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ACC101 - Assessment 02 Details General information about the assignment Due in Week 11 (25 May 2022 Wednesday, before 4pm) Total Marks: 25 Weightage: 25% of the unit This assessment is an individual assignment. All assignments must be submitted through MyCIHE in MS Word format. Email/hard copy submission will not be accepted. If it is believed that a student has copied material from another student or any other source without appropriate referencing, the necessary action will be taken under the Institute’s Student Academic Integrity and Honesty Misconduct Policy. If you need to apply for an extension, please email your Lecturer to explain the circumstances and attach all necessary supporting documentation. Late penalties will be applied for assignments submitted after midnight on the due date without an approved extension. More details on late penalties are provided in the Unit Outline. Case Study The post-closing trial balance at 30 June 2019 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2020 are summarised below. 1. Collections on accounts receivable totalled $82 060. 2. Consulting fees of $88 150 were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay. 3. Rent paid in advance was $14 580. 4. Office supplies were purchased during the year for $380 in cash and $420 plus GST on credit. 5. Tat withdrew $25 000 for private use. 6. Salary payments amounted to $31 940, of which $420 was for salaries accrued to the end of the year ending 30 June 2020. 7. Advertising totalling $3360 was purchased on credit. 8. Electricity expense of $3600 was paid. 9. Accounts payable of $2880 were paid. The following additional information should be considered for adjusting entries. 10. Unused office supplies on hand at the end of the year totalled $760. 11. Depreciation on the furniture and equipment is $4600. 12. Salaries earned but not paid amount to $1180. 13. Rent paid in advance in transaction 3. Rent for 6 months of $7290 plus GST was paid in advance on 1 August and 1 February. The ledger accounts of Payneham Professional Services are shown below Cash at Bank 1100 1/7/19 Balance b/d 14 800 (3) Prepaid rent. 14 580 (1) Accounts receivable 82 060 (4) Office supplies 380 (5) T. Chiang, Drawings 25 000 (6) Salaries exp/payable 31 940 (8) Electricity exp 3 600 (9) Accounts payable 2 880 30/6/20 Balance c/d 18 480 96 860 96 860 1/7/20 Balance b/d 18 480 Accounts Receivable 1101 1/7/19 Balance b/d 9 440 (1) Cash at bank 82 060 (2) Consulting fees rev 88 150 30/6/20 Balance c/d 15 530 97 590 97 590 1/7/20 Balance b/d 15 530 Prepaid Rent 1102 1/7/19 Balance b/d 1 220 (14) Rent expense 14 585 (3) Cash at bank 14 580 30/6/20 Balance c/d 1215 15 800 15 800 1/7/20 Balance b/d 1215 Office Supplies 1106 1/7/19 Balance b/d 1 320 (11) Office supplies expense 1360 (4) Cash/accounts payable 800 30/6/20 Balance c/d 760 2 120 2 120 1/7/20 Balance b/d 760 Furniture and Equipment 1110 1/7/10 Balance b/d 28 720 Accum. Depreciation – Furniture &Equipment 1111 30/6/20 Balance c/d 14320 1/7/19 Balance b/d 9 720 (12) Depreciation expense 4600 14320 14320 1/7/20 Balance b/d 14320 Accounts Payable 2200 (9) Cash at bank 2 880 1/7/19 Balance b/d 5 440 30/6/20 Balance c/d 6 340 (4) Office supplies 420 (7) Advertising 3 360 9 220 9 220 1/7/20 Balance b/d 6 340 Salaries Payable 2201 (6) Cash at bank 420 1/7/19 Balance b/d 420 30/6/20 Balance c/d 1180 (13) Salaries expense 1180 1600 1600 1/7/20 Balance b/d 1180 Tat Chiang Capital 3000 (d) T. Chiang, Drawings 16 000 1/7/19 Balance b/d 37 040 30/6/20 Balance c/d 25 200 (c) P or L Summary 18 070 41 200 41 200 1/7/20 Balance b/d 25 200 Tat Chiang, Drawings 3301 (5) Cash at bank 25 000 (d) T. Chiang, Capital 25000 Profit or Loss Summary 3320 (b) Expenses 60205 (a) Income (Revenues) 88150 (c) T. Chiang Capital 27945 88150 88150 Consulting Fees Revenue 4400 (a) P or L Summary 88150 (2) Accounts receivable 88 150 Salaries Expense 5500 (6) Cash at bank 31 520 (b) P or L Summary 32700 (13) Salaries payable 1180 32700 32700 Electricity Expense 5503 (8) Cash at bank 3 600 (b) P or L Summary 3600 Advertising Expense 5504 (7) Accounts payable 3 360 (b) P or L Summary 3360 Depreciation Expense – Furniture and Equipment 5505 (12) Accum. depreciation 4600 (b) P or L Summary 4600 Rent Expense 5512 (14) Prepaid rent 14585 (b) P or L Summary 14585 Office Supplies Expense 5513 (11) Office supplies 1360 (b) P or L Summary 1360 Required (a) Prepare a 10-column worksheet for the year ended 30 June 2020. (b) Prepare a Statement of Profit or Loss for the year ended 30 June 2020. (c) Prepare a Statement of Changes in Equity for the year ended 30 June 2020. (d) Prepare a Statement of Financial Position as at 30 June 2020. (e) Make any necessary adjusting and closing entries for 30 June 2020 (f) Make any suitable reversing entries on 1 July 2020. (g) Prepare a post-closing trial balance as at 30 June 2020. (h) Do you think Payneham Professional Services is in good financial position? Analyse and explain (500 words) Chapter 5: Completing the accounting cycle-closing and reversing entries ACC101 Assessment 02 – Marking Rubrics for Case Study ULOs Criteria High distinction 85 – 100% Distinction 75 – 84% Credit 65 – 74% Pass 50 – 64% Fail 0-49% 2, 3, 4 Worksheet (20%) Shows a well-developed understanding of the principles of preparing worksheet accurately in the appropriate format. No errors in worksheet Shows a good understanding of the principles of preparing worksheet accurately in the appropriate format. Few errors in worksheet Shows little to no understanding of the principles of preparing worksheet accurately in the appropriate format. Many errors in worksheet Transactions appear incomplete. Shows little to no understanding of the principles of preparing worksheet accurately in the appropriate format. Unable to prepare worksheet Income Statement (10%) Shows a well-developed understanding of Income statement. No errors. Extremely well organised; logical format that was easy to follow. Shows a good understanding of Income statement. Few errors. The work Presented in a thoughtful manner. Shows little understanding the Income statement. Many errors. Somewhat organised Shows very little to no understanding of Income statement. Choppy and confusing; format was difficult to follow Unable to prepare Income statement. Statement of Changes in Equity (10%) Shows a well-developed understanding of Statement of Changes in Equity. No errors. Extremely well organised; logical format that was easy to follow. Shows a good understanding of Statement of Changes in Equity. Few errors. The work Presented in a thoughtful manner. Shows little understanding the Statement of Changes in Equity. Many errors. Somewhat organised Shows very little to no understanding of Statement of Changes in Equity. Choppy and confusing; format was difficult to follow Unable to prepare Statement of Changes in Equity Balance Sheet (10%) Shows a well-developed understanding of balance sheet. No errors. Extremely well organised; logical format that was easy to follow. Shows a good understanding of balance sheet. Few errors. The work Presented in a thoughtful manner. Shows little understanding of balance sheet. Many errors. Somewhat organised Shows very little to no understanding of balance sheet. Choppy and confusing; format was difficult to follow Unable to prepare balance sheet Post-Closing Trial Balance (10%) Shows a well-developed understanding of Post-Closing Trial Balance. No errors. Extremely well organised; logical format that was easy to follow. Shows a good understanding of Post-Closing Trial Balance. Few errors. The work Presented in a thoughtful manner. Shows little understanding of Post-Closing Trial Balance. Many errors. Somewhat organised Shows very little to no understanding of Post-Closing Trial Balance. Choppy and confusing; format was difficult to follow Unable to prepare Post-Closing Trial Balance. Adjusting, closing and reversing entries (20%) Shows a well-developed understanding of the principles of journalising accurately in the appropriate journal. No errors in journalising Shows a good understanding of the principles of journalising accurately in the appropriate journal. Few errors in journalising Shows little to no understanding of the principles of journalising accurately in the appropriate journal. Many errors in posting Transactions appear incomplete. Shows little to no understanding of the principles of journalising accurately in the appropriate journal. Unable to generate journal entries Comments on the main findings and the financial position of the company (10%) Especially skilful identification and analysis of accounting concepts. Fully developed and supported assertion. Clear and competent use of accounting concepts Developed and supported assertions Accurate but limited use of accounting concepts Assertions exist but are not developed or supported adequately Limited grasp of accounting concepts Assertions exist but are not developed or supported accurately Inaccurate use of accounting concepts Lack of assertions, development and/or support Language (10%) Uses a wide range of vocabulary and grammatical structures with full flexibility and accuracy Rare minor errors occur only as ‘slips’ Uses a wide range of vocabulary and grammatical structures to convey precise meanings The majority of sentences are error-free Uses a sufficient range of vocabulary and complex sentence forms to allow some precision May produce occasional errors in word choice, spelling, word formation, grammar and punctuation Uses an adequate range of vocabulary for the task and a mix of simple and complex sentence forms Makes some errors in spelling, word formation, grammar and punctuation but they do not impede communication Uses a limited range of vocabulary and grammatical structures which are minimally adequate for the task May make noticeable errors in spelling, word formation, grammar and punctuation that may cause some difficulty for the reader