Accounting For Management Decisions
Depreciation for all non-current assets are to be recorded for the month of April 2018 as a General Journal entry.
You are required to adjust for prepayments and any other month end adjustments.
Once you have read through the assignment complete the following tasks in order and produce the following reports
i. Enter the business information including name, address, ABN and companypreferences.
ii. Establish a chart of accounts based upon the trial balance and enter the opening balances correctly. Produce a PDF of the Trial Balance as at 31 March 2018 and check it.
i. Record the transactions for April 2018
ii. Calculate and record adjusting entries for the month of April 2018
iii. Produce a General Ledger for 1/4/2018 – 30/4/2018 – check your entries.
Here is a list of things you can do in order to attempt to gain full marks.
• Start the assignment early and finish early so that you have plenty of time to go back over your work and find any errors.
• Remember your password
• Set regular times to complete the tasks and set deadlines that you can realisticallyachieve.
• Compare your work with as many other students as possible before you hand it in. If you find that you have recorded things differently, you both can’t be right, or you can both be wrong, so discuss it and make the necessary corrections.
• Check your spreadsheets carefully after you have exported your files. Students have traditionally made the same predictable mistakes. Some common mistakes include (but are not limited to) the following:
• Incorrect amounts entered into the opening balances in the chart of accounts. Check to ensure that the amounts entered are positive except for the contraaccounts.
• Wrong amounts recorded – eg Incorrect sales/purchases amounts
• Enter an order incorrectly as an invoice
• Transactions recorded twice
• Entering freight into the incorrect screen
• Entering expense payments into supplier purchases command centre
• GST missing or applied where it shouldn’t be.
• Missing end of month adjusting entries.
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