1. Prepare manual entries and complete the general and subsidiary ledgers. 2. Prepare an account receivable...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Prepare manual entries and complete the general and subsidiary ledgers. 2. Prepare an account receivable and account payable reconciliation of the subsidiary ledger accounts to the control account. 3. Compare it to the Trial Balance provided 4. Make all required adjusting entries for the D3ecember 31, 20XX Year End 5. Prepare financial statements at December 31. ACCOUNT NAME Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance for Doubtful Accounts Inventory Deposit Prepaid Land Building A/D-Building Furniture & Equipment A/D-Furniture & Equipment Computer Equipment A/D-Computer Equipment Leasehold Improvements A/D- Leasehold Improvements Investments Accounts Payable Control Accrued Accounts Payable GST Payable Income Taxes Payable CPP Payable El Payable Holiday Pay Payable Corporate Taxes Payable Deferred Revenue Mortgage Payable Shareholder Loan - LASKER Shareholder Loan- ARIF Common Shares Preferred Share Retained Earnings Dividends Customized Training General Training Course Materials Internal Materials- Printing Costs Subcontract I Travel Costs Advertising & Promotion Amortization Bad Debts Bank Charges & Interest Donations Insurance Interest on L/T Debt Meals $ Entertainment - 0% Meals $ Entertainment - 50% Meals $ Entertainment- 100% Memberships Miscellaneous Occupancy Costs Professional Fees Repairs and Maintenance Wages& Benefits- Salary Wages& Benefits-CPP Wages& Benefits-El Wages& Benefits- Holiday Interest Income Gain/Loss on Disposal Income Taxes Expense NAME: ADJ TRIAL DEC DR-$ 248,552.00 1,000,000.00 2,500.00 111,300.00 6,255.00 0.00 28,000.00 0.00 0.00 25,800.00 7,000.00 90,000.00 10,000.00 526,745.00 25,000.00 480,400.00 1,962.00 15,900.00 20,456.00 9,300.00 2,125.00 5,000.00 8,000.00 34,200.00 8,555.00 2,700.00 10,260.00 6,000.00 0.00 EAST WEST COLLEGE INC. 11,600.00 19,600.00 500.00 84,100.00 2,525.00 1,495.00 2,484.00 79,300.00 2,887,614.00 CR-S 9,300.00 0.00 5,520.00 3,500.00 1,500.00 73,752.00 2,000.00 980.00 0.00 0.00 0.00 2,484.00 55,300.00 50,000.00 0.00 103,320.00 122,165.00 100.00 100.00 240,732.00 120,000.00 1,402,000.00 2,500.00 712,361.00 2,887,614.00 TRIAL DECEMBER DR-S 238,052.00 1,000,000.00 0.00 111,300.00 58,000.00 20,000.00 0.00 100,000.00 300,000.00 28,800.00 4,000.00 90,000.00 80,000.00 24,200.00 10,000.00 475,000.00 25,000.00 480,400.00 1,962.00 15,900.00 0.00 0.00 1,925.00 5,000.00 24,000.00 33,000.00 8,555.00 2,700.00 10,260.00 18,000.00 10,500.00 11,600.00 11,600.00 500.00 84,100.00 2,525.00 1,495.00 2,484.00 0.00 3,290,858.00 CR-S 0.00 22,125.00 2,800.00 0.00 0.00 73,752.00 0.00 1,280.00 0.00 0.00 0,00 2,484.00 0.00 100,000.00 103,320.00 122,165.00 100.00 100.00 240,732.00 120,000.00 1,452,000.00 1,050,000.00 NOVEMBER DR-S 200,000.00 0.00 0.00 14,700.00 0.00 10,000.00 75,000.00 0.00 100,000.00 300,000.00 10,000.00 0.00 0.00 80,000.00 22,200.00 10,000.00 475,000.00 25,000.00 440,000.00 0.00 14000.00 0.00 000 1800.00 00 24,000.00 33,000.00 2,250.00 2,460.00 6,000.00 0000 10,500.00 000 9,500.00 0.00 77,000.00 2,310.00 1,320.00 2,200.00 CR-S 22,125.00 2,800.00 0,00 44 0.00 12,920.00 0.00 12,050.00 4,505.00 420.00 288.00 2,200.00 0.00 0 100,000.00 105,000.00 125,000,00 100.00 100.00 240,732.00 120,000.00 1,200,000.00 0.00 0.00 3,290,858.00 1,948,240.00 1,948,240.00 1. 