How do you get $5145 cash balance? How do you do the bank reconciliation? Which journal entries must be adjusted? I have attached the assignment part B and my excel general journal (no need to use accounting software). Some of my numbers are different but please do it with the numbers shown on this sheet. Thanks in advance.

Term Project Part A: Understanding Financial Statements Locate and use an annual report STEP 1: The Company Assigned to you Find the most recent annual report online for the Canadian public company assigned to the last 2 digits of your student number as per the table provided below. The annual report obtained from SEDAR must contain audited financial statements and the MDA (management's discussion and analysis). Last 2 Company Assigned digits of your student number 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 Last 2 Company Assigned digits of your student number 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Gildan Activewear Inc. Glencore Canada Corporation Helix BioPharma Corp. High Liner Foods Incorporated Hydro One Inc. IMAX Corporation Imperial Oil Limited Inovio Pharmaceuticals, Inc. Leon's Furniture Limited Linamar Corporation Loblaw Companies Limited Lojack Corporation lululemon athletica inc. Magna International Inc. Maple Leaf Foods Inc. Martinrea International Inc. Metro inc. Molson Coors Brewing Company Nanotech Security Corp. 19 20 Acadian Timber Corp. Acorn Energy, Inc. Adobe Systems Incorporated Advanced Micro Devices, Inc. AEterna Zentaris Inc. Ag Growth International Inc. Agrium Inc. Air Canada AlarmForce Industries Inc. ANI Pharmaceuticals, Inc. Bank of America Corporation Bank of Montreal Bank of Nova Scotia, The Barclays Bank PLC Barrick Gold Corporation BCE Inc. Brookfield Asset Management Inc Caledonia Mining Corporation Canadian Imperial Bank of Commerce Canadian National Railway Co. Canadian Oil Sands Limited 69 70 21 22 Canadian Pacific Railway Limited Canadian Tire Corporation, Ltd 71 72 National Bank of Canada Potash Corporation of Saskatchewan Inc. Rare Element Resources Ltd. Resolute Forest Products Inc. 1 Last 2 digits of your student number 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Company Assigned Canadian Western Bank Canam Group Inc. Cargojet Inc. Cascades Inc. Catalyst Paper Corporation Celator Pharmaceuticals, Inc. Celestica Inc. Cenovus Energy Inc. Cervus Equipment Corporation Chalice Gold Mines Limited Citigroup Inc. Clean Harbors, Inc. Clearwater Seafoods Inc. Cogeco Cable Inc. Contact Minerals Corp. Continental Energy Corporation Co-operators General Insurance Co. Corus Entertainment Inc. Credit Suisse AG Destiny Media Technologies Inc. DiagnoCure Inc. Domtar Corporation Eldorado Gold Corporation Electronic Cigarettes International Group, Ltd. Enbridge Inc. Exco Technologies Limited Fortis Inc. Last 2 digits of your student number 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 Company Assigned Richelieu Hardware Ltd. Rogers Communications Inc. RONA inc. Royal Bank of Canada Sears Canada Inc. Shaw Communications Inc. SNC-Lavalin Group Inc. Spectra Energy Corp Suncor Energy Inc. Telesta Therapeutics Inc. TELUS Corporation theScore, Inc. Thomson Reuters Corporation Toromont Industries Ltd. The Toronto-Dominion Bank Torstar Corporation Tyco International plc 90 91 92 Uranium Energy Corp. Visa Inc. Wells Fargo Canada Corporation 93 94 95 96 WestJet Airlines Ltd. Xenon Pharmaceuticals Inc. Xerox Corporation Yellow Pages Limited 97 98 99 ZaZa Energy Corporation ZCL Composites Inc. ZoomMed inc. STEP 2: Write the cover of your report Indicate: a. the name of the Company b. its exact website address (URL) c. the industry of the assigned company d. describe the business of the assigned company (minimum 200 words, maximum 300 words) e. properly identify the period of the annual report or financial statements f. indicate what are you reading: annual report, financial statements or proxy g. provide your name, student number, course, section, and any other piece of data that allows identifying who is making the submission. 2 STEP 3: Write the report In your report it is required to copy the questions listed below, provide the answer to each question, and indicate in which page number of the annual report or proxy document the answer you provide is found. Questions: 1. When was the MD&A dated? 2. When was the auditor's report dated? And who was the auditor? 3. Who was the Chair of the Board of Directors at the time the annual report was issued? 4. Which is the expense account with the largest amount? 5. What amount was reported for revenue (net revenue before Gross Profit) for the year and what was the change in revenue during the year from the preceding year? 6. What was a main reason given in management's discussion and analysis for this change in revenue? 