Homework help! (Not looking for answers, just some direction)
Homework help! (Not looking for answers, just some direction)

Hey guys,

I’m after a bit of homework help. I’ve completed the entire exercise and just looking for some guidance on whether I’m on the right track or not.

I’m not after answers!! Just an idea of whether I’m doing okay, or which parts may be incorrect, so I can go back and re-learn that area and attempt the answer again. This part of the assignment is weighted at 45% so I really want to get it right.

Thanks in advanced! 🙂

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Assignment Part D:

1) Teena Spagetti buys and sells shoes in bulk lots. Her business trading name is Footsies Co. Teena is in her first year of business, so is not yet registered for GST, and uses a perpetual inventory accounting system. Assume transactions are on credit, unless stated as ‘paid’ or for ‘cash’. Teena’s transactions for November 20X1 were as follows:

https://preview.redd.it/bnekbchuk6k61.png?width=670&format=png&auto=webp&s=f4b3296aaaee482beb721f45a41b8d1ba5517689

Additional information:

▪ The mortgage is repayable in instalments of $10,000 in December each year.

▪ Wages are 35% sales and 65% administration.

a) Record these transactions on the accounting equation spreadsheet below or use the provided excel spreadsheet on Blackboard, totalling your columns at the end of the month. (NB: it is best to check your column totals after every new line entry (or transaction) to ensure the columns balance. Rather than totalling the columns after fully completing the spreadsheet and then having to locate where it doesn’t balance).

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COMPLETED SPREADSHEET:

https://preview.redd.it/xc52ecr1l6k61.png?width=1633&format=png&auto=webp&s=23befc5ed8d8c572df3505b63245e3106835f201

submitted by /u/Jupiter-mik
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