Preparation of accounting records – using spreadsheets

The trial balance for Pete’s Handyman Services (a small business operated by Pete Smith, as a sole trader) as at 30 June 2019 is as follows (after closing entries prepared on 30 June 2019):

Pete's Handyman Services

Trial Balance

as at 30th June 2019

Debit Credit

$ $

Bank 3,600

Accounts receivable 800

Prepaid expenses 300

Supplies 400

Equipment 1,800

Less: Accumulated depreciation 800

Motor vehicle 12,000

Less: Accumulated depreciation 3,600

Accounts payable 300

Unearned revenue 600

Pete Smith, capital 13,600

Pete Smith, drawings

Service revenue

Advertising

Depreciation

Insurance

Interest expense

Motor vehicle expenses

Repairs

Supplies expense

Telephone

Total 18,900 18,900

During July 2019, the following transactions took place:

Date Detail

1-Jul Purchased a tool trailer for $4,200. Pete took out a business loan to pay for the trailer (repayable within 12 months). Interest is charged at 8% p.a. to the loan account, and monthly repayments are $400, due on the last day of each month.

2-Jul Paid $300 owing to a supplier in relation to June 2019 expenses, from the bank account.

4-Jul Provided handyman services to Mrs Jones on credit, for $700.

7-Jul Received $500 in the bank from a customer in relation to services provided in June 2019.

8-Jul Provided handyman services to Mrs Smart for $600. Mrs Smart had paid for these services in June 2019.

9-Jul Purchased supplies from Bunnings for $350 (paid from the bank account).

10-Jul Provided handyman services to Mr Budd on credit, for $1,300.

12-Jul Withdrew $2,500 from the bank account for personal expenses.

14-Jul Provided handyman services to Mrs Hunt for $1,250. Mrs Hunt paid by electronic funds transfer.

15-Jul Purchased fuel for the business vehicle, for $80 (paid from the bank account).

16-Jul Received $1,300 in the bank from Mr Budd in relation to services provided on 10 July.

22-Jul Provided handyman services to Mr Diaz on credit, for $500.

23-Jul Received $2,600 from a customer, Mr Hatter, for services to be provided in August.

23-Jul Entered into a contract with Hit Radio, for radio advertising for August – October, for $1,200. $1,200 was paid from the bank account.

23-Jul Received $700 in the bank from Mrs Jones in relation to services provided on 4 July.

26-Jul Withdrew $2,500 from the bank account for personal expenses.

26-Jul Provided handyman services to Mr Catt for $280. Mr Catt paid by electronic funds transfer.

30-Jul Paid $320 for business insurance, for the month of August.

31-Jul Interest is charged on the business loan, and the $400 loan repayment for July is paid from the bank account.

31-Jul Received an invoice from Mower Repairs Ltd, for repairs to equipment, for $320. The due date for payment 14 August.

31-Jul Received an invoice from Telstra, for July telephone, for $150. The due date for payment 20 August.

Additional information as at 31 July 2019:

• Depreciation to be recognised for July is $80 for the equipment, and $100 for the vehicle.

• There were supplies on hand on 31 July of $260.

• In June 2019, $300 was paid for insurance relating to the month of July 2019.

• Ignore any GST.

Required:

i) Prepare journal entries for July 2019 transactions listed above (including any adjusting entries). Include dates, references and narrations.

ii) Prepare T-accounts in an Excel spreadsheet, and enter the opening balances from the Trial Balance from 30 Jun 2019. Post all of the above journal entries to the T-accounts. Include dates and references for each entry. Total all of the T-accounts to determine their balances at the end of the July 2019. You are not required to prepare closing entries.

iii) Prepare the ‘Adjusted Trial Balance’ in an Excel spreadsheet as at 31st July 2019. Use formulas to generate all of the figures in the ‘Adjusted Trial Balance’ from the balances in the T- Accounts.

iv) Prepare the income statement, balance sheet, and statement of changes in equity in Excel. Use formulas to generate all of the figures in the financial statement reports from the ‘Adjusted Trial Balance’. When preparing the balance sheet, classify assets and liabilities as current or non-current.

v) Calculate and evaluate the business’s current ratio and debt ratio.