7. What was the total of non-current liabilities at the end of the year? 8. What was a main reason given in management's discussion and analysis for this change in non-current liabilities? Items 9 and 10 depend on the 3rd digit of your student number counting from the right (the first 2 digits were used to identify your company, the third, must be used to identify the following 2 questions): Digit Question 9 Question 10 0 What was the total change in current What was the total of depreciation for assets during the year? the year? 1 What amount was reported for total What was the total of expenses for the assets? year? 2 What amount was reported for gross What was the total of retained earnings income/earnings? at the beginning of the year? 3 What was the total change in current Who signed off the financial statements? liabilities during the year? 4 What was the total of Accumulated What was the total of retained earnings Depreciation at the end of the year? at the end of the year? 5 What amount was reported for total Who was the Chair of the Compensation liabilities? Committee at the time the annual report was issued? 6 What was the total of interest accrued What is the basic earnings per share of the year? for the year? 7 Which is the account with the largest The Disclosure Controls and Procedures ending balance in assets? (DC&P) is included? 8 Which is the account with the largest What is the diluted earnings per share of the year? ending balance in liabilities? 9 What amount was reported for net The Internal Control over Financial income/earnings? Reporting (ICFR) is included? STEP 4: Submit the report as a Word Document. Without this format the submission will be marked as wrong. 3 Part B: Bookkeeping using Accounting Software The objective of this part is to afford students the opportunity to use accounting software so you appreciate the extent to which technology has completely transformed accounting. While the need for judgment and decisions will never disappear, the bookkeeping aspects of accounting have been largely automated. The term project requirements just scratch the surface in terms of showing the capabilities of accounting software. We hope you will take the time to view all the tutorials and do some clicking around to try out even more features. Marcia's Flowers (Version A) Marcia is a creative flower arrangement specialist that has worked for years in a high-end florist shop in Bay St., Toronto. The commute to her place of work takes more than 2 hours each way after she moved with her family to a larger, spacious house in the area of Bradford. Now she has decided to open her own florist shop located within walking distance from where she lives. Her goal include making a net profit of at least $2,700 per month which would be similar to the net salary she was receiving in the high-end florist shop in Bay St.. Marcia researched similar operations, conducted a market survey and developed a business plan. She determined her business could meet her profitability goal if she were to attend the needs of at least 2 very wealthy individuals. She also determined that for various tax and liability reasons the business should be incorporated. Marcia felt quite comfortable running her company's website that was designed by her friend Marco for $400 and it is up and running by June 1st. The $400 paid to Marco include $50 for domain registration of www.distinctionfloralcottage.com but does not include upgrades that will have to be made in ten months, so the useful life of DFA web site is 10 months. She decided to call her company Distinction Floral Arrangements. Armed with the business plan and survey results, she visited the Metro Bank and confirmed she would be able to secure a line of credit for $5,000 at 12% per year. She did the paperwork herself and had it all completed and the Business Number registered by the start of business, June 1st, 2015. She paid a total of $200 in fees and other concepts related with setting up her company. Marcia recorded all cash transactions in a journal. Her entries for June 1st 2015 through June 30th 2015 are shown on the next page. She used information from this journal, together with her knowledge of the business, and other information presented below, to prepare the financial statements. In terms of setting up her accounting system Marcia decided on the following records: Chart of Accounts, General Journal used for all adjusting and oddball entries, a Cash journal that 4 combines the Sales and Disbursements Journals. Marcia observed the following conventions when preparing the statements: Adjusting entries were made at the end of the month only, June 30th; Amounts receivable