This comprehensive problem involves completing the accounting cycle for GSE Health Care Products for the months of June and July of the current year. GSE Health Care Products uses a voucher system.
This problem is longer than the problems that were in the chapters. You should follow the instructions carefully and enter the transactions accurately and in the suggested sequence. Be sure to use the correct transaction dates. If you enter transactions using the wrong month, the monthly income statement data will be incorrect. You must also specify the current date ranges when printing reports because only data within the specified date ranges will be included on the reports.
This comprehensive problem contains many transactions and involves a considerable amount of work, which will be lost if your data file is damaged or destroyed. For this reason, you should periodically make a backup (duplicate copy) of your data file. A convenient point to make a backup copy of your data would be before beginning processing for July. Then, if you need to restart the problem, simply load the backup file and proceed from the point you last saved your data.
Audit questions for each month are provided at the end of each month’s processing. Complete the audit questions after finishing the month’s work.

Audit Questions 1. What are the totals of the debit and credit columns from the vouchers journal for the month of June?
Total debits:
Total credits:
2. What are the totals of the debit and credit columns from the cash payments journal for the month ofJune?
Total debits:
Total credits:
3. What are the totals of the debit and credit columns from the sales journal for the month of June?
Total debits:
Total credits:
4. What are the totals of the debit and credit columns from the cash receipts journal for the month of June?
Total debits:
Total credits:
5. What is the total of Vouchers Payable account as of the end of June?
6. What is the total of Accounts Receivable account as of the end of June?
7. What is the amount of gross profit for the month ofJune?
8. What are the total operating expenses for the month ofJune?
9. What is the amount of net income for the month ofJune?
10. What is the amount of net income for the year to date?
11. What is the total amount of owner’s equity at the end of June?
12. What are the total assets?

13. What are the total liabilities?
14. What is the difference between the budgeted and actual total operating expenses as of the end of June?