Please also refer to the 'Requirements' section below for additional submission and spreadsheet requirements.

The following information is available for the pension plan of Riverbed company for the year 2017

Actual and expected return on plan assets……….$13,800

Benefits paid to retirees……….$36,000

Contributions (funding)……….$88,000

Interest/discount rate……….11%

Prior service cost amortization……….$7,900

Projected benefit obligation, January 1, 2017……….$502,000

Service cost……….$59,000

A. Compute pension expense for the year 2017 (show work): $__________

B. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017 (using table above)

Pension expense……….__________

Cash……….__________

Pension asset/liab……….__________

OCI (PSC)……….___________

The following data were gathered to use in reconciling the bank account of torres company:

Balance per bank $12,175
Balance per comany records 9,480
Bank service charges 50
Deposit in transit 1,800
NSF check 1,250
Outstanding checks 5,795

a. What is the adjusted balance on the bank reconcilitation?
b. Journalize any necessary entries for Torres Company based on the bank reconcilitation.

Your group is required to conduct a literature search and select three (3) cyber security case studies
that are published between 2014 – 2019. Based on the selected case studies, your group is required
to prepare a written report to cover the following points:
? Description of case company in each case
o General information of the company
o Key business processes of the company
? Cyber security issues covered in each case
o Key cyber security issues identified in each case
o Risks associated with the issues
o Impacts of the issues on case company
? Lessons learnt from each case
o Actions reported in each case to address the identified issues
o Outcomes of the reported actions
o Proposed actions other than the reported ones that could be taken to address the
issues
o Suggestions for preventing the issues in future

ITSS 3300 Assignment 3 – Describe a Business Process (30 points)In Chapter 1 of Essentials of Business Processes and Information Systems, we introduced threekey processes—procurement, fulfillment, and production. There are a number of otherprocesses in an organization, such as those related to product development, managing people,marketing, financial control, and so on. Identify one additional process that is typical inorganizations. You may consider an organization you have worked in or here at UTD. For theprocess you choose, provide the following information:a) A description of the process;b) The purpose or desired outcome of the process (that is, what are the primary inputs tothe process and what are its outputs);c) The sequence of activities in the process, including the person/job and functional arearesponsible for completing each one;d) The data/document, and information flows associated with the process (that is, what dataand/or documents, if any, are needed to execute a given activity);e) The types of inefficiencies (delays, missing or incorrect data/documents, etc.) that arelikely when manually executing this process;f) How an enterprise system may be used to automate and execute this process.Write at least 2-4 sentences for each of the items (a) through (f), above. The total length ofyour paper should be 1-2 pages.Formatting and Submission Instructions: Compose your paper in MS Word, double-spaced, using a 12-point font, and 1-inch margins.Save your file using the following filename format: Lastname_Firstname_Assignment3You will submit your assignment by uploading your Word file in eLearning. Be sure to allowenough time for eLearning to upload your file—sometimes wireless connections can be slow orsome other technical issue may occur. Your assignment is submitted when eLearning has finisheduploading the file. Grading Criteria: Each item you are to provide is worth 5 points. Your answers and paperoverall will be assessed using the following criteria: Content: The writing showed that you understood the questions the instructor asked, you havedelivered a well-written response.Instructions: You followed all the instructions.Formatting: The document is professional and formatted correctly. The assignment will specifythe accepted length of the paper. You should always include your name on the assignment as wellas the title of the assignment.Spelling and Grammar: There are few or no spelling or grammar errors. Everyone makes mistakes;therefore, you will receive full points if there are minimal spelling and grammar errors. Use correctspelling and grammar. The instructor does check for spelling and grammatical errors. Theinstructor will not correct spelling and grammar for you, but you will lose points if it is not correct.