2. East West College of Business and Technology Inc. Introduction to the Practicum This practicum contains all the documents you (Bill Bugnay), bookkeeper, will require for East West College. This practicum is divided into four parts. The parts are: Manual Bookkeeping of the transactions of the College and the adjustments required at year end to be completed at the end of levels 1&2 of bookkeeping. Application Software entry of the same transactions given to you in the manual setting to be recorded in the Accounting Applications and verified against the Manual version to be completed after the end of the application software. The instructors may assist and guide you as you work through the practicum but the course instruction and lesson material provided to you in your studies has all the knowledge you need to complete this practicum. The course instructor must be satisfied that your practicum is 100% correct before you can move on to the next level and your answer will be checked against the solutions provided to the instructors. Throughout the entire process you will be working with one set of books and transactions to show you the common thread that ties all of these pieces together. Be prepared to be elated with success, disappointed from temporary setbacks and entertained as you learn from your mistakes and see the bigger picture. You are in good hands and I wish you success as you take on this challenging endeavor. Lly Due Assimilation To ✓ Introduction The purpose of this exercise is to prepare our students with real life examples testing your manual bookkeeping skills, using your software application knowledge. All work performed is on account (unless stated otherwise) and GST of 5% is charged(wherever applicable). All input Tax Credits and all amounts charged are to be recoded in GST Payable. Remember GST is NOT recoverable for personal expenses paid by the company and is NOT recoverable on golfing and is only 50% recoverable for meals and entertainment. All billings sent to use are subject to GST and all supplier invoices are to be paid on our instruction. If we have written a cheque or one should be sent we will inform you accordingly. All costs of printed course material are to be expensed if it is for a customized course as we rarely have a second use for customized material. Recorded as inventory at the time of purchase are instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until year end. All staff is on contract and each has a GST number. We pay them and ourselves $400/day plus mileage at $0.50/km beginning this month as they all travel to their teaching sites. We summarize their invoices for you on a spread sheet at the end of every month for immediate payment. All instructors' costs including when owners teach a class are included in Subcontract Expense and Travel Costs Expense. There are only 4 paid staff on salary. They are the owners (Arif Chowdhury & M. Lasker), our logistic coordinator, (Zul Ismail) and you (Bill Bugnay), our Bookkeeper. The Owners are paid Teaching Salaries for the work done teaching (CPP is not separated for this portion) and a fixed extra amount over and above the teaching for administration. Therefore, the coordinator, bookkeeper and the owners (administration portion only) are recorded as Wages & Benefits. Owners are not subject to EI. Manual Bookkeeping Course 1. Prepare manual entries and complete the general and subsidiary ledgers. 2. Prepare an account receivable and account payable reconciliation of the subsidiary ledger accounts to the control account. 3. Compare it to the Trial Balance provided 4. Make all required adjusting entries for the D3ecember 31, 20XX Year End 5. Prepare financial statements at December 31. 2 Accounting software Courses 1. Record all the transactions previously done manually into 2. Sage 50 and QuickBooks and create and print the identical financial statements, aged accounts receivable and accounts payable reports. Ensure they match the Manual Component results. General Journal: Record all required documents in this journal purposes. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the General Ledger have opening balances. Where applicable for the tax module additional information is shown in the description's column along with additional and more detailed entries. