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• Manual Accounting Assignment
Value: 10%
Due date: 12-Apr-2015
Return date: 03-May-2015
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Task
Assume you have just been employed as the part-time accountant for Intermaweb Computing. The previous part-time accountant resigned at the end of December 2014.
Intermaweb Computer is a small electronics goods retail store which operates in Canberra. This business is owned and operated by Mr Alonso Lamb. He also employs a sales consultant (Paula Rinaldo) and both of you will be paid on a monthly basis.
The business uses a perpetual inventory system, noting the cost of all inventory sold is 70% of the sales (GST exclusive) price.
Due to the small size of the business Mr Lamb is unable to afford a computerised accounting system thus all accounting is completed manually. Prior to resigning, the previous part-time accountant completed all necessary accounting tasks and produced a trial balance as at 31 December 2014.
It is now the end of January 2015, Mr Lamb requests you to complete all necessary accounting tasks to enable the preparation of a trial balance as at 31 January 2015. Specifically Mr Lamb requests you to use Excel to:
(a) Prepare general journal entries to record the January transactions. Notations/descriptions are required.
(b) Open general ledger accounts (T-Bar or Running Balance format) for each account shown on the 31 December 2014 trail balance, and
- enter the opening balance for each account ie as shown in the 31 December 2014 Trial Balance.
- 'post' your January general journal entries to the appropriate general ledger accounts and enter the posting references in the general journal.
(c) Balance off each general ledger account (as at 31 January 2015) and prepare a trial balance as at 31 January 2015.
NB: When a discount is received or allowed, there is no need to adjust the associated GST Paid or Collected.
Mr Lamb provides a list of the transactions which occurred during the month of January, as well as the business’s trial balance as at 31 December, 2015.
The list of January transactions and the Trial Balance as at 31 December 2015, can be found in the Assessment Item 2 file within the Resources folder in the subject's Interact2 site.
Rationale
This assignment is a manual double entry accounting exercise to be completed prior to the online MYOB Practice Set (ie Assessment items 3, 4, and 5). Many of the transactions in this assignment will be similar to those you will come across in the online MYOB Practice Set.
The purpose of the assignment is to assess your understanding of the accounting system and to assess you ability to record accounting transactions using a manual accounting information system, as well as prepare a trial balance from accounting data.
Marking criteria
Marks will be awarded for correct manual accounting entries (refer table below). Penalties will be awarded for poor use of software and formatting.

Criteria High Distinction Distinction Credit Pass Fail
34 - 40 30 - 33 26 - 29 20 - 25 0 – 19
Record listed transactions in the General Journal (40 Marks) Correct use of Excel computer software.
85 – 100% of entries are correct in respect to account details, Dr/Cr amounts, and the notation/explanation.
Use of correct formatting: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with no errors. Correct use of Excel computer software.
75-84% of entries are correct in respect to account details, Dr/Cr amounts, and the notation/explanation.
Use of correct formatting: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with no errors. Correct use of Excel computer software.
65-74% of entries are correct in respect to account details, Dr/Cr amounts, and the notation/explanation.
Use of correct formatting: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with few or minor errors. Correct use of Excel computer software.
50-64% of entries are correct in respect to account details, Dr/Cr amounts, and the notation/explanation.
Use of correct formatting: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with few or minor errors. Incorrect software used and/or poor use of Excel software.
The majority of entries are incorrect in respect to account details, Dr/Cr amounts, and the notation/explanation.
Poor use of formatting: title and date; column headings; identification of figures as $'s; alignment of numbers; and incorrect column totals, with many errors.
Open the necessary General Ledger accounts and post the General Journal transactions (45 marks) 38 - 45 34 - 37 29 - 36 22.5 - 28 0 - 22
Correct use of Excel computer software.
85-100% of general ledger accounts are correct in respect to their format and: their name, number and correctly entered opening balance details; the details of the general journal entries required to be posted to each general ledger account; and the determination and recording of the end of period balance for each account.

Correct use of Excel computer software.
75-84% of general ledger accounts are correct in respect to their format and: their name, number and correctly entered opening balance details; the details of the general journal entries required to be posted to each general ledger account; and the determination and recording of the end of period balance for each account.
Correct use of Excel computer software.
65-74% of general ledger accounts are correct in respect to their format and: their name, number and correctly entered opening balance details; the details of the general journal entries required to be posted to each general ledger account; and the determination and recording of the end of period balance for each account.
Correct use of Excel computer software.
50-64% of general ledger accounts are correct in respect to their format and: their name, number and correctly entered opening balance details; the details of the general journal entries required to be posted to each general ledger account; and the determination and recording of the end of period balance for each account.

Incorrect software used and/or poor use of Excel software.
The majority of general ledger accounts are incorrect in respect to their format and: their name, number and correctly entered opening balance details; the details of the general journal entries required to be posted to each account
Prepare an accurate end of period trial balance (15 marks) 13 - 15 11 – 12.5 9.5 – 10.5 7.5 - 9 0 – 7
Correct use of Excel computer software.
85-100% of entries correct in respect to account numbers, names and balances.
Use of correct format: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with no errors Correct use of Excel computer software.
75-84% of entries correct in respect to account numbers, names and balances.
Use of correct format: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with no errors.
Correct use of Excel computer software.
65-74% of entries correct in respect to account numbers, names and balances.
Use of correct format: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with few or minor errors.
Correct use of Excel computer software.
50-64% of entries are correct in respect to account numbers, names and balances.
Use of correct format: title and date; column headings; identification of figures as $'s; alignment of numbers; and correct column totals, with few or minor errors. Incorrect software used and/or poor use of Excel software.
The majority of entries are incorrect in respect to account numbers, names and balances.
Poor use of formatting: title and date; column headings; identification of figures as $'s; alignment of numbers; and incorrect column totals, with many errors.

Presentation
The assignment should be presented as a professional piece of work - as if you were presenting it to your employer. Marks will be deducted (up to a maximum of 20% of the total marks awarded) for poor presentation.Your assignment is to be completed using Excel - refer to the requirements section below.
Requirements
Your assignment is to be completed using Excel, noting the assignment will be marked and returned to you on-line.
The assignment is to be submitted via turnitin (Turnitin as well as hard copy at reception) and is to consist of ONE Excel file only.

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