciation - Office Equipment				1-6200
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Depreciation Charged	GJ		108	108
					108
					108
	Accounts Payable				2-2000
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			23,490	23,490
21-03-18	Purchase Return	GJ	220		23,270
31-03-18	Total Credit Purchase	PJ		14,929	38,199
	Total Cash Payments	CPJ	23,490		14,709


	GST Payable				2-3010
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			6,900	6,900
19-03-18	GST paid	CPJ	3,500		3,400
28-03-18	Sales Return	GJ	72		3,328
31-03-18	Total Cash Receipts	CRJ		2,277	5,605
	Total Credit Sales	SJ		3,221	8,826


	GST Receivable				2-3030
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance		3,400		3,400
21-03-18	Purchase Return	GJ		20	3,380
31-03-18	Total Cash Payments	CPJ	1,238		4,618
	Total Credit Purchase	PJ	1,357		5,975



	Wages Payable				2-4000
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			1,044	1,044
01-03-18	Wages Payable Reversed	GJ	1,044		-
31-03-18	Wages Due	GJ		720	720


	Loan - Bank of Rupt				2-6000
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			45,000	45,000
16-03-18	Part Principal Paid	CPJ	3,000		42,000
					42,000

	Capital - Ima Galah				3-8000
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			1,24,198	1,24,198
01-03-18	Computer Brought in	GJ		1,720	1,25,918
					1,25,918

	Drawings				3-8100
Date	Particulars	Post Ref	Dr	Cr	Bal
16-03-18	Cash Withdrawn	CPJ	2,220		2,220
					2,220

	Sales				4-1000
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Total Cash Sales	CRJ		18,890	18,890
	Total Credit Sales	SJ		32,210	51,100


	Sales Returns				4-1500
Date	Particulars	Post Ref	Dr	Cr	Bal
28-03-18	Sales Returns by Customers	GJ	720		720
					720

	Rowing Lessons				4-2000
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Total Rowing Lessons	CRJ		3,880	3,880


	Cost of Sales				5-1000
Date	Particulars	Post Ref	Dr	Cr	Bal
28-03-18	Sales Return	GJ		366	- 366
31-03-18	Total Credit Sales	SJ	16,034		15,668
	Total Cash Sales	CRJ	9,455		25,123


	Stock Gain/Loss				5-2000
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Loss of Stock	GJ	117		117

	Advertising				6-1000
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Advertising Expenses	GJ	360		360


	Depreciation				6-2100
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Depreciation for the month	GJ	2,253		2,253
					2,253


	Printing				6-2300
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Printing Charges Paid	CPJ	360		360
					360

	Rent				6-2400
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Rent Expenses	GJ	2,520		2,520


	Telephone				6-2500
Date	Particulars	Post Ref	Dr	Cr	Bal
23-03-18	Telephone expense paid	CPJ	310		310


	Vehicle Expenses				6-2600
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Total Vehicle Expenses	CRJ	836		836


	Wages				6-2700
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Wages Payable Reversed	GJ		1,044	- 1,044
31-03-18	Wages Due	GJ	720		- 324
	Total Wages Paid	CPJ	2,810		2,486


	Commission				8-1000
Date	Particulars	Post Ref	Dr	Cr	Bal
31-03-18	Commission Received	CRJ		2,700	2,700


	Interest Expense				9-1000
Date	Particulars	Post Ref	Dr	Cr	Bal
16-03-18	Interest on Loan Paid	CPJ	270		270
					270

Inventory
	Canoes									TRC
Date	Particulars	Purchases			Sales			Balance
Date	Particulars	Units	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
01-03-18	Opening Balance							28	165	4620
04-03-18	Sales				2	165	330	26	165	4290
09-03-18	Credit Purchase	12	165	1980				38	165	6270
11-03-18	Credit Sales				6	165	990	32	165	5280
15-03-18	Credit Sales				10	165	1650	22	165	3630
18-03-18	Sales				3	165	495	19	165	3135
22-03-18	Sales				1	165	165	18	165	2970
23-03-18	Credit Purchase	12	165	1980				30	165	4950
25-03-18	Sales				3	165	495	27	165	4455
25-03-18	Credit Sales				5	165	825	22	165	3630
27-03-18	Sales				3	165	495	19	165	3135
27-03-18	Credit Sales				3	165	495	16	165	2640
28-03-18	Sales				3	165	495	13	165	2145
31-03-18	Stock Loss	-1	165	-165				12	165	1980








