Account types are shown in brackets beside the account.

(A) = Subgroup(S) = Subgroup total(H) = Heading(T) = Total(X) = Current Earnings

All other accounts (unmarked) are Group accounts.

EMILE'S MACHINING

Chart of Accounts

1000 CURRENT ASSETS (H)

1050 Test Balance

1080 Bank: Chequing Account

1100 Bank: Credit Card

1200 Accounts Receivable

1290 Machining Supplies

1390 TOTAL CURRENT ASSETS (T)

1400 CAPITAL ASSETS (H)

1420 Grinders

1450 Computers

1480 Other Machining Equipment

1500 Vehicle

1550 Shop

1590 TOTAL CAPITAL ASSETS (T)

2000 CURRENT LIABILITIES (H)

2100 Bank Loan

2200 Accounts Payable

2250 Credit Card Payable

2650 HST Charged on Services (A)

2670 HST Paid on Purchases (A)

2750 HST Owing (Refund) (S)

2790 TOTAL CURRENT LIABILITIES (T)

2800 LONG TERM LIABILITIES (H)

2850 Mortgage Payable

2890 TOTAL LONG TERM LIABILITIES (T)

3000 EQUITY (H)

3560 Emile Hope, Capital

3600 Net Income (X)

3690 TOTAL EQUITY (T)

4000 REVENUE (H)

4020 Revenue from Services

4100 Sales Allowances

4200 Sales Discounts

4390 TOTAL REVENUE (T)

5000 EXPENSES (H)

5020 Advertising

5030 Bank and Credit Card Fees

5040 Cleaning and Maintenance

5060 Hydro Expense

5220 Insurance Expense

5240 Interest Expense

5260 Telephone Expense

5270 Payroll Service Fees

5280 Machining Supplies Used

5590 TOTAL EXPENSES (T)

Print the Chart of Accounts.

1.Add account balances from the following Trial Balance:

EMILE'S MACHINING

Post-Closing Trial Balance

July 1, 2022

1080 Bank: Chequing Account$12 150

1100 Bank: Credit Card 200

1200 Accounts Receivable 5 000

1260 Machining Supplies900

1420 Machining Tools3 800

1450 Computer1 500

1480 Other Machining Equipment4 200

1500 Vehicle9 000

1550 Shop150 000

2100 Bank Loan$ 6 000

2200 Accounts Payable1 600

2250 Credit Card Payable1 100

2650 HST Charged on Services 950

2670 HST Paid on Purchases750

2850 Mortgage Payable99 000

3560 Emile Hope, Capital________78 850

$187 500$187 500

Hint: Remember to use account 1050 Test Balance for out of balance amounts.

Print the Trial Balance.