ACCY 122 SPRING 2024 Assessment 2Processing

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Java Python ACCY 122, SPRING 2024

Assessment 2: Xero Assignment - 20%

Case Study: My Sunshine Garden Services

My Sunshine Garden Services, founded by Yichen He, specialises in residential garden maintenance, outdoor design consultations, and commercial property landscaping. Launched on September 1, 2024, the business focuses on providing eco-friendly and efficient garden care solutions.

At the beginning of the month, My Sunshine Garden Services also hired a part-time worker, Zhao Mosheng, with the agreement that they would be paid on a fortnightly basis.

Location: 123 Wollongong Drive, Wollongong, NSW, 2500.

In your role as the accountant for My Sunshine Garden Services, you will use Xero accounting software to set up the business. This involves setting up a comprehensive chart of accounts tailored to the business's services, recording all financial transactions, and managing invoices and expenses. Below are the names of some accounts that should form. the chart of accounts, specifically designed for My Sunshine Garden Services:

• Cash at Bank

• Accounts Payable

• Yichen He, Capital

• Salaries and Wages Expense

• Accounts Receivable

• Unearned Revenue

• Yichen He, Drawings

• Fuel Expense

• Salaries and Wages Payable

• Gardening Services Revenue

• Marketing and Advertising Expense

• Interest Expense

• Gardening Supplies Expense

• Gardening Equipment

• Utilities Expense

• Utilities Payable

• Insurance Expense

• Equipment Loan (Payable over 5 years)

• Depreciation Expense

Notes:

• You may need to add accounts to the chart of accounts.

• When registering the business name, include your student number in brackets - My Sunshine Garden Services (Student No).

Transactions for My Sunshine Garden Services - September 2024

•	September 1: Yichen contributed $25,000 to the business.
•	September 1: Purchased gardening equipment for $18,000, of which $3,600 was paid in cash. The remaining $14,400 was financed through an equipment loan to be repaid over 5 years at an annual interest rate of 5%.
•	September 5: My Sunshine Garden Services purchased gardening supplies on credit from GreenLeaf Suppliers for $1,000. The agreed credit terms are 50% payment due by October 5th and the remaining 50% due by November 4th.
•	September 8: Signed a gardening service contract with Willow Park Estates. A service fee of $3,000 was billed upon signing. The specific date for performing the gardening work is yet to be scheduled.
•	September 11: Paid $1,500 for a six-month insurance premium.
•	September 11: Received payment of $3,000 from the client for the service on September 8th.
•	September 15: Paid the first half of the payment for the supplies purchased on September 5th.
•	September 18: Paid the part-time worker, Mosheng Zhao, $700 for their fortnightly salary.
•	September 20: Paid the first month's instalment of $450 for the equipment loan.
•	September 25: Paid $120 for fuel for the company vehicle.