Penny's Outlet Store Pty Ltd

This practice set is intended for students studying introductory accounting and can be used with any introductory textbook. An advantage of this practice set over many others is that revenue and expense accounts have not been closed at the end of the previous month, therefore providing you, the student, with a more realistic situation going into the last month of the financial year. This practice set provides students with the unadjusted trial balance at the end of May and requires...
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This practice set is intended for students studying introductory accounting and can be used with any introductory textbook. An advantage of this practice set over many others is that revenue and expense accounts have not been closed at the end of the previous month, therefore providing you, the student, with a more realistic situation going into the last month of the financial year. This practice set provides students with the unadjusted trial balance at the end of May and requires them to record typical transactions for a retail business for the last month of the financial year. Once these transactions have been recorded and posted students are required to complete the accounting cycle by journalising and posting adjusting and closing entries and preparing financial statements. This practice set will develop the skills necessary to keep a set of manual accounting records and understand the steps required to complete the accounting cycle.Features  Uses a company organisational form; Periodic inventory system; Starting point is an unadjusted trial balance; One month of transactions for a retail business; Students must complete the accounting cycle by preparing adjusting and closing entries.