CASE STUDY You work at Connect Skills Real Estate Pty Ltd at 888 Scott Street Epping. Licence
Question:
CASE STUDY
You work at Connect Skills Real Estate Pty Ltd at 888 Scott Street Epping. Licence #: 1789L
Part of your job is to manage the company's trust account.
You have recently been on an extended holiday, and during your absence, one of your agency partners had been entering the trust account transactions for the agency.
Being that you are ultimately responsible for the trust account, you decide to manually reconcile the trust account entries against the bank statement for April 2021.
Before commencing the task, your partner advises you that three recent trust account transactions have not yet been recorded in the trust account spreadsheet.
You decide to process these before doing your reconciliation. The transactions to be entered are listed in Table #1 (attached to question).
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02/04/2021 | Ted Johnson has listed his house with the agency to sell. The address is: 44 Hope St, Epping. He has agreed to an advertising campaign. The first payment for the advertising of $350.00 is received on 02/04/2021 by cheque (#3217) for Creditor Invoice #4888. Receipted by W. Rhonda the receptionist. This is for Ted Johnson. Ensure you:
Notes: The sum in words and end with the word 'only'
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03/04/2021 | Tenant Bill Fredericks pays rent for the property at 47 Robert St of $1,500 by cheque #7642 which was received and receipted by Property Manager, A. Walters. The landlord of 47 Robert St is John Jones. Ensure you: Complete the transaction receipt. Record the transaction in the trust cashbook receipts journal Record the transaction in the ledger for the tenant and then transfer it to the landlord ledger. Please note: Make sure you always enter data for rent into the tenant ledger first and then transfer to the landlord ledger the same day so the tenant ledger balance should be zero balance after that |
06/4/2021 |
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In reviewing the trust account transactions against the bank statement, you identify five transactions that need review/amendment.
The five transactions are listed in Table #2. (attached to the question)
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Note:
'LF' stands for Ledger Folio, and you find these on tab 3 of the spreadsheet
Students note, please answer in RED so the assessor can see your answers
Fraud examination
ISBN: 978-0538470841
4th edition
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma