PASS ACTIVITIES

Facilitator: Nicholas
Year: 2019
Semester 2 — week: 6
Unit of Study: ACCT1006
References: Lecture slides week 5, Previous PASS materials
Disclaimer: Please don't take PASS materials to your lecturer/tutor! “What happens in PASS stays in PASS…”

PROPOSED AGENDA LEARNING OUTCOMES

1. Welcome (5 mins) 1. Explain how special journals are used in recording
2. Activity 1: Concept Review (15 mins) transactions
3. Activity 2: Practical Question (25 mins) 2. Describe the nature and purpose of control
4. Close (5 mins) accounts and subsidiary ledgers

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Code for WeChat, to receive updates and important information from the PASS Team.

Let’s first look at the bigger picture!

Activity 1: Concept Review

Journal name Description Example of a transaction that would be journalised here

Sales journal

Cash receipts
journal

Purchases journal

Cash payments
journal

General journal

PASS is looking to recruit energetic, friendly, and high-achieving individuals to facilitate sessions in the 2019 team. Positions
are paid, flexible to suit your timetable and are a great opportunity to develop important graduate attributes. If you want
a complete university experience that will help you nail those tough interview questions, provide on-going professional
development and be well regarded by recruiters apply to be a PASS facilitator in 2019!
Applications close at 10am, Friday 14th September. To help with the application process, we will be holding a Selection
Criteria Workshop. It’s a chance to learn how to submit the best quality application that specifically addresses the PASS
selection criteria. It will be held in ABS Case Study Lecture Theatre 2140, at 12-2.00pm on Thursday 30th August 2018.
Activity 2: Practical Question

At the end of February, the balances in the accounts receivable subsidiary ledger for Scissors Ltd were as
follows:
Rock Ltd $3 500
Paper Ltd $4 250
The following transactions occurred during March (assume COS is 60% of the selling price):
3 - Sold $1 000 of goods on credit to Paper Ltd; term n/20
5 – Sold $2 100 of goods on credit to Rock Ltd; terms 1/10, n/30
10 – Received $3 150 from Rock Ltd in payment of account; discount allowed $350
13 – Received cash from Rock Ltd in full settlement of its account relating to transactions of March 5
16 – Received $4 250 from Paper Ltd in payment of account; no discount allowed
29 – Made cash sales of $800

Required:
a) Enter the data into the relevant special journals.
b) Post to the accounts receivable control and subsidiary ledger accounts (pretend to post to the other
accounts by making up account numbers!).
c) Prepare a schedule of accounts receivable as at the end of March.

Cash Receipts Journal

CR1
Date Account credited Ref

Sales Journal
S1
Date Account debited Ref

Accounts Receivable Control

120
Date Post Ref Debit Credit Running balance

DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.
 Accounts Receivable – Rock Ltd.
AR 1
Post
Date Particulars Debit Credit Running balance
Ref

Accounts Receivable – Paper Ltd.

AR 2
Post
Date Particulars Debit Credit Running balance
Ref

Schedule of Accounts Receivable as at 31 March 2018

Post ref Particulars $

Close
What would you like to revise for the mid semester exam?

Next Week: Accounting Subsystems! – See you then! Have a great week!

DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.
DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.