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Share Capital AFTER it is balanced.

Left side = Debit side

$ Dr side

Right side = Credit side

$ Cr side

The cash amount of $45 000, from an issue of shares on 1 March 2008, will be the opening balance and the closing balance until there is another issue of shares.

When a permanent general ledger account only has activity on one side of the T- account from one transaction, the transaction amount = Total = the closing balance = opening balance for the next period. There is NO need to enter a closing balance and a total and an opening balance line.

In the summary illustration of journalising and posting on pages 106 to 107 of your ACCTG 102 textbook, there was no need to enter a closing balance and a total and an opening balance line for eleven of the twelve GL accounts. This is because only one transaction affected each of these eleven GL accounts.

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acctg 211 financial accounting

Reference: Assignment 1

Note:

(a) Reading 1 (available on Canvas/Modules/Lecture Materials/Topic 1) is relevant to this assignment and provides background for all the ACCTG 211 topics.

(b) You must use the Assignment 1 Answer Booklet word document provided on Canvas to submit your answers online.

Do not change the format of the answer booklet when submitting it online. At times, more space has been provided than is necessary to answer a question.

(c) It is your responsibility to ensure this assignment is successfully submitted before 6 pm on Friday, 03 March 2023.

What does ‘successfully submitted’ mean?

It means your completed Assignment 1 Answer Booklet word document (You must submit the correct document for each assignment) was accepted by Speedgrader (Ultimately, there must be an acceptance cut-off policy. Late submissions, as determined by SpeedGrader, cannot be accepted for grading. It may take SpeedGrader a few minutes to process your submission. So? Submit your assignment well before 6 pm.), and the said document is downloadable and readable by the ACCTG 211 markers.

(d) This assignment counts for 4% of the final grade for the cours

(e) If you have questions about this assignment, use Piazza to discuss with other students and teaching staff.

QUESTION 1 Note: For True/False type questions, you must answer ‘True’ or ‘False.'

This question relates to the Expanded Course Outline; refer to Canvas/Modules/Expanded Course Outline. The official university course outline is the Digital Course Outline (DCO); this provides a broad overview of the course.

a) True or False? Extensions for the five assignments are possible.

b) True or False? If I submit this assignment one minute late on Speedgrader it will be accepted for marking.

c) On which page of the Expanded Course Outline will you find all the following?

- the lecture topics

-the accounting standards relevant to each topic

-the weeks when the tutorials will be held

-the week and date for each assignment, PW assessment and test.

d) True or False? The tutorials are not recorded.

e) True or False? To provide an adequate foundation for potential success in ACCTG 211 a

B grade in ACCTG 102 is highly recommended.

f) True or False? There are thirty-three lectures and ten tutorials held on campus over the semester.

g) True or False? If I have problems submitting my assignment online, I will be officially excused from submitting the assignment because this is an example of an ‘exceptional circumstance.’

h) True or False? Piazza is set up for students to use by themselves, i.e., the teaching staff do not provide answers.

i) Name the only item of assessment (excluding the final exam) that will be held (due) on a Wednesday.

QUESTION 2 Note: For True/False type questions, you must answer ‘True’ or ‘False.'

This question relates to the information provided in the Peerwise 1 to 5 document; refer to Canvas/Modules/PeerWise (PW) 1 to 5.

a) True or False? MCQs that do not meet the design requirements are deleted.

b) True or False? PW2 only relates to Topic 3.

c) True or False? There is an additional requirement for PW 3 and 5.

d) True or False? For PW1: Assuming I followed the requirements, I will receive 0.5 mark for designing one MCQ on Topic 1 and 0.5 mark for designing one MCQ on Topic 2. Assuming I followed the requirements, I will receive 0.5 mark for answering five MCQs on Topic 1 and 0.5 mark for answering five MCQs on Topic 2.

QUESTION 3 (Revision of ACCTG 102)

To ensure you post and balance general ledger accounts correctly ACCTG 211, you must follow the three examples below. The treatment below is the same as ACCTG 102; refer to the summary illustration of journalising and posting on pages 106 to 107 of your ACCTG 102 textbook. There is no GST in these examples. After you have worked through the three examples below in detail, go to the answer booklet and answer Question 3.

Example 1: Accounts receivable *BEFORE* it is balanced
	Left side = Debit side	$ Dr side		Right side = Credit side	$ Cr side
01/3/23	Opening balance	60,000	31/3/23	Cash	688,000
31/3/23	Sales	700,000	31/3/23	Allowance for DD	3,200
		Adds up to 760,000			Adds up to 691,200

*Note: The* *debit* side adds up to *$760,000,* and this is greater than the *credit* side of *$691,200*, a difference of $*68,800.* *The debit side* > *credit side by $68,800; therefore, a debit balance of $68,800 for reporting purposes* i.e., Accounts receivable is an asset; therefore, a debit balance. The debit and credits of the three journal entries posted to the GL account above must have been: Dr AR and Cr Sales for $700 000 Dr Cash and Cr AR $688 000 Dr Allowance for DD and Cr AR $3 200

Accounts receivable *AFTER* it is balanced
		$			$
01/3/23	Bal b/d = Opening balance Note: The account starts with an opening balance of $60,000; this was the closing balance for February.**	60,000	31/3/23	Cash	688,000
31/3/23	Sales	700,000	31/3/23	Allowance for DD	3,200
			31/3/23	Bal c/d* = Closing balance *It makes the credit side add up to the larger debit side ‘total’*	68,800
	*This is a TOTAL,* *not* *a balance* *and it is underlined top and bottom*	$760,000		*This is a TOTAL,* *not* *a balance* *and it is underlined top and bottom*	$760,000
01/4/23	Bal b/d** = Opening balance	68,800

*Note: The closing balance for 31 March is the opening balance for 1 April*.				*Note: The two TOTALS are on the same line/row*.

Question 3 continued:

The debit side > credit side by $68,800; therefore, a debit balance of $68,800 for reporting purposes in the balance sheet as at 31 March 2023, i.e., Accounts receivable is an asset, hence, a debit balance.

*Historically, ‘Balance c/d’ (Bal c/d) was written here. It refers to the balance to be carried down (c/d) in the GL account. It is a balancing figure, i.e., the $68 800 amount needed to make the debit and credit columns total to the same figure of $760,000.

** ‘Balance b/d’ (Bal b/d) is the balance of the GL account. The term ‘balance b/d’ refers to the balance brought down, and this is the balance of the account.

Example 2 Share Capital *BEFORE* it is balanced.
	Left side = Debit side	$ Dr side		Right side = Credit side	$ Cr side
			01/3/08	Cash	45,000
		Adds up to 0			Adds up to 45,000

*Note: The debit side adds up to $zero, and the* *credit* side adds up to *$45,000.* The debit and credit of the one journal entry posted to the GL account above must have been: Dr Cash and Cr SC $45 000

The credit side > debit side by $45,000, therefore, a credit balance of $45,000 for reporting purposes. Share capital is an equity account with a credit balance.