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. ACCOUNT TITLE EAST WEST COLLEGE CHART OF ACCOUNTS Assets Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance of Doubtful Accounts Inventory Deposits Prepaid Land Building A/D-Building ✓ Furniture & Equipment A/D-Furniture & Equipment Computer Equipment A/D-Computer Equipment Leasehold Improvements A/D Leasehold improvements Investments NUMBER 1010 1015 1016 1030 1031 1032 1060 1070 1130 1150 1151 1152 1160 1161 1170 1171 1180 1181 1190 ACCOUNT TITLE LIABILITIES Accounts payable Control Accrued Accounts Payable Payable GST Payable Income Taxes Payable CPP payable EI Payable Holiday Pay Payable ✓ Corporate Taxes Payable Deferred Revenue Mortgage Payable Shareholder loan LASKERY Share holder loan ARIF Shareholders' Equity Shareholder loan LASKER Share holder loan ARIF NUMBER Common Shares Preferred Shares Retained Earnings Dividends 2220 2250 2300 2350 2360 2370 2380 2400 2500 2700 2800 2810 2800 2810 3100 3200 3500 3800 3 Account Title Revenue Customized Training General Training Costs of Goods Sold Course Materials -Purchased Inter materials-Printing Cost Subcontract Travel Costs Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment 0% deductible Meals and Entertainment 50% Deductible Meals and Entertainment 100% Deductible Memberships Miscellaneous Occupancy Costs Professional Fees Repairs & Maintenance Wage & Benefits-Salaries Wage & Benefits-CPP Expenses Wage & Benefits-EI Expenses Wage & Benefits-Holiday Pay Expenses Non-Operating Income & Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses NAME: Acc. No:- 4100 4200 5010 5020 5100 5150 5200 5230 5260 5290 5320 5330 5340 5360 5370 5380 5450 5480 5540 5580 5610 5640 5650 5660 5670 5900 5920 5990 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account Name Limerick Corporation Zara Inc. NewGen Limited AccuTax Consultants Sleep Well Bedding Corp. Ray Amusement Ltd ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account Name Oncolytics Biotech D2C Corporation High Arctic Limited HR Accountant Ltd. Enbridge Inc. Mercer Inc. NAME: 1. Prepare manual entries and complete the general and subsidiary ledgers. 2. Prepare an account receivable and account payable reconciliation of the subsidiary ledger accounts to the control account. 3. Compare it to the Trial Balance provided 4. Make all required adjusting entries for the D3ecember 31, 20XX Year End 5. Prepare financial statements at December 31. ACCOUNT NAME Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance for Doubtful Accounts Inventory Deposit Prepaid Land Building A/D-Building Furniture & Equipment A/D-Furniture & Equipment Computer Equipment A/D-Computer Equipment Leasehold Improvements A/D- Leasehold Improvements Investments Accounts Payable Control Accrued Accounts Payable GST Payable Income Taxes Payable CPP Payable El Payable Holiday Pay Payable Corporate Taxes Payable Deferred Revenue Mortgage Payable Shareholder Loan - LASKER Shareholder Loan- ARIF Common Shares Preferred Share Retained Earnings Dividends Customized Training General Training Course Materials Internal Materials- Printing Costs Subcontract I Travel Costs Advertising & Promotion Amortization Bad Debts Bank Charges & Interest Donations Insurance Interest on L/T Debt Meals $ Entertainment - 0% Meals $ Entertainment - 50% Meals $ Entertainment- 100% Memberships Miscellaneous Occupancy Costs Professional Fees Repairs and Maintenance Wages& Benefits- Salary Wages& Benefits-CPP Wages& Benefits-El Wages& Benefits- Holiday Interest Income Gain/Loss on Disposal Income Taxes Expense NAME: ADJ TRIAL DEC DR-$ 248,552.00 1,000,000.00 2,500.00 111,300.00 6,255.00 0.00 28,000.00 0.00 0.00 25,800.00 7,000.00 90,000.00 10,000.00 526,745.00 25,000.00 480,400.00 1,962.00 15,900.00 20,456.00 9,300.00 2,125.00 5,000.00 8,000.00 34,200.00 8,555.00 2,700.00 10,260.00 6,000.00 0.00 EAST WEST COLLEGE INC. 11,600.00 19,600.00 500.00 84,100.00 2,525.00 1,495.00 2,484.00 79,300.00 2,887,614.00 CR-S 9,300.00 0.00 5,520.00 3,500.00 1,500.00 73,752.00 2,000.00 980.00 0.00 0.00 0.00 2,484.00 55,300.00 50,000.00 0.00 103,320.00 122,165.00 100.00 100.00 240,732.00 120,000.00 1,402,000.00 2,500.00 712,361.00 2,887,614.00 TRIAL DECEMBER DR-S 238,052.00 1,000,000.00 0.00 111,300.00 58,000.00 20,000.00 0.00 100,000.00 300,000.00 28,800.00 4,000.00 90,000.00 80,000.00 24,200.00 10,000.00 475,000.00 25,000.00 480,400.00 1,962.00 15,900.00 0.00 0.00 1,925.00 5,000.00 24,000.00 33,000.00 8,555.00 2,700.00 10,260.00 18,000.00 10,500.00 11,600.00 11,600.00 500.00 84,100.00 2,525.00 1,495.00 2,484.00 0.00 3,290,858.00 CR-S 0.00 22,125.00 2,800.00 0.00 0.00 73,752.00 0.00 1,280.00 0.00 0.00 0,00 2,484.00 0.00 100,000.00 103,320.00 122,165.00 100.00 100.00 240,732.00 120,000.00 1,452,000.00 1,050,000.00 NOVEMBER DR-S 200,000.00 0.00 0.00 14,700.00 0.00 10,000.00 75,000.00 0.00 100,000.00 300,000.00 10,000.00 0.00 0.00 80,000.00 22,200.00 10,000.00 475,000.00 25,000.00 440,000.00 0.00 14000.00 0.00 000 1800.00 00 24,000.00 33,000.00 2,250.00 2,460.00 6,000.00 0000 10,500.00 000 9,500.00 0.00 77,000.00 2,310.00 1,320.00 2,200.00 CR-S 22,125.00 2,800.00 0,00 44 0.00 12,920.00 0.00 12,050.00 4,505.00 420.00 288.00 2,200.00 0.00 0 100,000.00 105,000.00 125,000,00 100.00 100.00 240,732.00 120,000.00 1,200,000.00 0.00 0.00 3,290,858.00 1,948,240.00 1,948,240.00 1. 2. East West College of Business and Technology Inc. Introduction to the Practicum This practicum contains all the documents you (Bill Bugnay), bookkeeper, will require for East West College. This practicum is divided into four parts. The parts are: Manual Bookkeeping of the transactions of the College and the adjustments required at year end to be completed at the end of levels 1&2 of bookkeeping. Application Software entry of the same transactions given to you in the manual setting to be recorded in the Accounting Applications and verified against the Manual version to be completed after the end of the application software. The instructors may assist and guide you as you work through the practicum but the course instruction and lesson material provided to you in your studies has all the knowledge you need to complete this practicum. The course instructor must be satisfied that your practicum is 100% correct before you can move on to the next level and your answer will be checked against the solutions provided to the instructors. Throughout the entire process you will be working with one set of books and transactions to show you the common thread that ties all of these pieces together. Be prepared to be elated with success, disappointed from temporary setbacks and entertained as you learn from your mistakes and see the bigger picture. You are in good hands and I wish you success as you take on this challenging endeavor. Lly Due Assimilation To ✓ Introduction The purpose of this exercise is to prepare our students with real life examples testing your manual bookkeeping skills, using your software application knowledge. All work performed is on account (unless stated otherwise) and GST of 5% is charged(wherever applicable). All input Tax Credits and all amounts charged are to be recoded in GST Payable. Remember GST is NOT recoverable for personal expenses paid by the company and is NOT recoverable on golfing and is only 50% recoverable for meals and entertainment. All billings sent to use are subject to GST and all supplier invoices are to be paid on our instruction. If we have written a cheque or one should be sent we will inform you accordingly. All costs of printed course material are to be expensed if it is for a customized course as we rarely have a second use for customized material. Recorded as inventory at the time of purchase are instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until year end. All staff is on contract and each has a GST number. We pay them and ourselves $400/day plus mileage at $0.50/km beginning this month as they all travel to their teaching sites. We summarize their invoices for you on a spread sheet at the end of every month for immediate payment. All instructors' costs including when owners teach a class are included in Subcontract Expense and Travel Costs Expense. There are only 4 paid staff on salary. They are the owners (Arif Chowdhury & M. Lasker), our logistic coordinator, (Zul Ismail) and you (Bill Bugnay), our Bookkeeper. The Owners are paid Teaching Salaries for the work done teaching (CPP is not separated for this portion) and a fixed extra amount over and above the teaching for administration. Therefore, the coordinator, bookkeeper and the owners (administration portion only) are recorded as Wages & Benefits. Owners are not subject to EI. Manual Bookkeeping Course 1. Prepare manual entries and complete the general and subsidiary ledgers. 2. Prepare an account receivable and account payable reconciliation of the subsidiary ledger accounts to the control account. 3. Compare it to the Trial Balance provided 4. Make all required adjusting entries for the D3ecember 31, 20XX Year End 5. Prepare financial statements at December 31. 2 Accounting software Courses 1. Record all the transactions previously done manually into 2. Sage 50 and QuickBooks and create and print the identical financial statements, aged accounts receivable and accounts payable reports. Ensure they match the Manual Component results. General Journal: Record all required documents in this journal purposes. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the General Ledger have opening balances. Where applicable for the tax module additional information is shown in the description's column along with additional and more detailed entries. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. ACCOUNT TITLE EAST WEST COLLEGE CHART OF ACCOUNTS Assets Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance of Doubtful Accounts Inventory Deposits Prepaid Land Building A/D-Building ✓ Furniture & Equipment A/D-Furniture & Equipment Computer Equipment A/D-Computer Equipment Leasehold Improvements A/D Leasehold improvements Investments NUMBER 1010 1015 1016 1030 1031 1032 1060 1070 1130 1150 1151 1152 1160 1161 1170 1171 1180 1181 1190 ACCOUNT TITLE LIABILITIES Accounts payable Control Accrued Accounts Payable Payable GST Payable Income Taxes Payable CPP payable EI Payable Holiday Pay Payable ✓ Corporate Taxes Payable Deferred Revenue Mortgage Payable Shareholder loan LASKERY Share holder loan ARIF Shareholders' Equity Shareholder loan LASKER Share holder loan ARIF NUMBER Common Shares Preferred Shares Retained Earnings Dividends 2220 2250 2300 2350 2360 2370 2380 2400 2500 2700 2800 2810 2800 2810 3100 3200 3500 3800 3 Account Title Revenue Customized Training General Training Costs of Goods Sold Course Materials -Purchased Inter materials-Printing Cost Subcontract Travel Costs Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment 0% deductible Meals and Entertainment 50% Deductible Meals and Entertainment 100% Deductible Memberships Miscellaneous Occupancy Costs Professional Fees Repairs & Maintenance Wage & Benefits-Salaries Wage & Benefits-CPP Expenses Wage & Benefits-EI Expenses Wage & Benefits-Holiday Pay Expenses Non-Operating Income & Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses NAME: Acc. No:- 4100 4200 5010 5020 5100 5150 5200 5230 5260 5290 5320 5330 5340 5360 5370 5380 5450 5480 5540 5580 5610 5640 5650 5660 5670 5900 5920 5990 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account Name Limerick Corporation Zara Inc. NewGen Limited AccuTax Consultants Sleep Well Bedding Corp. Ray Amusement Ltd ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account Name Oncolytics Biotech D2C Corporation High Arctic Limited HR Accountant Ltd. Enbridge Inc. Mercer Inc. NAME:
Expert Answer:
Answer rating: 100% (QA)
Solution We have seen four special journals and two special ledgers it is time to put all the pieces together Record the following transactions for Store Inc in the special journals and post to the ge... View the full answer
Related Book For
Posted Date:
Students also viewed these programming questions
-
The company selected is Johnson and Johnson. Go to the website for that company and download its most recent annual report (10-K). Locate the company's consolidated balance sheets to answer these...
