Manual Practice Set assignment Custom Essay

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Students must complete a manual practice set – Lauren’s Shoe Shop. You do not have to purchase this set. The full practice set and marking criteria is below. Remember, a practice set is just a set of data and transactions relating to a business. You will be required to record this data and produce a set of financial reports. In other words, it is replicating the process that a bookkeeper and an accountant do for a small business from beginning (capturing data) to end (producing financial statements).
1. Lauren’s Shoe Shop Practice Set is below. You may wish to print this out.
2. Read this assignment carefully. You will probably need to read it a couple of times before you are ready to start.
3. Read the requirements of the assignment very carefully to save you any extra work once you get started.
4. Print out the marking criteria so that you know how your assignment is being marked.

To minimize your workload you are encouraged to do the bulk of this assignment in a spreadsheet. There will be no specific marks allocated for spreadsheet usage but you will find it more efficient to use a spreadsheet. Students are strongly encouraged to use the Excel spreadsheet template that is provided on Moodle.
You must provide narrations for all General Journal entries.
1. Record all necessary entries in the relevant journals and ledgers, excluding balance day adjustments, to maintain proper accounting records for July. Remember to post the opening balances into your Ledger accounts, prior to posting your journals. You may need to create new accounts using subsequent account numbers where necessary. Ensure that your General Ledger includes ALL accounts in the Chart of Accounts, even if there has been no movement for July in an account.
2. Record all necessary balance day adjustments for July in the General Journal and General Ledger. Post these adjustments to a Worksheet.
3. Take out a Trial Balance in the first two columns of the Worksheet. Complete the Adjustments columns and prepare an Adjusted Trial Balance in the Worksheet.
4. Using the worksheet as a guide, record all necessary balance day adjustments for July in the General Journal and post to the General Ledger.
5. Prepare the Income Statement for the month ending 31 July 2011, using the Gross Profit format. [You may find it useful to continue working in the Worksheet and complete the Income Statement columns to use as a guide for the preparation of the Income Statement. Note: This is not an assessment requirement.]
6. Record all closing entries in the General Journal and post them to the relevant General Ledger accounts.
7. Prepare the classified Balance Sheet as at 31 July 2011, in narrative format. Ensure that you total by NET ASSETS (rather than Total Assets). [You may find it useful to complete the Balance Sheet columns in your worksheet to use as a guide for the preparation of your classified Balance Sheet. However, completion of these columns in the worksheet is not an assignment requirement.]
8. Prepare the Statement of Changes in Equity for the month ending 31 July 2011.

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