+1 862 207 3288 Submission Requirements: You must submit to Assignment Minder:
• Your Assignment Cover sheet,
• The CRA Sheet
• The following reports from Reckon Accounting Software
Adjusting Journal Entry Report
Adjusted Trial Balance
Profit and Loss Statement
Balance Sheet
Please make sure that your Name and student number are included in the reports generated by Reckon (they may not be written on afterwards)
Group or Individual: Individual
This assessment item assesses the following learning outcomes:
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
The following is information at the 30th April for Eclipse Marketing. Eclipse Marketing uses the accounting software Reckon to maintain its financial records.
Unadjusted Balance
Debit Credit
Cash at Bank Account 32,492.00
Accounts receivable 43,978.00
Prepaid Insurance 1,140.00
Office Supplies Inventory 1,520.00
Computer Equipment: Original Cost 18,160.00
Computer Equipment: Accumulated Depn – Comp Equip 11,929.00
Office Equipment: Original Cost 24,600.00
Office Equipment: Accumulated Depn – Office Equip 16,250.00
Accounts Payable 4,280.90
GST Clearing 0.00
Unearned Revenue 8,700.00
Wages Payable 0.00
PAYG Withholding 1,507.00
Loan Payable – Current 3,023.00
Tax payable 4,463.10
Loan Payable – Non Current 12,922.00
Capital 31,507.00
Drawings 1,000.00
Uncategorised Income 0.00
Fees Revenue 42,800.00
Uncategorised Expenses 0.00
Wages Expense 9,070.00
Staff Training Expense 660.00
Rent Expense 2,750.00
Interest expense 105.00
Storage fees 400.00
Wages 1,507.00
137,382.00 137,382.00
Further information
• As at 30th April, Craig had performed $8,000 of services relating to a new client who Craig received cash from earlier in April and processed the receipt in Reckon as well as recording the GST.
• April 30 Prepared a quote for a new customer for marketing services, Quote number Quote 240 for $2,200 (including GST $200).
• April 30 Placed an order for Office Supplies of $440 (including GST $40). The goods and invoice do not arrive until 5 May 2015.
• April 30 The CEO of a large mining company telephoned the CFO of Eclipse Marketing Craig Allison to advise him of the company’s intention to transfer their marketing business to Eclipse Marketing. Annual marketing costs of the mining company last year were $20,000.
• Craig prepaid 12 months of insurance on April 1.
• April 30 Hired a new staff member whose annual salary is $40,000 and who will commence work on May 10.
• Wages owing as at 30th April are $2,090.
• April 30 Agreed to rent new premises from July 1 2015 with an annual rent of $30,000.
• Depreciation on Office Equipment is calculated using the Straight Line Method over 5 years with $0 estimated residual value. Round the amount of depreciation to the nearest whole dollar. Note that the calculation is for 1 month only (i.e. April depreciation).
• Depreciation on Computer Equipment is calculated using the Straight Line Method over 4 years with $0 estimated residual value. Round the amount of depreciation to the nearest whole dollar. Note that the calculation is for 1 month only (i.e. April depreciation).
Required:
Using the above information you are required to make the appropriate adjusting entries in Reckon and to prepare and print from Reckon the Adjusting Journal Entries, the Adjusted Trial Balance, the Income Statement and Balance Sheet for Eclipse Marketing for the month of April 2015.
Reckon is available in
You can also download it for use at home via the following link
http://downloads.reckon.com.au/Reckon%20Accounts%202014%20Academic%20Edition.exe
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