ASSETS 1000 CURRENT ASSETS [H] 1020 Bank: Love It Again [A] 1100 Cash on Hand [A]...

  

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ASSETS 1000 CURRENT ASSETS [H] 1020 Bank: Love It Again [A] 1100 Cash on Hand [A] 1150 Total Cash [S] 1190 Prepaid Expenses 1200 Purchased Clothing 1210 Purchased Books 1220 Other Purchased Items 1300 Office Supplies 1310 Other Supplies 1320 T-shirts 1390 TOTAL CURRENT ASSETS [T] 1500 FIXED ASSETS [H] 1510 Fax/Telephone 1520 Computers 1530 Store Furniture & Shelving 1590 TOTAL FIXED ASSETS [T] ► LOVE IT AGAIN ►LIABILITIES 2000 CURRENT LIABILITIES [H] 2100 Bank Loan 2200 A/P-Kids Stuff 2300 A/P Kids In Motion 2350 A/P Wearable Designs 2400 A/P - Places For Us 2550 GST Charged on Sales [A] 2560 HST Charged on Sales [A] 2570 GST Paid on Purchases [A] 2580 HST Paid on Purchases [A] 2590 GST/HST Owing/Refund [S] 2690 TOTAL CURRENT LIABILITIES [T] EQUITY 3000 EQUITY [H] 3560 Accumulated Surplus 3600 Net Income [X] 3690 TOTAL EQUITY [T] ► ▶REVENUE 4000 REVENUE [H] 4020 Revenue: Donated Items 4040 Revenue: Purchased Clothing & Books 4080 Revenue: Other Purchases 4100 Revenue: Donations 4390 TOTAL REVENUE [T] EXPENSE 5000 OPERATING EXPENSES [H] 5020 Rental Expense 5200 Supplies Used 5240 Postage Expense 5280 Maintenance Expenses 5300 Utilities Expenses 5320 Publicity & Promotion 5400 Wages-Manager 5420 Miscellaneous Expenses 5490 TOTAL OPERATING EXPENSES [T] ► 5500 COST OF GOODS SOLD [H] 5510 Cost of Purchased Clothing & Books 5520 Cost of Other Purchases 5690 TOTAL COST OF GOODS SOLD [T] 25 26 27 28 29 Memo #3 Dated September 19/21 From Fischer: Presented Sunni Husein with $200 gift certificate for Volunteer Extraordinaire Award. Create new Group account 5430 Employee Gifts. Paid for gift certificate from Cash on Hand. Bank Debit Memo #HB-8310 Dated September 20/21 From Heartfelt Bank, $240 plus $31.20 HST for payroll services for one year. Total withdrawal from chequing account was $271.20. Create new expense account 5380 Payroll Services. Bank Debit Memo #HB-9778 Dated September 28/21 From Heartfelt Bank, $4 200 for payroll, including all payroll expenses, to pay store manager Jeremy Fischer wages for one month. Funds Received Form #FR-21-11 Dated September 29/21 Received $800 in donations. Amount deposited to Bank: Love It Again account. Cash Purchase Invoice #CP-2 Dated September 29/21 From Canada Post, $200 plus $26 HST for postage to mail donation receipts. Invoice total $226. Paid from Cash on Hand. ASSETS 1000 CURRENT ASSETS [H] 1020 Bank: Love It Again [A] 1100 Cash on Hand [A] 1150 Total Cash [S] 1190 Prepaid Expenses 1200 Purchased Clothing 1210 Purchased Books 1220 Other Purchased Items 1300 Office Supplies 1310 Other Supplies 1320 T-shirts 1390 TOTAL CURRENT ASSETS [T] 1500 FIXED ASSETS [H] 1510 Fax/Telephone 1520 Computers 1530 Store Furniture & Shelving 1590 TOTAL FIXED ASSETS [T] ► LOVE IT AGAIN ►LIABILITIES 2000 CURRENT LIABILITIES [H] 2100 Bank Loan 2200 A/P-Kids Stuff 2300 A/P Kids In Motion 2350 A/P Wearable Designs 2400 A/P - Places For Us 2550 GST Charged on Sales [A] 2560 HST Charged on Sales [A] 2570 GST Paid on Purchases [A] 2580 HST Paid on Purchases [A] 2590 GST/HST Owing/Refund [S] 2690 TOTAL CURRENT LIABILITIES [T] EQUITY 3000 EQUITY [H] 3560 Accumulated Surplus 3600 Net Income [X] 3690 TOTAL EQUITY [T] ► ▶REVENUE 4000 REVENUE [H] 4020 Revenue: Donated Items 4040 Revenue: Purchased Clothing & Books 4080 Revenue: Other Purchases 4100 Revenue: Donations 4390 TOTAL REVENUE [T] EXPENSE 5000 OPERATING EXPENSES [H] 5020 Rental Expense 5200 Supplies Used 5240 Postage Expense 5280 Maintenance Expenses 5300 Utilities Expenses 5320 Publicity & Promotion 5400 Wages-Manager 5420 Miscellaneous Expenses 5490 TOTAL OPERATING EXPENSES [T] ► 5500 COST OF GOODS SOLD [H] 5510 Cost of Purchased Clothing & Books 5520 Cost of Other Purchases 5690 TOTAL COST OF GOODS SOLD [T] 25 26 27 28 29 Memo #3 Dated September 19/21 From Fischer: Presented Sunni Husein with $200 gift certificate for Volunteer Extraordinaire Award. Create new Group account 5430 Employee Gifts. Paid for gift certificate from Cash on Hand. Bank Debit Memo #HB-8310 Dated September 20/21 From Heartfelt Bank, $240 plus $31.20 HST for payroll services for one year. Total withdrawal from chequing account was $271.20. Create new expense account 5380 Payroll Services. Bank Debit Memo #HB-9778 Dated September 28/21 From Heartfelt Bank, $4 200 for payroll, including all payroll expenses, to pay store manager Jeremy Fischer wages for one month. Funds Received Form #FR-21-11 Dated September 29/21 Received $800 in donations. Amount deposited to Bank: Love It Again account. Cash Purchase Invoice #CP-2 Dated September 29/21 From Canada Post, $200 plus $26 HST for postage to mail donation receipts. Invoice total $226. Paid from Cash on Hand.

Answer rating: 100% (QA)

1 On September 1921 Fischer presented Sunni Husein with a 200 gift certificate for the Volunteer Ext... View the full answer