ACCOUNT NAME Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance for Doubtful Accounts Inventory Deposit Prepaid Land Building A/D - Building Furniture & Equipment A/D-Fumiture & Equipment Computer Equipment ND - Computer Equipment Leasehold Improvements ND- Leasehold Improvements Investments Accounts Payable Control Accrued Accounts able GST Payable Income Taxes Payable CPP Payable El Payable Holiday Pay Payable Corporate Taxes Payable Deferred Revenue Mortgage Payable Shareholder Loan - LASKER Shareholder Loan- ARIF Common Shares Preferred Share Retained Earnings Dividends Customized Training General Training Course Materials Internal Materials-Printing Costs Subcontract Travel Costs Advertising & Promotion Amortization Bad Debts Bank Charges & Interest Donations Insurance Interest on LIT Debt Meals $ Entertainment-0% Meals & Entertainment - 50% Meals $ Entertainment- 100% Memberships Miscellaneous EAST WEST COLLEGE INC. ADJ TRIAL DEC DR-S TRIAL DECEMBER CR-S DR-S CR-S 248,552.00 1.000.000.00 238,052.00 1.000.000.00 2,500.00 0.00 111,300.00 111,300.00 9,300.00 6,255.00 0.00 58,000.00 0.00 20,000.00 28,000.00 0.00 0.00 100,000.00 0.00 300,000.00 0.00 22,125.00 25,800.00 28,800.00 5,520.00 7,000.00 2,800.00 4,000.00 3,500.00 0.00 90,000.00 90,000.00 1.500.00 0.00 80,000.00 73,752.00 73,752.00 2,000.00 0.00 980.00 1,280.00 0.00 0.00 0.00 0.00 0.00 0.00 2,484.00 2,484.00 55,300.00 24,200.00 50,000.00 0.00 0.00 100,000.00 103,320.00 103,320.00 122.165.00 122,165.00 100,00 100.00 100.00 100.00 240,732.00 240.732.00 10,000.00 10,000.00 120,000.00 120,000.00 1,402,000.00 1,452,000.00 526,745.00 475,000.00 25,000.00 25,000.00 480,400.00 480,400.00 1,962.00 1,962.00 15,900.00 15,900.00 20,456,00 0.00 9,300.00 0.00 2,125.00 1,925.00 5,000.00 5,000.00 8,000.00 24,000.00 34,200.00 33,000.00 8,555.00 8,555.00 2,700.00 2,700.00 10,260.00 10,260.00 6,000.00 18,000.00 0.00 10,500.00 11,600.00 11,600.00 11,600.00 19,600.00 500.00 500.00 84,100.00 84,100.00 NOVEMBER DR-S CR-S 200,000.00 0.00 0.00 14.700.00 0.00 10,000.00 75,000.00 0.00 100,000.00 300,000.00 22.125.00 10.000.00 2,800.00 0.00 0.00 0.00 0.00 80,000.00 12,920.00 0.00 12,050.00 4,505.00 420.00 288.00 2,200.00 22,200.00 0.00 0 100,000.00 105,000.00 125,000.00 100.00 100.00 240,732.00 10,000.00 120,000.00 1.200,000.00 475,000,00 25,000.00 440,000.00 0.00 14000.00 0.00 000 1800.00 00 24,000.00 33,000.00 2.250.00 2,460.00 6,000.00 0000 10,500.00 000 9,500.00 0.00 77,000.00 2.310.00 1,320.00 2,200.00 0.00 0.00 Occupancy Costs Professional Fees Repairs and Maintenance Wages& Benefits- Salary Wages& Benefits-CPP Wages& Benefits-El Wages& Benefits- Holiday Interest Income Gain/Loss on Disposal Income Taxes Expense 2,525.00 1,495.00 2,484.00 2,525.00 1,495.00 2,484.00 0.00 2,500.00 712,361.00 1,050,000.00 1,948,240.00 1,948,240.00 3,290,858.00 79,300.00 2,887,614.00 3,290,858.00 2,887,614.00 44 MAMF: East West College of Business and Technology Inc. 1. Introduction to the Practicum This practicum contains all the documents you (Bill Bugnay), bookkeeper, will require for East West College. This practicum is divided into four parts. The parts are: Manual Bookkeeping of the transactions of the College and the adjustments required at year end to be completed at the end of levels 1&2 of bookkeeping. Application Software entry of the same transactions given to you in the manual setting to be recorded in the Accounting Applications and verified against the Manual version to be completed after the end of the application software. 