Mr. Beni Wang is the major shareholder and chief executive officer of Sandgate Electronics Pty ltd

Task: Mr Beni Wang is the major shareholder and chief executive officer of Sandgate Electronics Pty Ltd, a small business which is based in Bendigo and retails electrical products. Due to the relatively small size of the business Beni is unable to justify a computerised accounting system thus all accounting is completed manually by ABC Accounting. Sandgate Electronics Pty Ltd uses a perpetual inventory system, noting the cost of all inventory sold is 60% of the sales (GST exclusive) price. It is now the end of April 2017 and Beni requests ABC Accounting to complete all necessary accounting to enable the preparation of a trial balance as at 30 April 2017. As the ABC Accounting accountant assigned to Sandgate Electronics Pty Ltd you are requested to complete the following tasks using Excel: (a) Prepare general journal entries to record the April transactions as identified below. Notations/descriptions are required. (b) Open general ledger accounts (T-Bar OR Running Balance format) for each account shown on the 31 March 2017 trial balance and • enter the opening balance (for 1 April 2017) for each account ie the balance as shown in the 31 March 2017 Trial Balance. • post the entries from the general journal to the general ledger accounts and enter the posting references in the general journal. (c) Balance off each general ledger account and prepare a trial balance as at 30 April 2017. i) When a discount is received or allowed, you are required to adjust the associated GST Paid or Collected. ii) Should any GST or discount calculations not result in whole $ values, you can round the result to the nearest whole $. iii) When using Excel you are expected to use the appropriate excel functions including, but not restricted to: • ‘sum’ • Bordering • Cell merging • Wrap text • Correct alignment of numbers and text • Correct identification of values as $ amounts • Correct ruling off of totals iv) Prior to commencing this assignment please ensure you have read the following from the subject's Interact Resources site: • Assessment Item 2 folder - a voice over powerpoint, a further guidance document, and an Excel template. • Other Topic Resources – Topic 1 Journal Posting Illustrations. Beni Wang has provided the following list of the transactions which occurred during the month of April: