ACCG1000 Interactive Assignment
1
Session 2, 2020
Interactive assignment (Part 1) – Week 4
Based on Week 3 & 4 topics:
Accounting cycle
Double-entry Accounting
Task requirements:
1. Open the Excel file ‘Assignment Worksheets’ you downloaded from iLearn. You will see there are NINE
worksheets as presented below:
List of Worksheets
Worksheet Name
1 General entries
2 T-Accounts
3 July Worksheet
4 Adjusting
5 Closing
6 Post TB
7 Income Statement
8 Changes in Equity
9 Balance Sheet
2. Under Worksheet 1 “General entries”, input your Student ID into cell F1.
3. Using ‘the Post-closing Trial Balance for the month ended June 2016’ provided by the accountant to set up
the T-Accounts in the ‘T-Accounts’ worksheet:
- Title for each T-account has already been set up;
- You must enter the co
ect Opening Balances into the co
ect places in each T-Account.
ACCG1000 Interactive Assignment
2
Session 2, 2020
FlixCity – Setting up accounts
Upon completion of his 4-week accounting & bookkeeping course, Nicholas Ro
ins
was now ready to set up his own manual accounting system for his FlixCity & Gaming
enterprise. Using the post-closing trial balance for the month ended 30 June 2016 (presented below) collected from
his accountant, he is now able to set up his accounts. Once this was done, Nicholas will be ready to begin processing
transactions for the month of July.
FlixCity & Gaming
Post-closing Trial Balance
for the month ended 30 June 2016
Account
No's
Account Names
Opening Balances
Dr Cr
ASSETS
100 Cash at Bank 10,763.20
110 Accounts Receivable 4,385.27
130 Prepaid Advertising 1,000.00
140 Prepaid Insurance 798.59
150 Land 717,580.00
160 Buidling 125, 000.00
165 Accumulated Depreciation - Building 15,625.00
170 Equipment - Compute
console/candy ba
projector 250,000.00
175 Accumulated Depreciation - Equipment 125,000.00
LIABILITIES
200 Accounts Payable 9,586.38
210 Unearned revenue 3,700.00
220 Interest Payable 3,200.00
230 Loan Payable - Principal due May XXXXXXXXXX,800.00
240 Wages Payable 2,550.00
250 Utilities Payable 1,650.00
EQUITY
300 Nicholas Ro
ins, Capital 41,415.68
301 Nicholas Ro
ins, Drawings 0.00
REVENUE
400 Sales - Cinema 0.00
401 Sales - Gaming 0.00
402 Sales - Candy Bar 0.00
EXPENSES
600 Accounting Fees 0.00
601 Advertising Expense 0.00
602 Candy Bar Expense 0.00
603 Computer Consumables Expense 0.00
604 Depreciation Expense - Building 0.00
605 Depreciation Expense - Equipment 0.00
608 Utilities Expense 0.00
610 Insurance Expense 0.00
611 Interest Expense 0.00
612 Leasing Expense - Cinema seating/screen 0.00
613 Leasing Expense - Gaming furniture 0.00
614 Licensing Expense - Nintendo 0.00
615 Licensing Expense - Sony 0.00
617 Stationery & Office Supplies Expenses 0.00
618 Wages Expense 0.00
TOTALS 1,109, XXXXXXXXXX,109,527.06
ACCG1000 Interactive Assignment
1
Session 2, 2020
Interactive assignment (Part 2) – Weeks 5 & 6
Based on Week 3, 4 & 5 topics:
Recording transactions
Post general journals to general ledger
Unadjusted Trial Balance
Task requirements:
1. Using the Summary of Transactions Nicholas has produced, prepare the required general journals in Excel
worksheet ‘General entries’. Na
ations are required.
- You need to record transactions in the prescribed order so that your feedback will function properly
(i.e. the transaction numbers must co
espond to the Journal Reference numbers).
- Journals have been set up to accept only the co
ect:
▪ $ value of journal entries (for both debit & credit sides);
▪ Balancing of entries (i.e. Column Totals);
- Do not leave blank lines between your journal entries;
- Your description for each journal (i.e. the na
ation) & account choice for each journal will not be
co
ected;
- Take care with your journal entries. If you select the inco
ect accounts for your transaction
journals, then your T-Accounts will be wrong when you attempt to post your entries to them and
your 10-Column Worksheet will not accept inco
ect $values.
2. Once the journals have been prepared, post the journal entries to the T-Accounts in Excel worksheet ‘T-
Accounts’.
- You must ensure that each T-Account is balanced (show this in the Totals).
3. Prepare the Unadjusted Trial Balance in the 10-column worksheet in Excel worksheet ‘July Worksheet’:
- The worksheet has been set up to accept only the co
ect values in the co
ect position within the
worksheet. It is important to ensure all your entries are co
ect prior to proceed to the 10-Column
worksheet.
ACCG1000 Interactive Assignment
2
Session 2, 2020
FlixCity – Recording Transactions
Below is the post-closing trial balance which summarised the account numbers,
descriptions & opening balances as at 30 June 2016.
