? Objective: To provide students with practical experience in establishing a service-based business in Xero, creating its
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Objective: To provide students with practical experience in establishing a service-based business in Xero, creating its chart of accounts, recording daily transactions, and generating financial statements for the month of September. Case Study: Romeo's Tech Repair Service After gaining extensive experience in the IT industry, Romeo Batman realised a desire for the autonomy of managing a personal business. Romeo decided that a sole trader structure would best align with their goals. Thus, on September 1, 2023, Romeo's Tech Repair Service was founded with Romeo as the sole proprietor. This business specialises in repairing electronic devices, including laptops, mobile phones, and tablets. As the venture began on September 1, Romeo opted for the Xero accounting software to maintain their business's financial records. The business operates from 100 Wollongong Rd, Figtree, NSW, 2525. As Romeo's Tech Repair Service's accountant, you have proposed the following accounts as a foundation for the chart of accounts in the general ledger: Cash at Bank Accounts Payable Romeo's Capital Accounts Receivable Supplies Unearned Revenue Salaries and Wages Payable Prepaid Rent Repair Equipment (High- End Repair Equipment) Accumulated Interest Payable Advertising Expense Bank Loan Rent Expense Equipment Loan Depreciation Romeo's Drawings Service Revenue Salaries and Wages Expense Supplies Expense Education Expense (Training & Development) Interest Expense Discount Given (Sales Discount) P&L Summary Depreciation Repair Equipment (Payable over 6 months) Expense These are the transactions for the month of September 2023. Objective: To provide students with practical experience in establishing a service-based business in Xero, creating its chart of accounts, recording daily transactions, and generating financial statements for the month of September. Case Study: Romeo's Tech Repair Service After gaining extensive experience in the IT industry, Romeo Batman realised a desire for the autonomy of managing a personal business. Romeo decided that a sole trader structure would best align with their goals. Thus, on September 1, 2023, Romeo's Tech Repair Service was founded with Romeo as the sole proprietor. This business specialises in repairing electronic devices, including laptops, mobile phones, and tablets. As the venture began on September 1, Romeo opted for the Xero accounting software to maintain their business's financial records. The business operates from 100 Wollongong Rd, Figtree, NSW, 2525. As Romeo's Tech Repair Service's accountant, you have proposed the following accounts as a foundation for the chart of accounts in the general ledger: Cash at Bank Accounts Payable Romeo's Capital Accounts Receivable Supplies Unearned Revenue Salaries and Wages Payable Prepaid Rent Repair Equipment (High- End Repair Equipment) Accumulated Interest Payable Advertising Expense Bank Loan Rent Expense Equipment Loan Depreciation Romeo's Drawings Service Revenue Salaries and Wages Expense Supplies Expense Education Expense (Training & Development) Interest Expense Discount Given (Sales Discount) P&L Summary Depreciation Repair Equipment (Payable over 6 months) Expense These are the transactions for the month of September 2023.
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Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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