PASS ACTIVITIES

Facilitator: Nicholas
Year: 2019
Semester 2 — week: 3
Unit of Study: ACCT1006
References: Lecture slides week 2, 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. Demonstrate an understanding of the
2. Activity 1: Concept Review (15 mins) accounting process.
3. Activity 2: Adjusting Entries (15 mins) 2. Complete the accounting worksheet by
4. Activity 3: Closing Entries (15 mins) adding adjusting entries.
5. Close (5 mins)

DID YOU KNOW…PASS has its own Facebook page and WeChat group! Search PASS
University of Sydney, and ‘like’ us on Facebook, or search USYDPASS or scan the QR
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

1. What is the difference between adjusting entries and closing entries?

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: Adjusting Entries

Kardashian Kontour Kits Ltd is currently preparing their end-of-year financial reports (30th June 2018) and has just
composed a Trial Balance. The following may be relevant information:

 Kardashian Kontour Kits Ltd paid $1,200 insurance on 30th September 2017, for the period 1 October
2017 – 1 October 2018.
 There were $3,000 in staff wages accrued in the last week of June 2018.
 There was $2,800 in depreciation for the year ended 30th June 2018, on equipment purchased prior to
1st July 2017.
 Supplies on hand at 30th June 2018 are worth $900.
 A powder press machine worth $8,000 was purchased on 1st March 2018. It depreciates over 4 years on
a straight-line basis.
 There is $8,000 in revenue for contour kits sold but not yet paid for by customers, and not recorded as at
30th June 2018.

a) Update the worksheet for the Adjustment and Adjusted Trial Balance columns:

Trial Balance Adjustments Adjusted Trial

Balance
Account Number Dr Cr Dr Cr Dr Cr
Cash at bank 100 42,000
Accounts receivable 110 3,000
Prepaid insurance 120 1,200
Supplies 130 2,200
Equipment 140 19,870
Accumulated 155 5,600
depreciation
Accounts payable 200 11,000
Wages payable 210
Share capital 300 14,520
Retained earnings 310 17,000
Sales revenue 400 23,000
Insurance expense 500
Wages expense 510 2,850
Supplies expense 520
Depreciation expense 530
Total 71,120 71,120

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.
Activity 3: Closing Entries

a) Prepare any closing journal entries for Kardashian Kontour Kits Ltd.

Close
What is something from today’s session that you have learnt?

Next Week: Merchandising Operations – 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.