$10-527$

Challenge Exercise $\}\{10\}-2($Chapters $9-10),$ City Gravel Month$-$End Procedures Review: COMPANY, PAYABLES, RECEIVABLES and INVENTORY & SERVICES

This exercise is a revlow of morith$-$end procedurs and your$-$end procedures.

Refer to Exercise $1-16$ to unzp the $10$ cio$-2$ Gravel.exe flie.

Open the $10$ Ci$0-2$ Gravel tle.

Record the following December $31,$ month$-$end adustrents for Cly Gravel. City Gravel uses the COMPANY, PAYABEES, RECENABLES, and INVENTORY $8$ SERVICES modules and does not use the Acoount Roconcilation joumal.

a$)$ Bark service charges for the morith are estiruated to be $$37\mathrm{.}90.$

b$)$ The Propald inaurance account batance leprosonts $3$ months' insurance that has not been used as of Decomber $1.$ Adfust the account accordinoly.

c$)$ The value of the Office Supplios on hand was counted, and is $$266.$D$0.$

d$)$ Depreciation of Equpment is estimated at $$8,760\mathrm{.}00$ for the year and has been recordoct for $11$ months.

Depreciation of Ollico Fumiture is estimated at $$3,120,00$ for the year and has been recorded for $11$ months.

$.$ The managor forgat to create an invoice for $40$ cubic yards of mediam gravel at $$186,00$ per cuble yard, plus HST$,$ to a new customer, Your Narne Builders. Your actual flist and last name for thits cusfonter datod Decomber $31$ i$,$ with credit terms $\frac{2}{10}$ net $30$ days.

The long$-$tern bank loan acranpod on Nowember $30,2023,$ with the Bank of Montreal is for a $5.$ your period at an hletrest rate at $8\%($effective monthiy rate of $0\mathrm{.}6434\%).$ The Decamber $31,$ $$23610$ monthly payment $($including interest of $$7531)$ has not been made or fecorded.

h$)$ Koith Barrett is a part$-$lime employee. The manager made an entor in Mr$.$ Barretrs time$-$sheet and M: Barratt was underpaid by $$58\mathrm{.}00$ for the period enting December $31.$ City Gravel charges all salaces and wages to Pr Crow Wapes Expense $15310.$ The $$5800$ will be paid With the next paychoque. Accrio the woges for the December period $($ignore CPP and E$))$

Print Alt Journal Entrles for the entries abowe,

$5>$ Print a Trial Balance as at December $31$

$6>$ Back up your data before moving on$,$

Your instructor maty tequire you to:

i$)$ Advance the dote to dansary $1$ to close the current year and move into $2025.($Do not allow trarisections dated before Jan $01,2025)$

i$)$ Close the Drawings Account and reverse the approprate accruals on January $2.$

If required, print All Joumal Entries for the January entrles above.