	Kayaks									TRK
Date	Particulars	Purchases			Sales			Balance
Date	Particulars	Units	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
01-03-18	Opening Balance							30	200	6000
09-03-18	Credit Purchase	6	200	1200				36	200	7200
11-03-18	Credit Sales				5	200	1000	31	200	6200
12-03-18	Credit Purchase	12	200	2400				43	200	8600
15-03-18	Credit Sales				6	200	1200	37	200	7400
18-03-18	Sales				2	200	400	35	200	7000
21-03-18	Purchase Return	-1	200	-200				34	200	6800
22-03-18	Sales				3	200	600	31	200	6200
25-03-18	Sales				2	200	400	29	200	5800
25-03-18	Credit Sales				4	200	800	25	200	5000
27-03-18	Sales				1	200	200	24	200	4800
27-03-18	Credit Sales				7	200	1400	17	200	3400
28-03-18	Sales				5	200	1000	12	200	2400










	Oars									OAR
Date	Particulars	Purchases			Sales			Balance
Date	Particulars	Units	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
01-03-18	Opening Balance							44	183	8052
04-03-18	Sales				2	183	366	42	183	7686
09-03-18	Credit Purchase	16	183	2928				58	183	10614
11-03-18	Credit Sales				6	183	1098	52	183	9516
15-03-18	Credit Sales				10	183	1830	42	183	7686
16-03-18	Credit Purchase	12	183	2196				54	183	9882
22-03-18	Sales				8	183	1464	46	183	8418
25-03-18	Sales				6	183	1098	40	183	7320
25-03-18	Credit Sales				10	183	1830	30	183	5490
27-03-18	Sales				2	183	366	28	183	5124
27-03-18	Credit Sales				12	183	2196	16	183	2928
28-03-18	Sales				2	183	366	14	183	2562
28-03-18	Sales Return				-2	183	-366	16	183	2928









	Rowing Manuals									MAN
Date	Particulars	Purchases			Sales			Balance
Date	Particulars	Units	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
01-03-18	Opening Balance							36	24	864
04-03-18	Sales				3	24	72	33	24	792
11-03-18	Credit Sales				10	24	240	23	24	552
12-03-18	Credit Purchase	12	24	288				35	24	840
15-03-18	Credit Sales				15	24	360	20	24	480
18-03-18	Sales				5	24	120	15	24	360
18-03-18	Credit Purchase	10	24	240				25	24	600
22-03-18	Sales				1	24	24	24	24	576
23-03-18	Credit Purchase	15	24	360				39	24	936
25-03-18	Sales				3	24	72	36	24	864
27-03-18	Sales				6	24	144	30	24	720
27-03-18	Credit Sales				5	24	120	25	24	600
28-03-18	Sales				12	24	288	13	24	312
31-03-18	Stock Profit	2	24	48				15	24	360








ACCOUNTS PAYABLE
Custom Canoes					C1
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			8,550	8,550
09-03-18	Credit Purchase	PJ		2,178	10,728
21-03-18	Cash Payment	CPJ	8,550		2,178
23-03-18	Credit Purchase	PJ		2,178	4,356
					4,356
					4,356
					4,356

Wave Rider					C2
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			9,360	9,360
09-03-18	Credit Purchase	PJ		1,320	10,680
10-03-18	Cash Payment	CPJ	9,360		1,320
12-03-18	Credit Purchase	PJ		2,640	3,960
21-03-18	Purchase Return	GJ	220		3,740
					3,740

2B Oar not 2B					C3
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			3,960	3,960
03-03-18	Cash Payment	CPJ	3,960		-
09-03-18	Credit Purchase	PJ		3,221	3,221
16-03-18	Credit Purchase	PJ		2,416	5,636


Heave-Ho Publishers					C4
Date	Particulars	Post Ref	Dr	Cr	Bal
01-03-18	Opening Balance			1,620	1,620
08-03-18	Cash Payment	CPJ	1,620		-
12-03-18	Credit Purchase	PJ		317	317
18-03-18	Credit Purchase	PJ		264	581
23-03-18	Credit Purchase	PJ		396	977



	SCHEDULE OF ACCOUNTS PAYABLE
	AS AT 31 MARCH 2018
	Custom Canoes		4,356
	Wave Rider		3,740
	2B Oar not 2B		5,636
	Heave-Ho Publishers		977
			14,709

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