and payable are only accrued at June 30th, and her capitalization policy was to expense items that cost less than $100. Distinction Floral Arrangements Inc. Cash Journal - June 1st to June 30th, 2015 Date Chq# June 1st Payee Amount Balance Description Marcia's contribution Marcia's initial contribution 1,000 $1,000 Marcia and Husband (100) $900 Rent - garage Marcia and Husband (100) $800 Utilities Marcia and Husband Rent - car (100) $700 1 Marco (400) $300 Web site design Metro bank 3,000 $3,300 Use of line of credit Business Number Org. Set up her own company (200) $3,100 2 Flowers Bulk Market Purchase of fresh flowers (50) $3,050 3 Florist Paradise (2000) $1,050 Purchase of dry supplies th June 4 Marcia 12 $1,062 Revenue flowers June 5th Marcia 50 $1,112 Revenue simple arrangement June 6th Marcia Revenue flowers 12 $1,124 th June 7 Marcia 130 $1,254 Revenue complex arrangement June 8th 4 Flowers Bulk Mart (500) $754 Purchase of fresh flowers Marcia 166 $920 Revenue flowers and arrangements June 9th Marcia 262 $1,182 Revenue flowers and arrangements June 10th Marcia 250 $1,432 Revenue flowers and arrangements th June 11 Marcia 48 $1,480 Revenue flowers and arrangements June 12th Marcia 260 $1,740 Revenue flowers and arrangements June 15th 5 Flowers Bulk Mart (500) $1,240 Purchase of fresh flowers Marcia 320 $1,560 Revenue flowers and arrangements June 16th Marcia 399 $1,959 Revenue flowers and arrangements th June 17 Marcia 250 $2,209 Revenue flowers and arrangements th June 18 Marcia 285 $2,494 Revenue flowers and arrangements June 19th Marcia 260 $2,754 Revenue flowers and arrangements th June 22 6 Flowers Bulk Mart (500) $2,254 Purchase of fresh flowers Marcia 120 $2,374 Revenue flowers and arrangements June 23th Marcia 600 $2,974 Revenue flowers and arrangements th June 24 Marcia 120 $3,094 Revenue flowers and arrangements June 25th Marcia 600 $3,694 Revenue flowers and arrangements June 26th Marcia 80 $3,774 Revenue flowers and arrangements th June 29 7 Flowers Bulk Mart Purchase of fresh flowers (500) $3,274 Marcia 62 $3,336 Revenue flowers and arrangements June 30th Marcia 132 $3,468 Revenue flowers and arrangements Marcia TBD ???? Dividends $3,468 minus the dividends paid on June 30th End of month - cash that must be available 5 Other information (which may or may not be relevant to your bookkeeping activities) The following information is provided in a narrative format. Some of it may not be needed to complete the required. A skill set accountants must develop is being able to differentiate information that is relevant and requires recognition in the financial statements from that which does not. 1. Bank Loan: Marcia's business used $3,000 from the approved line of credit on June 1st. By June 30th the amount owed was still outstanding. 2. Marcia is the owner: On June 1st Distinction Floral Arrangements issues 10 shares to Marcia in exchange for $1,000. 3. Rent: Marcia is using a detached garage of her house as the basis of her operations. As rent she pays herself and her husband a symbolic amount of $100 per month. Another $100 are paid in concept of the business share of utilities including the telephone land line. 4. Furniture and hand tools: Marcia did not purchase any new furniture or equipment as all the elements she has for her hobby as a florist as home are now used in her business. 5. Car: Marcia has a SUV under her name that she uses to bring in materials and to make deliveries. She pays a symbolic rent for using it of $100 per month, gas included. 6. Supplies: Marcia's supplies are of two kinds: dry and wet. Dry supplies such as dirt, pots, ribbons and other decorative elements can stay in her inventory for long periods of time. Wet supplies are flowers and other living ornaments, they can stay in inventory only for a couple of days; therefore, she has decided to treat them as expenses when purchased. 7. Revenue: minor floral arrangements are paid in cash, but those more elaborated and expensive are normally paid by credit or debit card. The table below shows the number of floral arrangements made each week per type of work done (ignore credit card fees and HST). Week Flowers Simple arrangements Complex Cash arrangements receipts Credit/Debit cards receipts June 1 - 7 2 1 1 $24 $180 June 8 - 14 8 10 3 $96 $890 June 15 - 21 12 17 4 $144 $1,370 June 22 - 28 10 15 5 $120 $1,400 June 29 - 30 12 1 0 $14 $180 Total 44 44 13 $398 $4,020 6 8. Accounts Receivables: At June 30th, Distinction Floral Arrangements was owed $1,300 by Mr. Bill Gates, a very wealthiest person that has just moved in to a large and secluded cottage in the area. She knows Mr. Gates will pay her when she hands in the summary for the floral arrangements done and delivered in the month of June. 9. Dividends: Marcia projected that dividends can be paid to her by June 30th. Dividends declared and paid on Marcia's 10 shares are not shown in the cash journal but they were effectively paid on June 30th right before midnight. No other amounts were paid or owed to Marcia. Note: make the amount of dividends paid per share equal to the last 2 digits of your student number. 