Due to the small size of the business Ms Smiles is unable to afford a computerised accounting system thus all accounting is completed manually

Task outline and question:

Assume you have just been employed as the part-time accountant for ‘Celebrations’. The previous part-time accountant resigned at the end of May, 2015.

Celebrations is a small business which provides organisation services and supplies for parties, wedding receptions and other happy occasions. This business is based in Newcastle and is owned and operated by Ms Jenny Smiles. Jenny also employs a sales consultant (Pauline Happi) and both of you will be paid on a monthly basis.

The business uses a perpetual inventory system, noting the cost of all inventory sold is 70% of the sales (GST exclusive) price.

Due to the small size of the business Ms Smiles is unable to afford a computerised accounting system thus all accounting is completed manually. Prior to resigning, the previous part-time accountant completed all necessary accounting and produced a trial balance as at 30 April 2015.

Given it is now the end of May, 2015, Ms Smiles requests you to complete all necessary accounting to enable the preparation of a trial balance as at 31 May, 2015. Specifically Ms Smiles requests you to use Excel to:

1.      Prepare general journal entries to record the May transactions as identified below. Notations/descriptions are required in the general journal entries.

2.      Open general ledger accounts (T-Bar or Running Balance format) for each account shown on the 30 April 2015 trial  balance and

·  enter the opening balance for each account ie the balance as shown in the 30 April 2015 Trial Balance.

·  post the entries from the general journal to the general ledger accounts and enter the posting references in the  general journal.

      3. Balance off each general ledger account and prepare a trial balance as at 31 May 2015.

NB:    When a discount is received or allowed, there is no need to adjust the associated GST Paid or Collected.

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