Introduction to Accounting 120 Comprehensive Assignment Use the workbook that you downloaded and saved as Comp_YourName....

Transcribed Image Text:

Introduction to Accounting 120 Comprehensive Assignment Use the workbook that you downloaded and saved as Comp_YourName. Include your name and date in the yellow section of the first spreadsheet tab. Keep the Excel workbook open as you will answer all of the assignment questions in this file. Remember to save your workbook often! 1. Study the source document shown on the right and then answer the questions below on the first worksheet of the Excel workbook (labelled Question 1): a. Write out the journal entry to be made in the books of the vendor. b. Write out the journal entry to be made in the Books of the purchaser (Hint: Debit the rental expense account). c. Lauren Gallagher, owner/operator of Twilight Bridal Boutique, is purchasing these items for her daughter's upcoming wedding but is doing so through the company so that she may obtain discounted rates. How else might the journal entry appear in the books of Twilight Bridal Boutique? 6 marks Alyssa's 655 Ventura Avenue Bathurst, NB E7Y 3P2 (506) 555-3250 IN ACCOUNT WITH: TWILIGHT BRIDAL BOUTIQUE 783 WINTER STREET BATHURST, NB E3W 3K4 Terms: 2/10, 30 days Floral Design Date: April 20, 20- Quantity Description Price Total 1 Podium spray rental 125 00 125 00 2 Pedestal arrangement small rental 32 00 64 00 1 Pedestal arrangement large rental 38 00 38 00 NO. 5986 Delivery: May 28, 20-1:30 pm Ramada Inn Subtotal HST 227.00 34.05 Total 261.05 Introduction to Accounting 120 Comprehensive Assignment Use the workbook that you downloaded and saved as Comp_YourName. Include your name and date in the yellow section of the first spreadsheet tab. Keep the Excel workbook open as you will answer all of the assignment questions in this file. Remember to save your workbook often! 1. Study the source document shown on the right and then answer the questions below on the first worksheet of the Excel workbook (labelled Question 1): a. Write out the journal entry to be made in the books of the vendor. b. Write out the journal entry to be made in the Books of the purchaser (Hint: Debit the rental expense account). c. Lauren Gallagher, owner/operator of Twilight Bridal Boutique, is purchasing these items for her daughter's upcoming wedding but is doing so through the company so that she may obtain discounted rates. How else might the journal entry appear in the books of Twilight Bridal Boutique? 6 marks Alyssa's 655 Ventura Avenue Bathurst, NB E7Y 3P2 (506) 555-3250 IN ACCOUNT WITH: TWILIGHT BRIDAL BOUTIQUE 783 WINTER STREET BATHURST, NB E3W 3K4 Terms: 2/10, 30 days Floral Design Date: April 20, 20- Quantity Description Price Total 1 Podium spray rental 125 00 125 00 2 Pedestal arrangement small rental 32 00 64 00 1 Pedestal arrangement large rental 38 00 38 00 NO. 5986 Delivery: May 28, 20-1:30 pm Ramada Inn Subtotal HST 227.00 34.05 Total 261.05