Accounting Principles

Task:

Required:

Complete the following for Alfie’s Rugby League Memorabilia and Framing Services for the month of July 2020:

a) Record the above transactions for 1 to 31 July in the general journal;

b) Post/transfer the transactions to the relevant ledger accounts;

c) Using the above additional information, record the necessary adjusting entries in the general journal and post them to the relevant ledger accounts;

d) Record the necessary closing entries in the general journal and post them to the relevant ledger accounts;

e) Prepare a post-closing entry trial balance. Refer to example on p. 438 of Deegan textbook. NOTE: Balances should be linked to the closing balances in the ledger accounts;

f) Prepare an income statement for the period ended 31 July 2020 (following the format on p. 523 of Deegan textbook). NOTE: Gross profit should be calculated; Expenses should be listed as they appear in the chart of accounts; and Tax expense should be ignored).

g) Prepare a balance sheet as at 31 July 2020 (following the format on pp. 438- 439 of Deegan textbook). NOTE: Balances should be linked to the closing balances in the ledger acco

 

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