BACT105 Business Accounting Assessment 3 Business Report Answer

ASSESSMENT BRIEF-ASSESSMENT 3

ASSESSMENT DESCRIPTION:

In this individual assignment, you are required to write a business report which has to include Executive Summary, Introduction, Main Body, Recommendations and Conclusions.

The assignment questions are prepared in an excel file, uploaded to Assessment Briefs Folder with the name as “BA Assignment Question T1 2021”. When doing the assignment, please make sure you read and follow the instructions below strictly:

Instructions:

There are two sheets in the excel file: one of them is called “Assignment Question” and the other one “Adjustments”.

Step 1: Go to “Assignment Question” sheet and enter your student number to the Cell “B2” as indicated by the blue arrow. You then get own data set and you must use your own data set for your individual assignment. Upon this, you can start working on the assignment in a WORD document.

Step 2: Journalize the adjustments transactions (You can find the information in the “Adjustments” sheet).

Step 3: Post adjusting journal entries and complete the worksheet. Step 4: Create the Income Statement from the completed worksheet. Step 5: Journalise the closing entries

Step 6: Create the Statement of Equity and the Balance Sheet from the completed worksheet Step 7: Answer the following questions considering proper referencing:

1. What is a trial balance, why do we create it?
2. What are adjusting journal entries? Why de we record adjusting journal entries?
3. What is the purpose of preparing an Adjusted Trial Balance?
4. How adjusting entries are different from the closing entries?