FlixCity & Gaming
Post-closing Trial Balance
for the month ended 30 June 2016
Account
No's
Account Names
Opening Balances
Dr Cr
ASSETS
100 Cash at Bank 10,763.20
110 Accounts Receivable 4,385.27
130 Prepaid Advertising 1,000.00
140 Prepaid Insurance 798.59
150 Land 717,580.00
160 Buidling 125, 000.00
165 Accumulated Depreciation - Building 15,625.00
170 Equipment - Compute
console/candy ba
projector 250,000.00
175 Accumulated Depreciation - Equipment 125,000.00
LIABILITIES
200 Accounts Payable 9,586.38
210 Unearned revenue 3,700.00
220 Interest Payable 3,200.00
230 Loan Payable - Principal due May XXXXXXXXXX,800.00
240 Wages Payable 2,550.00
250 Utilities Payable 1,650.00
EQUITY
300 Nicholas Ro
ins, Capital 41,415.68
301 Nicholas Ro
ins, Drawings 0.00
REVENUE
400 Sales - Cinema 0.00
401 Sales - Gaming 0.00
402 Sales - Candy Bar 0.00
EXPENSES
600 Accounting Fees 0.00
601 Advertising Expense 0.00
602 Candy Bar Expense 0.00
603 Computer Consumables Expense 0.00
604 Depreciation Expense - Building 0.00
605 Depreciation Expense - Equipment 0.00
608 Utilities Expense 0.00
610 Insurance Expense 0.00
611 Interest Expense 0.00
612 Leasing Expense - Cinema seating/screen 0.00
613 Leasing Expense - Gaming furniture 0.00
614 Licensing Expense - Nintendo 0.00
615 Licensing Expense - Sony 0.00
617 Stationery & Office Supplies Expenses 0.00
618 Wages Expense 0.00
TOTALS 1,109, XXXXXXXXXX,109,527.06
ACCG1000 Interactive Assignment
3
Session 2, 2020
This summary now enabled him to set up his T-accounts & enter the opening balances for each. Once this was done,
Nicholas was finally ready to begin processing July’s transactions. He sorted through the month’s receipts & invoices,
collected his bank statement & chronologically summarised all the payments & receipts he could find. These are
presented below:
FlixCity & Gaming
Summary of Transactions
for July 2016
Transaction
No:
Date Transaction Description
1 1-Jul Paid wages for June 2016 of $2,550, the wages have been recognised as expense in June.
2 1-Jul Purchased confectionary for the candy bar from Lollies R Us on credit for $2,759.34
3 1-Jul Received deposits of $2,150 for July Gaming sessions
4 4-Jul Paid the montly leasing instalment for the gaming furniture of $450
5 5-Jul Purchased popcorn for the candy bar from Kernals & Korn on credit for $1,855.29
6 7-Jul Recognise wages expense of $1,100 for the week ending 7/7/16
7 9-Jul Received payment from SmartMedia for their corporate event (credit account) last month of $2,800
8 10-Jul Nicholas purchased a new laptop for the office for $2,500 cash
9 14-Jul Recognise wages expense of $1,100 for the week ending 14/7/16
10 15-Jul Paid building & contents insurance premium of $3,060 for the next 12 months
11 17-Jul Paid licensing agreement fee to Nintendo of $950
12 18-Jul Purchased office supplies of $675.25 on cash. The business has a policy of expensing office supplies when purchased
13 19-Jul Paid advertising contract fees of $2,400 for the next 12 months
14 20-Jul Paid licensing agreement fee to Sony of $1,500
15 21-Jul Recognise wages expense of $1,100 for the week ending 21/7/16
16 23-Jul Paid CBA loan repayment of $4,200 which includes $3,200 interest and $1,000 principal
17 24-Jul Paid the electricity bill for the previous 3 months of $1,650, it has been expensed when the bill was received
18 25-Jul Paid the monthly leasing instalment for the theatre seating & screen of $1,150
19 28-Jul Recognise wages expense of $1,100 for the week ending 28/7/16
20 31-Jul Total cinema cash sales for the month amounted to $12,147.36
21 31-Jul Total gaming cash sales for the month amounted to $9,458.27
22 31-Jul Total candy bar cash sales for the month amounted to $11,698.14
23 31-Jul Paid the amount owing of Kernals & Korn's accounts payable account of $2,175.35
24 31-Jul Paid the amount owing of Lollies RUs' accounts payable account of $4,350.85
25 31-Jul Total cinema credit sales for the month amounted to $3,428.54
26 31-Jul Received invoice of $2,350 from the accountant for preparation of the 2016 financial statements & tax returns
27 31-Jul Nicholas redrew capital of $680
Additional information:
1. Nicholas pays his employees’ wages on the first day of each calendar month, but accrues each week’s wages
into a liability account named “Wages Payable” until they are paid.
2. In relation to his bank loan, each monthly repayment instalment he pays to the CBA is made up of principal
component and an interest component (which has been accrued in the “Interest Payable” account at the end
of the previous month).
Once the journals have been prepared & posted to the General Ledger for the above transactions, Nicholas can then
prepare an Unadjusted Trial Balance for FlixCity & Gaming for July in his 10-column worksheet. This trial balance
should give him some assurance that at least his journals have been prepared with equal amounts on both the debit
and credit sides. It will also provide him with a summary of the performance of FlixCity for the month of July.
ACCG1000 Interactive Assignment
1
Session 2, 2020
Interactive assignment (Part 3) – Week 7
Based on Week 6 topic:
Adjusting entries
Post adjusting entries to general ledger
Adjusted Trial Balance
Task requirements:
1. Using the summary of adjustments that Nicholas has produced, prepare the required