Record accurately all transactions in the correct journals. You will need to complete the Inventory Subsidiary Ledger cards for the two items of inventory as you go so that you can calculate the Cost of Goods Sold for each lot of sales. (Topic 5 and Topic 7) 2. Complete adjusting entries but not closing entries at this stage. (Topic 3 and 9 for depreciation methods) 3. Complete a bank reconciliation as at 30th June before totalling the cash journals. (Topic 8 – There was a “how to do a bank reconciliation” handout.) 4. Post the journals to the general ledger at the end of the month (and post to the subsidiary ledger daily). The ledger accounts have been created for you but you will firstly need to enter the opening balances in each account on 1st June. NOTE: the income and expense accounts will have an opening balance at this point as they are only closed off using closing entries at the end of the financial year. You should get these from the Trial Balance and Schedules above. (Topic 5 – There was a “how to post” special journals handout.) 5. Reconcile your accounts receivable, accounts payable and inventory subsidiary records with control accounts. (Topic 5 and 7) 2 6. Complete the adjusted Trial Balance (do this BEFORE completing and posting closing entries). 7. Complete closing entries necessary at the end of the accounting period and post them to the Ledger. Balance the Balance Sheet accounts. (Topic 4) 8. Complete an internal Income Statement for period 1-30th June, and Balance Sheet as at 30th June. You should put aggregated amounts and a “Note” for the following items: • Sales and Sales Returns • Cost of Sales • Depreciation Expense (add the two together) • Accounts Receivable and Allowance for Doubtful Debts • Fixed assets and their respective accumulated depreciation • S O’Brien, Capital (incorporate drawings and profit in the note) (See Topic 4 and Topic 7 for examples)
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