2. The instructors may assist and guide you as you work through the practicum but the course instruction and lesson material provided to you in your studies has all the knowledge you need to complete this practicum. The course instructor must be satisfied that your practicum is 100% correct before you can move on to the next level and your answer will be checked against the solutions provided to the instructors. Throughout the entire process you will be working with one set of books and transactions to show you the common thread that ties all of these pieces together. Be prepared to be elated with success, disappointed from temporary setbacks and entertained as you learn from your mistakes and see the bigger picture. You are in good hands and I wish you success as you take on this challenging endeavor. tu bue assimilation Introduction The purpose of this exercise is to prepare our students with real life examples testing your manual bookkeeping skills, using your software application knowledge. All work performed is on account (unless stated otherwise) and GST of 5% is charged(wherever 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. 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. All costs of printed course material are to be expensed if it is for a customized course as we rarely have a second use for customized material. Recorded as inventory at the time of purchase are instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until year end. 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, (Zul Ismail) 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 D3ecember 31, 20XX Year End 5. Prepare financial statements at December 31. 2 Accounting software Courses 1. Record all the transactions previously done manually into 2. Sage 50 and QuickBooks and create and print the identical financial statements, aged accounts receivable and accounts payable reports. Ensure they match the Manual Component results. General Journal: Record all required documents in this journal purposes. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the General Ledger have opening balances. Where applicable for the tax module additional information is shown in the description's column along with additional and more detailed entries. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. EAST WEST COLLEGE CHART OF ACCOUNTS ACCOUNT TITLE NUMBER Assets Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance of Doubtful Accounts Inventory Deposits Prepaid Land Building A/D-Building Furniture & Equipment A/D-Furniture & Equipment Computer Equipment A/D-Computer Equipment Leasehold Improvements A/D Leasehold improvements Investments 1010 1015 1016 1030 1031 1032 1060 1070 1130 1150 1151 1152 1160 1161 1170 1171 1180 1181 1190 ACCOUNT TITLE NUMBER LIABILITIES Accounts payable Control 2220 Payable 2250 GST Payable 2300 Income Taxes Payable 2350 CPP payable 2360 El Payable 2370 Holiday Pay Payable 2380 Corporate Taxes Payable 2400 Deferred Revenue 2500 Mortgage Payable 2700 Shareholder loan LASKERY 2800 Share holder loan ARIF 2810 Shareholders' Equity Shareholder loan LASKER Share holder loan ARIF Common Shares Preferred Shares Retained Earnings Dividends 2800 2810 3100 3200 3500 3800 3 Acc. No:- Account Title Revenue Customized Training General Training 4100 4200 Costs of Goods Sold Course Materials -Purchased Inter materials-Printing Cost Subcontract Travel Costs 5010 5020 5100 5150 Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment 0% deductible Meals and Entertainment 50% Deductible Meals and Entertainment 100% Deductible Memberships Miscellaneous Occupancy Costs Professional Fees Repairs & Maintenance Wage & Benefits-Salaries Wage & Benefits-CPP Expenses Wage & Benefits-EI Expenses Wage & Benefits-Holiday Pay Expenses 5200 5230 5260 5290 5320 5330 5340 5360 5370 5380 5450 5480 5540 5580 5610 5640 5650 5660 5670 5900 5920 5990 Non-Operating Income & Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses 4 NAME: ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account Name Limerick Corporation Zara Inc. NewGen Limited Accu Tax Consultants Sleep Well Bedding Corp. Ray Amusement Ltd ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account Name Oncolytics Biotech D2C Corporation High Arctic Limited HR Accountant Ltd. Enbridge Inc. Mercer Inc. NAME: ACCOUNT