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Part 1 – Accounting Cycle

BUS-FPX2061 Assessment 2 Template
PART 1: Accounting Cycle
Respond to the following eight questions using grammatically correct language.
1. Describe the steps in recording and posting the effects of a business transaction.

Provide some examples of source documents used in these steps.

 [Answer here]
2. Which steps in the accounting cycle are performed throughout the accounting cycle? [Answer here]
3. Which of the steps in the accounting cycle are performed only at the end of the accounting period? [Answer here]
4. How do ethical considerations impact each stage of the accounting cycle? Provide specific examples. [Answer here]
5. What is the purpose of the “dividends” account?

Under what circumstances would this account be increased?

 [Answer here]
6. What are the rules of debit and credit for accounts appearing on a firm’s balance sheet and income statement? [Answer here]
7. Describe the nature and purposes of the general journal, ledger, and chart of accounts. [Answer here]
8. What are the purposes of an unadjusted trial balance?

Describe the types of accounts that would appear on this type of trial balance.

 [Answer here]
9. If you found that the total of the debits column of the trial balance for a company is $200,000, while the total of the credits column is $180,000, what are some possible causes of this difference?

 [Answer here]

Part 2 – Journal Entries

PART 2: Journal Entries
Create appropriate journal entries for each of the following business events. Fill in the yellow cells in columns B, C, and D as appropriate.
Cash.
  Prepaid insurance.
  Land.
  Buildings.
  Equipment.
  Accounts payable.
  Unearned service revenue.
Owner’s capital.
 Owner’s drawings.
Service revenue.
 Advertising expense.
 Salaries and wages expense.
1-May Invested $45,000 cash in the golf course business.
3-May Purchased Hampstead Golf Land for $40,000 cash. The price includes land $22,000, shed $16,000, and equipment $2,000.
5-May Paid advertising expenses of $8,800.
6-May Paid cash $12,000 for a one-year insurance policy.
10-May Purchased golf discs and other equipment for $12,075 from Discs Are Us, payable in 30 days.
18-May Received $9,985 in cash for golf fees earned (service revenue).
19-May Sold 370 coupon books for $25 each. Each book contains four coupons that enable the holder to play one round of disc golf.
25-May Withdrew $1,250 cash for personal use.
30-May Pay $2,500 as salaries for part-time employees.
30-May Paid Discs Are Us the full amount due.
31-May Received $31,000 cash for fees earned.
Note: The first two rows below are an example for cash.
Date Accounts Debit Credit
1-May Cash $20,000
Owner’s Capital $20,000

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