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1. research when the system of double entry record keeping was first used, and why...

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Accounting

1. research when the system of double entry record keeping was first used, and why Piccioli is considered to be a such an important figure. While discussing this you should demonstrate what he described by a set of simple transactions covering the following actions:

(a) establishing a business entity by providing initial capital

(b) purchasing several items of stock for sale

(c) selling some, but not all of these items for more than the individual purchase price

(d) paying an expense

The transactions are to be of your own invention! Accordingly, I expect that no two sets of transactions will describe the same events, including what is bought and sold and what expense is chosen.

These transactions are to be recorded in a journal.

2. The resultant journal entries are to be posted to a T format ledger and a trial balance is to be extracted.

3. The correct ledgers are to be closed off to a profit and loss account and a Profit and loss statement and balance sheet is to be extracted.

As you carry out this process you should explain your steps

Please explain all parts according Australian Accounting

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