1. Record all the transactions previously done manually into The purpose of this exercise is to prepare our students with real life examples testing your manual 2. Sage 50 and QuickBooks bookkeeping skills, using your software application knowledge. and create and print the identical financial statements, aged accounts receivable and accounts All work performed is on account (unless stated otherwise) and GST of 5% is charged (wherever payable reports. Ensure they match the Manual Component results. 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. General Journal: Record all required documents in this journal purposes. 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. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the All costs of printed course material are to be expensed if it is for a customized course as we rarely General Ledger have opening balances. Where applicable for the tax module additional information is shown in the descriptions column along with additional and more detailed have a second use for customized material. Recorded as inventory at the time of purchase are entries. instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until year end. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. 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, (Barb Star) 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 December 31, 20XX Year End 5. Prepare financial statements at December 31 . CHART OF ACCOUNTS BALANCE SHEET INCOME STATEMENT Number Account Title Revenue Customized Training General Training 4100 Costs of Goods Sold Course Materials -Purchased 5010 Inter materials-Printing Cost Sub Contract 5020 Travel Costs 5150 Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment Meals and Entertainment Meals and Entertainment Memberships Miscellaneous Occupancy Costs Professional Fees Repairs \& Maintenance Wage \& Benefits-Salaries Wage \& Benefits-CPP Expenses Wage \& Benefits-EI Expenses Wage \& Benefits-Holiday Pay Expenses 5200523052605290532053305340536053705380545054805540558056105640565056605670 Non-Operating Income \& Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses CASH ACCOUNT NO. 1015 1. Record all the transactions previously done manually into The purpose of this exercise is to prepare our students with real life examples testing your manual 2. Sage 50 and QuickBooks bookkeeping skills, using your software application knowledge. and create and print the identical financial statements, aged accounts receivable and accounts All work performed is on account (unless stated otherwise) and GST of 5% is charged (wherever payable reports. Ensure they match the Manual Component results. 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. General Journal: Record all required documents in this journal purposes. 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. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the All costs of printed course material are to be expensed if it is for a customized course as we rarely General Ledger have opening balances. Where applicable for the tax module additional information is shown in the descriptions column along with additional and more detailed have a second use for customized material. Recorded as inventory at the time of purchase are entries. instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until year end. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. 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, (Barb Star) 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 December 31, 20XX Year End 5. Prepare financial statements at December 31 . CHART OF ACCOUNTS BALANCE SHEET INCOME STATEMENT Number Account Title Revenue Customized Training General Training 4100 Costs of Goods Sold Course Materials -Purchased 5010 Inter materials-Printing Cost Sub Contract 5020 Travel Costs 5150 Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment Meals and Entertainment Meals and Entertainment Memberships Miscellaneous Occupancy Costs Professional Fees Repairs \& Maintenance Wage \& Benefits-Salaries Wage \& Benefits-CPP Expenses Wage \& Benefits-EI Expenses Wage \& Benefits-Holiday Pay Expenses 5200523052605290532053305340536053705380545054805540558056105640565056605670 Non-Operating Income \& Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses CASH ACCOUNT NO. 1015