-
Situation 1 Espino Company has the following stock outstanding: Common Stock Preferred Stock 100,000 shares 9,000 shares s0.50 par value s20 par, $2 dividend The amount available for dividends this...
-
Preparing a statement of cash flows for the following data below. Here is the information: Presented below are the comparative balance sheets for Gordon Company at December 31, 2013, and 2012. GORDON...
-
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost Cost per Car...
-
Suppose that two cards are dealt from a standard 52-card poker deck. Let A be the event that the sum of the two cards is 8 (assume that aces have a numerical value of 1). How many outcomes are in A?
-
Portillo Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 $10 par ordinary shares. At no time has Portillo issued any potentially dilutive securities....
-
You need to understand the approach described in question 3 in More Genetic TIPS before answering this question. A muscle-specific gene was cloned and then subjected to promoter bashing. As shown...
-
Wesley Power Tools manufactures a wide variety of tools and accessories. One of its more popular items is a cordless power handisaw. Use the following information about this product line to complete...
-
10. Suppose f(x) = x - 2. Use the centered difference method with h = 0.1 to approximate f'(1).
-
Henri of Henris French Cuisine (HFC), a chain of 12 restaurants, is trying to decide if it makes sense to outsource the purchasing function. Currently, Henri employs two buyers at an annual fixed...
-
Assume that the mother-in-law is legally required to follow the wishes stated in the will, but that no one will check and it is very unlikely that the mother-in-law will have any problem with the...
-
The A.T.A. Carnet: Question 74 options: Is generally issued by the chambers of commerce in the participating countries All of these answers are suitable Is a critical component of all RMD packages...
-
Marketing Objectives . Set marketing plan objectives for Lee's business . Identify at least two S.M.A.R.T. goals (i.e., specific, measurable, achievable, realistic (and relevant to the mission), and...
-
Q1.What more do you think the international business community could do to protect intellectual property rights? Q2.Are international companies simply afraid to speak out against counterfeiting in...
-
The FASB's Conceptual Framework describes five different measurement attributes that are currently used in accounting practice: historical cost, replacement cost, fair value, net realizable value,...
-
You have been hired as a business process consultant for a fast-food restaurant to strategically reorganize, standardize, and improve their service processes through the use of technology. Discuss...
-
NiseFoodCorporation is analyzing the possibility to acquire... NiseFoodCorporation is analyzing the possibility to acquire KradFood Corp. Kradfood earnings have been under pressure in recent years,...
-
Why are stocks usually more risky than bonds?
-
The comparative balance sheet for Two Kicks Company is as follows: The following additional information is available: a. Net income for 2012 was $50,000. b. Cash dividends of $25,000 were paid during...
-
Valley Clothing Shop is a small clothing retailer now in its fourth year of business. Through its first year of operations, Valley has operated on a pure cash or check basis. Currently, Valley has...
-
What is the effective interest method of amortization and how does it differ from the straight-line method?
-
You are in the market for a used car. At a used car lot, you know that the Blue Book value of the car you are looking at is between $15,000 and $19,000. If you believe the dealer knows as much about...
-
You wish to hire Ron to manage your Dallas operations. The profits from the operations depend partially on how hard Ron works, as follows. If Ron is lazy, he will surf the Internet all day, and he...
-
You own a house worth $800,000 that is located on a river bank. If the river floods moderately, the house will be completely destroyed. This happens about once every 50 years. If you build a seawall,...
Study smarter with the SolutionInn App