- Complete the chart of accounts provided by giving each account an appropriate number. Remember assets must start with a 1, liabilities with a 2, capital and drawings with a 3, revenue with a 4, and expenses with a 5. When you number your accounts, go up by 5. You do not need to put opening balances for these accounts.
- Journalize the transactions for November using the manual worksheets or electronic journal template provided. You will need to use multiple journal pages to record all transactions. One page in Google Sheets should be to row 50 before you create a new journal page. Page your journal pages accordingly.
- Post from the journal to the corresponding ledger accounts … you can use the electronic ledger template provided. Suggestion: organize your tabs into 3 ledgers (asset, liability, and equity) with the corresponding accounts in each. You will need to # your accounts according to the Chart of Accounts found in the first tab.
- Make sure you fill in the PR column in both your journal and the ledgers.
- Prepare a Trial Balance for the last day of the month.
- Prepare an Income Statement for the fiscal period.
- Prepare a Balance Sheet for the last day of the month.
TRANSACTIONS TO JOURNALIZE BELOW:
– You, the owner, invested $2,400 cash and $150 of supplies to start your business. Name your business with whatever you would like it to be called … be realistic.
– Your awesome presentation and marketing plan that you submitted to the Province of Ontario’s Summer Company program for students resulted in a grant for $3,000 that you can use towards your business. Great Work! Make sure you record it. This is a loan.
– You pay for November’s rent by issuing Cheque #001 for $625.
– You purchase a tablet for $860, plus HST on account from Best Buy. Invoice #514
– You issue Cheque #002 to purchase supplies for $100, plus HST.
– You perform a service on account for $1,350 plus HST to A. Merenda by issuing Sales Invoice #001.
– You perform a service for $520 plus HST. The customer pays cash and you issue Cash Sales Slip #001.
– You now need to buy a new piece of equipment. For this transaction, you will need to research the equipment needed as it should match the type of service you provide. Indicate what it is and purchase it on account and don’t forget to add HST to this transaction. This is Purchase Invoice #742.
– You need some personal cash. How much do you need? Indicate the amount by recording the correct transaction. You write yourself Cheque #003
– You perform a service for $700 plus HST. The customer pays cash and you issue Cash Sales Slip #002.
– Surprise! A. Merenda makes a $170 payment on account. You issue Cash Receipts Daily Summary #001.
– You perform a service for $1,500 plus HST. The customer pays cash and you issues Cash Sales Slip #003.
– Business is booming and you hire your sibling as a part time employee and agree to pay them $300/week. Hint: This is not a transaction.
– You run an advertisement in the Richmond Hill Times. You receive Purchase Invoice #213 for $300 + HST on account.
– You perform a service on account to D. Todde for $600 + HST by issuing Sales Invoice #002.
– You purchase Furniture from Leon’s on account to spruce up your office. Leon’s issues you Purchase Invoice #888 for $425 + HST.
– Surprisingly you pay your sibling their weekly wage by issuing Cheque #004. This transaction is exempt from HST.
– As expected you receive a payment on account from D. Todde $240 and you issue Cash Receipts Daily Summary #002.
– You issue Cheque #005 to make a partial payment on account to the creditor from the Nov. 06 transaction. You must determine the amount of the PARTIAL payment.
– You pay your sibling their weekly wage by issuing Cheque #006
– You receive a purchase invoice from Richmond Hill Hydro for November’s utilities of $175 + HST. You do not pay this at this time. You can make up a number for this purchase invoice for reference purposes.
– You need to prepare a remittance to the government; make sure you look at both the HST Recoverable and Payable balances in the ledger prior to recording this transaction. After journalizing this entry do NOT post it to the Ledger. This way these accounts will still appear on your Trial Balance and Balance Sheet with the balances prior to this journal entry.
It’s that simple.Pay only when you are satisfied.
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