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ACCTG102 Summer Semester, 2024

Assignment 01

Additional Information and Instructions Guide

For Assignment 01, you will only be provided with TWO attempts per Question/Sub- question. Please do not click on ‘Submit Answer’ until you are certain that you have completed the question fully and correctly. While you are working on your assignment, you can click on ‘Save for Later’ to save your work and to check over it until you are ready to submit you answer by the Assignment 01 Due Date of 24th January, 2024, 11pm NZ time.

In order to maintain Academic Integrity, please ensure that the assignment answers that you submit is your own work, and DO NOT share your answers with other students during the Assignment 01 assessment period of NZT 3pm 10th January 2024 to NZT 11pm 24th January 2024.

Please see the following for ADDITIONAL INFORMATION / INSTRUCTIONS for Questions 2, 3, 5, 6, 7, 8, 9, 10 and 11.

Questions 2:

Additional Instructions

• IMPORTANT: make sure you follow the detailed instructions within WileyPlus specified in some of the sub-questions (highlighted in red where applicable), otherwise the WileyPlus system will mark your answer as incorrect if you do not follow the required format / order for answers.

• There are also additional ‘Hints’ embedded in some of the questions, please look at the ‘Hint’ first before starting to work on the question.

• There is also an additional ‘List of Accounts’ embedded in this question, please look at this List, choose the correct account name and type it out exactly into your answer in WileyPlus for this question.

Questions 3:

Additional Instructions

• IMPORTANT: make sure you follow the detailed instructions within WileyPlus: Identify by number the accounting assumption or characteristic that describes each situation below. Type the number of the correct assumption or characteristic into the field provided. Do not use a number more than once.

Questions 5 to 7:

Additional Instructions

• IMPORTANT: make sure you follow the detailed instructions within WileyPlus specified in some of the questions (highlighted in red where applicable), otherwise the WileyPlus system will mark your answer as incorrect if you do not follow the required format / order for answers. There are also additional ‘Hints’ embedded in some of the questions, please look at the ‘Hint’ first before starting to work on the question.

• For a particular Question that contains multiple parts (e.g., you cannot move to part (b) until you complete part (a)). We recommend that you complete one part, check over it to make sure it is correct before you move onto the next part.

• QUESTION 6 (a):

For Q6(a), If no entry is required for a particular March transaction, select "No entry" for the account titles and enter “0” for the amounts, but only enter “0” in one of the respective debit/credit columns for the “No entry”. Please see the attached screenshot below as an example:

Do not enter “0” in both the debit and credit columns for the respective “No entry” line item, otherwise WileyPlus will deduct marks. For example, DO NOT do this:

• QUESTION 6 (b):

For Q6(b), students need to enter the opening balances on March 1st, but leave the debit and credit columns blank. If you enter the balance for assets, for example, on the debit column, or entered zero and do not leave the debit and credit columns blank, WileyPlus will deduct marks. Please see the attached screenshots below for examples:

Question 8:

Additional Information

• Use the ‘Unearned subscriptions’ account as the liability account for the (2.) adjustment in this question.

Additional Instructions

• IMPORTANT: make sure you follow the detailed instructions within WileyPlus specified in this question (highlighted in red where applicable), otherwise the WileyPlus system will mark your answer as incorrect if you do not follow the required format / order for answers.

• There are also additional ‘Hints’ embedded in this question, please look at the ‘Hint’ first before starting to work on the question.

Question 9:

Additional Information

For the purposes of Question 9, some of the terminology and format of the balance sheet in this question differs slightly to the format and terminology in the textbook:

• For part g(1), and for the purposes of this course, the names ‘statement of profit or loss’ and ‘statement of comprehensive income / income statement’ can be used interchangeably.

• For part g(3), in the textbook, the title of this statement is the ‘statement of financial position ’ (however, according to textbook p.21, prior to periods commencing on January 1, 2009, the ‘statement of financial position ’ was called a ‘balance sheet’). The names ‘statement of financial position’ and ‘balance sheet’ can be used interchangeably in New Zealand.

• In the textbook, net assets are calculated, and there is no line for total liabilities and equity in the balance sheet. For part g(3) in this question, the balance sheet is presented in the following accounting equation format: Assets = Liabilities + Equity. Please calculate ‘Total liabilities and equity’ as the final bottom line item in the Liabilities and equity section of the balance sheet for this question.

• In the textbook, there are line items for current and non-current assets and current and non-current liabilities (according to textbook p.21, a classified statement of financial position is one in which assets and liabilities are classified as current and non-current). However, in this question, just the category title of current assets is used (there is no category title required for non-current assets). For the non-current liabilities, please use the category title of ‘long-term liabilities’ instead.

• For part g(3) assume the order of liquidity for current assets is as follows:

o Cash

o Accounts Receivable

o Prepaid Rent

o Prepaid Insurance

o Supplies

• Under the “Liabilities and Stockholders’ Equity” section for this question in part g(3), the term ‘common stock’ is used instead of ‘share capital’ .

• For part h, and for the purposes of this question, use the account name ‘income summary’ instead of ‘profit or loss summary account’ .

Question 9:

Additional Instructions

Question 10:

Additional Instructions

Question 11:

Additional Information

• For this question, although it is mentioned that on 2 June The Reading Warehouse purchased 130 books on account for $6 each (including freight) from Reader's World Publishers, it is also mentioned that the freight was paid separately to Classic Couriers ($60). To avoid confusion for the journal entry ‘to record the cost of freight’ and to get the correct answer, assume that the ‘Freight inwards’ cost is to be debited as an expense for $60.