10. Errors: Marcia has a difference between her cash journal and the money she has at hand. She remembered that on June 12th she paid that amount for a delivery that she was unable to make. Note: make the difference between the two amounts equal to the last 2 digits of your student number. 11. Dry supplies at hand: On June 30th Marcia estimated that she still has dry supplies in stock for $1,450. 12. Income tax: Marcia estimated that the income tax accrued for the first month is $300. 13. Line of credit: Marcia is highly interested in paying back the line of credit, so she plans to take directly to the bank the collection of $1,300 from Mr. Gates. 14. Accountant's fees: Marco, who is also an accountant, has advised Marcia to set aside some money so she can pay him for his accounting services for the year. Marco normally charges $240 per year to provide full accounting services to small businesses; those services include the annual income tax and HST preparation among others. 7 Instructions and requirements for Part B STEP 1: a. Ensure you have an email account that is fully working issued by your institution (college or university) b. Sign up for the 30 day free trial for Intuit Quickbooks at quickbooks.Intuit.ca. If you have trouble pasting the URL just Google \"free trial for Quickbooks\". We use this software because it is the highest selling accounting software in North America for small businesses and individuals. You do not have to provide credit card information. All they want is your email and some demographic info. Use your email as your log in ID. You do not have to download any software, it is kept in the cloud. You have the choice of a PC or Mac version. Just sign up for the \"easystart\" version, which is the cheapest one farthest to the left. You do not need the complexity of the other versions. The first step is to personalize your company. Use your name instead of Marcia's. So if your name is Minnie Wong and your Student number is 324674333 call the company Minnie Wong's Flowers 324674333. Address and other location data can be ignored. Custom design of your invoices can be ignored. You do not need the payroll module. For type of business pick retail and you will receive a chart of accounts appropriate for a florist. Note that you can change account titles within Quickbooks to further customize. Since this term project is a bookkeeping exercise, you are theoretically competent to handle it as soon as you complete Module 5 in the course, although the bank reconciliation is taught in Module 6. If you sign up for the 30 day trial sooner than this then you are cutting into your free time. If you do not complete the project within the 30 day free trial then you have no alternative but to pay the monthly fee and register as a proper Quickbooks customer. Note that this project takes less than one day so 30 days is lots and lots of time. A couple of hints for you. First, there are Youtube videos available to help you with familiarization. Pick the ones marked 2015 version. Second, the opening interface for Quickbooks is a touch confusing because it wants you to jump right into setting up a receivables and payables subledger. You can ignore doing this and use the drop down menu to go right into journal entry mode. If you process all the transactions and adjusting entries making proper journal entries then Quickbooks does everything else for you. STEP 2: Use your software to create a set of books. Set the period as June 2015 and close the fiscal year as of June 30th of the current year. If this cannot be done, set the year end as December 31st and record all transactions as if they occurred on December. STEP 3: In preparation for your task, with paper and pencil do the following: 1) Set up the Chart of Accounts (Quickbooks gives you a starter retailer set of accounts which you then customize to meet your needs) 2) Prepare the cash bank reconciliation for June 30th, 2015. 