XYZ is an accounting firm owned by Douglas Hart (DH Accounting Services) who started business on 1 December and had made the following

Transactions:

On 1 December, DH opened new business and invested/deposited $20,000 in the business bank account.

On 4 December, DH purchased supplies for $950, paid 350 cash and the rest on credit.

On 9 December, DH purchase equipment for $4,000 paid $1,000 cash and the remaining on account.

On 11 December, DH signed a contract hiring a secretary for $900 fortnightly pay starting from the first Monday of January

On 17 December, DH provided services to clients for $6,000 received $2,500 cash and invoiced the remaining to clients.

On 29 December, DH paid the following expenses: rent of $800 and insurance of $200.

On 30 December, DH billed clients of $2,500 for services provided during the month of December.

On 30 December, DH drawn $500 from business account for personal use.

On 31 December, DH received a bill of $750 for utilities incurred during the month of December.

The following information is also available for Adjusting Entries:

1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 Dec.

2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of December

3. A 12-month insurance policy was purchased on 1 December for $780.

4. The December telecommunications costs for $320 are unrecorded. No tax invoice has been received. There is $32 to book to GST.

5. Salaries of $980 were owing to employees at 31 December.

1. Setup a chart of accounts for service business Print the business details & chart of accounts from MYOB into a pdf.
2. Post all entries to the general ledger through journal
3. Prepare the Trial Balance (Unadjusted) generate with generate with MYOB into a pdf.
4. Prepare Adjusted trial balance generate with MYOB into a pdf.
5. Prepare Income Statement for the period generate with MYOB into a pdf.
6. Prepare Balance Sheet for the period generate with MYOB into a pdf.
7. Prepare Cashflow for the period generate with MYOB into a pdf.

Fill in a cover sheet and load the 6 pdfs that were generated by MYOB on submission link for assessment 2. 

Answer rating: 100% (QA)

Journal entry Adjustment entries Unadjusted trial balance Date Account Partic... View the full answer