NAME Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance for Doubtful Accounts Inventory Deposit Prepaid Land Building A/D - Building Furniture & Equipment A/D-Fumiture & Equipment Computer Equipment ND - Computer Equipment Leasehold Improvements ND- Leasehold Improvements Investments Accounts Payable Control Accrued Accounts able GST Payable Income Taxes Payable CPP Payable El Payable Holiday Pay Payable Corporate Taxes Payable Deferred Revenue Mortgage Payable Shareholder Loan - LASKER Shareholder Loan- ARIF Common Shares Preferred Share Retained Earnings Dividends Customized Training General Training Course Materials Internal Materials-Printing Costs Subcontract Travel Costs Advertising & Promotion Amortization Bad Debts Bank Charges & Interest Donations Insurance Interest on LIT Debt Meals $ Entertainment-0% Meals & Entertainment - 50% Meals $ Entertainment- 100% Memberships Miscellaneous EAST WEST COLLEGE INC. ADJ TRIAL DEC DR-S TRIAL DECEMBER CR-S DR-S CR-S 248,552.00 1.000.000.00 238,052.00 1.000.000.00 2,500.00 0.00 111,300.00 111,300.00 9,300.00 6,255.00 0.00 58,000.00 0.00 20,000.00 28,000.00 0.00 0.00 100,000.00 0.00 300,000.00 0.00 22,125.00 25,800.00 28,800.00 5,520.00 7,000.00 2,800.00 4,000.00 3,500.00 0.00 90,000.00 90,000.00 1.500.00 0.00 80,000.00 73,752.00 73,752.00 2,000.00 0.00 980.00 1,280.00 0.00 0.00 0.00 0.00 0.00 0.00 2,484.00 2,484.00 55,300.00 24,200.00 50,000.00 0.00 0.00 100,000.00 103,320.00 103,320.00 122.165.00 122,165.00 100,00 100.00 100.00 100.00 240,732.00 240.732.00 10,000.00 10,000.00 120,000.00 120,000.00 1,402,000.00 1,452,000.00 526,745.00 475,000.00 25,000.00 25,000.00 480,400.00 480,400.00 1,962.00 1,962.00 15,900.00 15,900.00 20,456,00 0.00 9,300.00 0.00 2,125.00 1,925.00 5,000.00 5,000.00 8,000.00 24,000.00 34,200.00 33,000.00 8,555.00 8,555.00 2,700.00 2,700.00 10,260.00 10,260.00 6,000.00 18,000.00 0.00 10,500.00 11,600.00 11,600.00 11,600.00 19,600.00 500.00 500.00 84,100.00 84,100.00 NOVEMBER DR-S CR-S 200,000.00 0.00 0.00 14.700.00 0.00 10,000.00 75,000.00 0.00 100,000.00 300,000.00 22.125.00 10.000.00 2,800.00 0.00 0.00 0.00 0.00 80,000.00 12,920.00 0.00 12,050.00 4,505.00 420.00 288.00 2,200.00 22,200.00 0.00 0 100,000.00 105,000.00 125,000.00 100.00 100.00 240,732.00 10,000.00 120,000.00 1.200,000.00 475,000,00 25,000.00 440,000.00 0.00 14000.00 0.00 000 1800.00 00 24,000.00 33,000.00 2.250.00 2,460.00 6,000.00 0000 10,500.00 000 9,500.00 0.00 77,000.00 2.310.00 1,320.00 2,200.00 0.00 0.00 Occupancy Costs Professional Fees Repairs and Maintenance Wages& Benefits- Salary Wages& Benefits-CPP Wages& Benefits-El Wages& Benefits- Holiday Interest Income Gain/Loss on Disposal Income Taxes Expense 2,525.00 1,495.00 2,484.00 2,525.00 1,495.00 2,484.00 0.00 2,500.00 712,361.00 1,050,000.00 1,948,240.00 1,948,240.00 3,290,858.00 79,300.00 2,887,614.00 3,290,858.00 2,887,614.00 44 MAMF: East West College of Business and Technology Inc. 1. Introduction to the Practicum This practicum contains all the documents you (Bill Bugnay), bookkeeper, will require for East West College. This practicum is divided into four parts. The parts are: Manual Bookkeeping of the transactions of the College and the adjustments required at year end to be completed at the end of levels 1&2 of bookkeeping. Application Software entry of the same transactions given to you in the manual setting to be recorded in the Accounting Applications and verified against the Manual version to be completed after the end of the application software. 