Lewis Edwards decides to branch out on his own and set up his own private practice as

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Lewis Edwards decides to branch out on his own and set up his own private practice as an accountant. Events occurring in March 2019 are as follows. Ignore GST.

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(a) After analysing the events above, suggest a chart of accounts, with appropriate numbering, that would be satisfactory for the business. Explain why you have used particular numbering in the chart of accounts.

(b) Prepare general journal entries as necessary for each of the events, using the chart of accounts that you have created.

(c) Explain why you have made these journal entries by an analysis similar to that shown in the illustrative example in the chapter.

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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