ACC1060 Final Quiz - GreenThumb Garden Centre April 14, 2022 (Due at 11:59 pm) Instructions: Students have until 11:59 pm on April 14, 2022, to complete the assignment. Late submissions will receive an automatic penalty of 15%. Failure to submit will result in a grade of zero. Please read all transactions/notes carefully. Company Information: GreenThumb Garden Centre Located in Halifax, Nova Scotia. Owners are Julie and Jules Jardin GreenThumb Garden Centre sells plants and garden furniture Sales in Nova Scotia are subject to 15% HST on all goods and services. Sales to other provinces are subject to GST only. Students are responsible for allocating the correct tax codes GreenThumb imports some goods from international vendors. Transactions from American vendors are in USD and not subject to sales tax. There are three active employees, and all are paid hourly. Please review the file, trial balance, inventory, and employees before entering any transactions. Good luck! Restore the backup GREENTHUMB_QUIZ_2021_1.CAB. The session date is June 30, 2024. Name your Sage50 file FirstName_LastName_Greenthumb Example: Julie_Jardin_Greenthumb Transaction #1: On June 1, received invoice HE-4441 for store heat and hydro from Home Energy for $280 plus HST. Terms net 10 days. Store as a monthly recurring entry Transaction #2: Sent cheque #581 to Groen Fields on June 1, 2024, to pay invoice GF-1142 in full. Transaction #3 On June 3, 2024, the company owners Julie & Jules Jardin invested USD 15,000 into the business. The exchange rate is 1.333. Transaction #4 Received cheque #4887 for $1,356 on June 2, 2024, from Acadian Towers. Receipt #420 was applied to invoice #155 with an early payment discount of $24. Transaction #5: On June 2, purchased 10 custom chairs from Zelos Woodworking Inc for USD 250 each, Invoice #ZW1100. Freight is USD 150. The exchange rate is 1.325. Create a new inventory item(Code XC01), and inventory account (G/L 1410 Custom Furniture). The new item will have a selling price of $500 each. Transaction #6 On June 4, 2024, GreenThumb Garden Centre borrowed $25,000 from the Halifax Credit Union. It is a three-year loan; interest is 5% per annum. Transaction #7: Sold the following to Efren Barrato (quick add) on June 4, 2024 (sales invoice #166). Invoice paid by Visa. Item Amount Total 1 FT31 $925 each $925 plus tax 4 FT33 $725 each $2,900 plus tax 1 FT37 $1125 each $1,125 plus tax 10 SH03 $50 each $500 plus tax 3 SC03 $50/ hour $150 plus tax Delivery $100 plus tax Subtotal $5,700 Memo #1 Create a new customer: Colette Hotel 665 Forest Street Burnaby, BC, V5G 3X4 c..l@colettehotel.ca Terns 2/15, net 30. Transaction #8: Sold the following to Colette Hotel on June 5, 2024 (sales invoice #167). Terms 2/15, net 30. Item Amount Total 4 FA04 $95 each $380 plus tax 8 FP23 $55 each $440 plus tax Shipping $250 plus tax Subtotal $1,070 Transaction #9 On June 6, 2024, received a purchase quote from Zelos Woodworking for 5 custom benches for a total of USD 1,000 plus tax. Quote #ZW01 Create a new inventory item (Code XC02). Freight is $150. The exchange rate is 1.322. Note: The new item will have a selling price of $550 each. Memo #2 Create a new supplier: Regal Garden Wholesalers 545 Winter Road Halifax, Nova Scotia, B3J 1R9 (555)555-5555 R..l@gardenwholesalers.com Payment terms: 1/15, net 30 Transaction #10 On June 8, 2024, purchased inventory from Regal Garden Wholesalers. Terms 1/15, net 30. Item Amount Total 15 FT31 $600 each $9,000 plus tax 48 FT33 $355 each $17,040 plus tax 5 FT35 $120 each $600 plus tax 5 FT36 $60 each $300 plus tax 5 FT37 $600 each $3,000 plus tax Subtotal $29,940 Transaction #11 To boost the sales of plants, Green Thumb is planning a promotion to sell plants and accessories as special bundles. Create the following two items (June 8, 2024): Number Description Min Level Sales Price Asset Acct Revenue Acct Expense Acct AA01 Garden Package 1 1 $77.00 1360 4020 5070 AA02 Garden Package 2 1 $95.00 1360 4020 5070 Create five 'Garden Package 1' promotional items with the following components: 5 x PL01 Plant/ground cover: 5 litre 5 x PL04 Plant: perennial specialty 5 x PL05 Plant: annual 10cm 5 x PS10 Topsoil: 50 litre bag Create five 'Garden Package 2' promotional items with the following components: 5 x PL02 Plant/ground cover 10 litre 5 x PL04 Plant: perennial specialty 5 x PL06 Plant: annual 15 cm 5 x PS10 Topsoil: 50 litre bag Note: Each package consists of one (1) of each inventory item listed above. Five packages total. Transaction #12: Sold the following to Colette Hotel on June 9, 2024 (sales invoice #168). Terms 2/15, net 30. Item Amount Total 2 AA01 $77 each $154 plus tax 2 AA02 $95 each $190 plus tax Shipping $50 plus tax Subtotal $394.00 Transaction #13 On June 10, 2024, Green Thumb approved the quote from Zelos Woodworking. Update purchase quote ZW01 to purchase order and record a $150 deposit. Transaction #14 On June 10, 2024, paid the amount owing to Home Energy. Issued cheque #582 Transaction #15 On June 15, recorded bi-monthly payroll (June 1 to June 15) - issued cheques (#583 to #585) to employees on June 15, 2024. Employee Reg Hours OT Hours Total Hours Other Aurion, James 70 5 75 $100 tuition Brunel, Cass 40 2 42 N/A Wilder, Laura 75 0 75 Received advance of $200 to be paid back over the next 4 pay periods Transaction #16 On June 18, 2024, paid invoice #ZW1100 from USD chequing account. The exchange rate is 1.311. Issued cheque #1001. Transaction #17 June 29, 2024 - Convert purchase order ZW01 to an invoice (Invoice #ZW1150). Transaction #18 On June 30, recorded bi-monthly payroll (June 16 to June 30) - issued cheques (#586 to #588) to employees on June 30, 2024: Employee Reg Hours OT Hours Total Hours Other Aurion, James 70 7 77 $100 tuition Brunel, Cass 45 0 45 N/A Wilder, Laura 65 5 70 Less $50 for the first installment on June 15 advance Transaction #19 On June 30, 2024, recorded online book sales paid by Visa: Province Number of books (BK1) Nova Scotia 4 books plus tax Ontario 2 books plus tax British Columbia 5 books plus tax Change Session Date to July 15, 2024 Transaction #20 On July 15 th, 2024, remit payroll source deductions payable to the receiver-general for the period ended June 30, 2024. Transaction #21 On July 15, 2024, complete the sales tax remittance to the receiver-general for the period ended June 30, 2024. Submission Instructions: Save a PDF or Excel file of all journal entries (show corrections) and trial balance on July 15, 2021. Rename each file to include your first and last name. Ensure your file name is correct. Submit the assignment via Moodle Make sure you include the following in your zipped folder: Sage File (.SAI file and . SAJ folder must always be together) Journal Entries Trial balance * Alternatively, students may submit your Sage50 file as a backup (.CAB) file Grading Information: Item Marks Transactions and Trial Balance 22 Marks Correct File Name 1 Mark File submission 2 Marks Total 25 Mark