2. The instructors may assist and guide you as you work through the practicum but the course instruction and lesson material provided to you in your studies has all the knowledge you need to complete this practicum. The course instructor must be satisfied that your practicum is 100% correct before you can move on to the next level and your answer will be checked against the solutions provided to the instructors. Throughout the entire process you will be working with one set of books and transactions to show you the common thread that ties all of these pieces together. Be prepared to be elated with success, disappointed from temporary setbacks and entertained as you learn from your mistakes and see the bigger picture. You are in good hands and I wish you success as you take on this challenging endeavor. tu bue assimilation Introduction The purpose of this exercise is to prepare our students with real life examples testing your manual bookkeeping skills, using your software application knowledge. All work performed is on account (unless stated otherwise) and GST of 5% is charged(wherever 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. 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. All costs of printed course material are to be expensed if it is for a customized course as we rarely have a second use for customized material. Recorded as inventory at the time of purchase are instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until year end. 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, (Zul Ismail) 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 D3ecember 31, 20XX Year End 5. Prepare financial statements at December 31. 2 Accounting software Courses 1. Record all the transactions previously done manually into 2. Sage 50 and QuickBooks and create and print the identical financial statements, aged accounts receivable and accounts payable reports. Ensure they match the Manual Component results. General Journal: Record all required documents in this journal purposes. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the General Ledger have opening balances. Where applicable for the tax module additional information is shown in the description's column along with additional and more detailed entries. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. EAST WEST COLLEGE CHART OF ACCOUNTS ACCOUNT TITLE NUMBER Assets Cash Term Deposit Accrued Interest Receivable Accounts Receivable Control Allowance of Doubtful Accounts Inventory Deposits Prepaid Land Building A/D-Building Furniture & Equipment A/D-Furniture & Equipment Computer Equipment A/D-Computer Equipment Leasehold Improvements A/D Leasehold improvements Investments 1010 1015 1016 1030 1031 1032 1060 1070 1130 1150 1151 1152 1160 1161 1170 1171 1180 1181 1190 ACCOUNT TITLE NUMBER LIABILITIES Accounts payable Control 2220 Payable 2250 GST Payable 2300 Income Taxes Payable 2350 CPP payable 2360 El Payable 2370 Holiday Pay Payable 2380 Corporate Taxes Payable 2400 Deferred Revenue 2500 Mortgage Payable 2700 Shareholder loan LASKERY 2800 Share holder loan ARIF 2810 Shareholders' Equity Shareholder loan LASKER Share holder loan ARIF Common Shares Preferred Shares Retained Earnings Dividends 2800 2810 3100 3200 3500 3800 3 Acc. No:- Account Title Revenue Customized Training General Training 4100 4200 Costs of Goods Sold Course Materials -Purchased Inter materials-Printing Cost Subcontract Travel Costs 5010 5020 5100 5150 Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment 0% deductible Meals and Entertainment 50% Deductible Meals and Entertainment 100% Deductible Memberships Miscellaneous Occupancy Costs Professional Fees Repairs & Maintenance Wage & Benefits-Salaries Wage & Benefits-CPP Expenses Wage & Benefits-EI Expenses Wage & Benefits-Holiday Pay Expenses 5200 5230 5260 5290 5320 5330 5340 5360 5370 5380 5450 5480 5540 5580 5610 5640 5650 5660 5670 5900 5920 5990 Non-Operating Income & Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses 4 NAME: ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account Name Limerick Corporation Zara Inc. NewGen Limited Accu Tax Consultants Sleep Well Bedding Corp. Ray Amusement Ltd ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account Name Oncolytics Biotech D2C Corporation High Arctic Limited HR Accountant Ltd. Enbridge Inc. Mercer Inc. NAME