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Accounting Assignment

Although many small businesses might operate on a cash basis, most of the larger ones use the accrual basis to record business events in the general journal. In this assignment, you will apply your knowledge of various business events that require journal entries to be made. Instructions For this assignment, use the BUS3061 Assignment u04a1 Template (listed in Resources). Accounts to be used are given below: 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. Each of the following business events for Magnolia Greens Frisbee Golf Course will require a journal entry: May 1: Invested $20,000 cash in the golf course business. May 3: Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000. May 5: Paid advertising expenses of $700. May 6: Paid cash $600 for a 1-year insurance policy. May 10: Purchased golf discs and other equipment for $1,050 from Discs Are Us, payable in 30 days. May 18: Received $1,100 in cash for golf fees earned (service revenue). May 19: Sold 150 coupon books for $10 each. Each book contains four coupons that enable the holder to play one round of golf. May 25: Withdrew $800 cash for personal use. May 30: Pay salaries for part-time employees $250. May 30: Paid Discs Are Us the full amount due. May 31: Received $2,100 cash for fees earned. Assignment 2 ACCOUNTING KNOWLEDGE TRANSFER Resources Website icon Accounting Knowledge Transfer Scoring Guide. Microsoft Word icon BUS3061 Assignment u04a2 Template Learning the language of business, as you have experienced, is very challenging. There are so many terms, procedures, processes, and dos and don'ts that keeping track of all of them requires a separate space in one's brain. This assignment will help you to get clarity on and reinforce what you have learned

Nov 24 2017 View more View Less

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