MAA103 Assignment 1: Double-Entry Accounting
Student ID XXXXXXXXXX
Student Username tzaytou @deakin.edu.au
Business Name: Elizabeth Sanchez trading as 'Horse Health'
Account name Value
$279,852
$18,624
$111,942
$58,470
$35,082
$59,091
$3,326
$48,136
$82,794
$343,383
Date
2/07/2020
3/07/2020
5/07/2020
8/07/2020
9/07/2020
11/07/2020
14/07/2020
18/07/2020
19/07/2020
20/07/2020
22/07/2020
25/07/2020
26/07/2020
27/07/2020
31/07/2020
3. Additional information
Description Value
Selling price per unit (GST inclusive) $99.00
Cost per unit (GST inclusive) $55.00
Service Revenue per hour (GST inclusive) $165.00
Ms Sanchez began operations as a retailer on 1 May 2019 under the business name Horse Health. She has the exclusive licence to import a equine antibiotic
which she sells to veterinarians around Australia. She operates from a leased warehouse in the outer subu
s of Melbourne. Her business is registered for
GST which she pays annually. Note that the business obtains all supplies from one supplier "Equine Medical Products pty. ltd.".
Transactions for the month ended 31/07/2020
Relevant information:
Received $12,416 as payment from customers previously owing accounts receivable.
Cash
Accounts Receivable
Inventory
Motor Vehicle
Accum. Depreciation - Motor Vehicle
Accounts Payable
Office Supplies
Capital
GST Collected
GST Paid
Description
Opening balances as at 01/07/2020
Paid Employee salaries for the month – Gross Amount $15,664; PAYG Tax Deducted $3,916; staff were paid the net
amount in cash.
Purchased new computer equipment for $5,500 (GST inclusive). Paid a 10% cash deposit and the rest was financed
through a bank loan with the Bank of Deakin. Assume that the loan amount is paid diretly to the supplier.
Purchased 16 units of inventory from supplier and paid the full amount in cash.
Invoiced client for advice. Total invoice came to $330 (GST inclusive). The client has not yet settled their account.
Purchased $990 (GST inclusive) of inventory, with 50% paid as a down payment and the remainder on credit
Purchased another delivery van that costs $24,255 (GST inclusive). Paid the full amount in cash.
'Horse Health' decided to pay off all debt outstanding to 'Equine Medical Products Pty. Ltd.' including any payables
at the beginning of the month.
Invoiced a customer $6,600 (GST inclusive) for services provided. The customer paid half of it immediately and the
emainder will be paid within 30 days.
Ms Sanchez takes $198 from the business to buy a bottle of wine for her friend as a birthday present. The $198
amount included GST.
Customer purchased 11 units of antibiotics. Customer paid the full amount in cash.
Purchased $3,575 worth of inventory (GST inclusive). The business paid $542 as a down payment and the remainder
is on credit.
Business paid Utilities bill of $1,321 (GST inclusive).
Sold 30 units of inventory and received $1,287 as cash payment. The rest was yet to be paid.
Paid $660 to supplier for purchases previously made.
Microsoft Word - T2 2020 MAA103 Assessment 1 instructions.docx
MAA103 – Accounting for Decision Making - Trimester 2 2020
Assessment Task 1 – Journals and Ledgers – Individual
RELEASE DATE AND TIME: Week 5, Friday 14th August 2020, 5:00pm (AEST)
DUE DATE AND TIME: XXXXXXXXXXWeek 6, Monday 24th August 2020, 8:00pm (AEST)
PERCENTAGE OF FINAL GRADE: 15%
Description and requirements
The objective of this assignment is for you to record business transactions using a general journal
and then post relevant entries into a specific ledger account. In this assessment, you will be given a
set of randomly generated transactions based on some scenarios. Your task is to analyse and record
each transaction (including the opening balances) into the General Journal. You will also then need
to post the journal entries to the relevant sections of the General Ledger. You do not need to fill out
the Trial Balance as it will automatically be calculated and ca
ied over from your General Ledger (the
trial balance is there just to help you check your balances).
For this assignment, all the tasks and information will be sent to you via your Deakin Student
email. The email will be sent out by Friday 14th August 2020, 5:00pm (AEST). To access your student
emails, simply go to www.deakin.edu.au/email and log in with your Deakin username and password.
In the email, you will find TWO files, a PDF document that outlines your own unique
transactions/questions (“MAA103 A1 {STUDENT_ID}.pdf”), and a journal/ledger Excel template
(“MAA103 A1 {STUDENT_ID}.xlsx”). Once you start working on the file you may save and go back to
it as many times as you like; there is no need to complete it all in one go. Please make sure you use
Microsoft Office Excel1 to complete the assignment as not doing so may results in technical e
ors,
delays in your results, or loss of marks.