3) Prepare the General Journal entries for the month of June 2015. (For each journal entry and adjusting journal entry it is imperative that you describe the transaction in the description column 8 followed by your own initials. Without this information the journal entry will be marked wrong) 4) 5) 6) 7) 8) Post all transactions to the T-accounts (Quickbooks does this for you) Prepare the Adjusting Journal Entries for June 2015. Post all AJE transactions to the T-accounts. (Quickbooks does this for you) Prepare a trial balance for the month of June 2015. (Quickbooks does this for you) Prepare the Financial Statements in good form for the month of June 2015. STEP 4: Prepare and print in a PDF document the Income Statement, Statement of Retained Earnings and Balance Sheet for the period and also your general journal showing your journal entries. STEP 6: Submit your work making sure you provide the following in the first page of your submission document (only one document is to be submitted): 1. Your name, student number, section, course, etc. and any other details that allows your proper identification. 2. Log in information for your Quickbooks account: name, exact link to access your trial account, user ID and password of the account that contains your bookkeeping of the transactions of this case. Make sure to detail the date of expiration of your account. 3. Based on the financial statements you've prepared, answer the following 3 questions: Indicate if the net income of the month is in line with Marcia's expectations? Make one clear suggestions of how the business can be improved so Marcia can achieve and surpass her target. Indicate which is the main risk faced by her business and how she might be able to control it. 4. State clearly that this submission is the result of your individual work, that although you might have discussed some items with others members of the class or not, this remains to be your own work and it is in fully compliance with the rules and regulations of Academic Honesty governing your Institution (university or college). 5. Include a footnote for a Summary of Significant Accounting Policies and if needed a footnote for contingency disclosures. STEP 7: Submit all the items in one PDF document following the specific instructions given by your professor. 9 1 Dr Cr 2 Dr Cr 3 Dr Cr 4 Dr Cr 5 Dr Cr 6 Dr Cr 7 Dr Cr 8 Dr Cr 9 Dr Cr 10 Dr Cr 11 Dr Cr 12 Dr Cr 13 Dr Cr 14 Dr Cr Gorgeous Tulip - General Journal for June 2016 Cash 1,900 Common Shares to record Bruno's purchase of 10 shares Rent Expense 100 Cash to pay rent for June Utilities Expense 100 Cash utilities for June Car Rent Expense 100 Cash car expenses for June Website Design 400 Marco's Expense 531 Domain Registration 69 Cash website expenses Cash 2,500 Line of Credit use line of credit at 24% apr Organization Costs 500 Cash to setup business Flowers Supply Expense 50 Cash to purchase flowers supplies Prepaid Dry Supplies 2,000 Cash to pay for dry supplies Cash 15 Revenue to record sales for flowers Cash 140 Revenue to record sales for s. arrangement Cash 15 Revenue to record sales for flowers Cash 130 Revenue to record sales for c. arrangement Flowers Supply Expense 500 Cash to purchase flowers supplies 1,900 100 100 100 AJE 1,000 2,500 AJE 500 50 2,000 15 140 15 130 500 15 Dr Cr 16 Dr Cr 17 Dr Cr 18 Dr Cr 19 Dr Cr 20 Dr Cr 21 Dr Cr 22 Dr Cr 23 Dr Cr 24 Dr Cr 25 Dr Cr 26 Dr Cr Cash Revenue to records sales Flowers Supply Expense Cash to purchase flowers supplies Cash Revenue Flowers & Arrangement to record sales Flowers Supply Expense Cash to purchase flowers supplies Cash Revenue Flowers & Arrangement to record sales Flowers Supply Expense Cash to purchase flowers supplies Cash Revenue Flowers & Arrangement to record sales Accounts Receivable Revenue Flowers & Arrangement to record sales Prepaid Accounting Services Cash set aside for Marco for the year Cash Revenue Flowers & Arrangement to record sales Credit or Debit Card Sales/Cash Revenue Flowers & Arrangement to record sales from debit/credit cards Cash Revenue Flowers & Arrangement 925 (100+300+360+140+25) 925 500 500 1,670 1,670 500 500 1,700 1,700 500 500 505 505 1,500 1,500 600 600 AJE 945 945 4,155 4,155 945 945 Adjusting Entries - June 30th 1 Dr Cr 2 Dr LoC Interest Expense LoC Interest Payable Dividends 50 Accountant Expense Prepaid Accounting Services 50 50 Cr 3 Dr Cr 50 4 Dr Cr Marco's Expense Accumulated Depr - Website 53.10 53.10 Unadjusted Trial Balance Shares Prepaid Rent, Ut, Car 1,900 300 Cash 1,900 100 100 100 2,500 1,000 500 50 2,000 Flowers Expense 50 500 500 500 500 2,050 15 140 15 130 Organization Costs 500 500 1,670 500 1,700 500 500 600 945 9,095 Marco's Expense 531 Web Design 400 925 505 945 4,155 AR 1,500 Prepaid Supplies 2,000 Domain Register 69 Revenue Revenue 15 140 15 130 925 1,670 1,700 505 1,500 945 4,155 11,700 Gorgeous Tulip Chart of Accounts Cash Prepaid Rent Prepaid Car Prepaid Utilities Line of Credit Organization Costs Flowers Supply Expense Prepaid Dry Supplies Revenue Flowers Revenue Simple Arrangement Revenue Flowers & Arrangement Revenue Complex Arrangment Accounts Receivable Website Design Marco's Expense Domain Registration Bank