Important:
• Please make sure we have entered your student ID co
ectly (for both the PDF and Excel
files).
• When calculating any figures please round values to the closest dollar. For example,
$12.49 would round to $12 and $12.50 would round to $13.
• When filling out the General Journal and Ledger, please use the drop-down a
ow to select
the appropriate account name. You will not be able to use any other account name not listed.
• Please enter in dates as dd/mm/yyyy. Note that your computer settings may have it displayed
differently – it is okay as long as no e
or message comes up.
• You are not required to manually enter in any “$” symbols.
• Do NOT use any copy/cut and paste as it will throw off the automatic marking. You do
not need to paste additional rows in the Excel file. There is enough space to record all
transactions. If you miss a transaction, it would be best to start over.
1 Microsoft Office is available through the Deakin software li
ary at http:
software.deakin.edu.au/category/office-
tools/. The link includes software and installation instructions for both Mac and Windows computers. Deakin students
and staff have free access to Microsoft Office via Office 365 login (using your Deakin username and password).
Sheet 1: Description
• IMPORTANT: Your Student ID and Student Username should already be included here,
please just check the information is co
ect before proceeding.
• If you find an e
or in your Student ID, please email the teaching team.
Sheet 2: General Journal
• Record the General Journal entries for each of the transactions provided in your Scenario
document (“MAA103 A1 {STUDENT_ID}.pdf”) including any opening balances.
• Each entry must include a date, account names, and amounts in either the Dr or Cr column.
• Na
ations are not required and there is also no need to indent your accounts.
• You may leave a line in-between each transaction but you don’t have to (see below).
Sheet 3: Ledger
• Post all relevant transactions from the general journal including opening balance.
• Each entry must include a date, account name(s), and amount in the appropriate columns.
• Note that the closing balance is calculated for you automatically (see below).
• Your explanation should only contain the other account name(s) according to your journal
entries, separated by a backslash “/” where necessary (see below).
Sheet 4: Trial Balance
• This sheet is automatically generated from your General Ledger.
• There is no need to do anything here – this is just generated to help you ‘check’ your
alances.
Learning Outcomes
This task allows you to demonstrate achievement towards the unit learning outcomes. The ULOs are
aligned with specific graduate learning outcomes – that is, the skills and knowledge graduates are
expected to have upon completion of their studies – and this assessment task is an important tool in
determining achievement of those outcomes. If you do not demonstrate achievement of the unit
learning outcomes, you will not be successful in this unit.
Unit Learning Outcomes (ULO) Graduate Learning Outcomes (GLO)
ULO 2: Explain how business transactions are
analysed using the ‘accounting equation’ and how
the resulting figures can assist in preparing
accounting reports.
GLO1: Discipline-specific knowledge and
capabilities.
GLO4: Critical Thinking
ULO 3: Use visual and other technology such as
spreadsheets to communicate researched
information.
GLO1: Discipline-specific knowledge and
capabilities.
GLO3: Digital literacy
Submission
This assessment is to be submitted ONLINE into the “T2 2020 MAA103 Assignment 1 Dropbox”
available on the MAA103 Cloud Deakin site as follows:
This will load up a new screen where you can “Add a File”. Once you have added the file, please
don’t forget to press “Submit”
The Assessment Dropbox via CloudDeakin has been set up so that a new submission will replace the
old one completely. Please note that you will be required to submit only ONE Microsoft Excel
workbook in .XLSX format2. Please do not submit in any other file format otherwise a penalty
in marks will be imposed.
You must keep a backup copy of every assignment you submit, until the marked assignment has
een returned to you. In the unlikely event that one of your assignments is misplaced, you will need
to submit your backup copy. Any work you submit may be checked by electronic or other means for
the purposes of detecting collusion and/or plagiarism. When you submit an assignment through your
CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has
een submitted. You should check that you can see your assignment in the Submissions view of the
Assignment Dropbox folder after upload, and check for, and keep, the email receipt for the
submission.
A word for Mac users. When opening the Assignment 1 file using Excel on a Mac, this message is
likely to pop up. Please select “Yes” to allow Excel repair itself. Once repaired, click “Delete”.
2 You must use Excel if you are using a Mac. Assignment 1 completed using “Numbers” will not be accepted.
Marking and feedback
Students who submit their work by the due date will receive their marks and feedback on
CloudDeakin 15 working days after the submission date.
Extensions
Extensions will only be granted for exceptional and/or unavoidable circumstances outside
the student’s control. Students seeking an extension for an assignment prior to the due date
should apply directly to the Unit Chair by completing the Assignment and Online Test Extension
Application Form. Requests for extensions will not be