Assignment # 6 Banking, Taxes and Credit Cards [5%]

This assignment relates to the following Course Learning Requirements:

CLR 1: Using accounting software, identify ad use the basic features, modules and aids to produce reliable and accurate financial information

CLR 3: Using accounting software, record all transaction in the accounting cycle

CLR 5: Using accounting software, produce and export management reports and financial statements

Objective of this Assignment:

The objective of this Assignment is to ensure students understand the concept of banking, applying taxes and using credit cards.

Assignment Scenario

In this assignment, you will be completing sales deposits in multiple bank accounts and account numbers for Curlys Cabinets. which is in Lindsay, Ontario. It is owned and operated by Charles (Curly) Cutter in the garage attached to his home, which he converted into a spacious shop. Curly builds custom-made wooden furniture cabinets, bedroom suite, wall units, bookshelves, plate rails and a wide variety of other furnitures. He sells some smaller pieces and provided craftmanship to other customers. At the end of September 2019, Curly is ready to enter the last month of transaction for his fiscal year and close the books. He converted his accounting records to QuickBooks and would like your assistance in achieving this.

Pre-Assignment Instructions:

1. To prepare you for this assignment, please read the content in Chapter 8: Curly Cabinets, from QuickBooks and follow the embedded learning activities.
2. The assigned readings can be found from pages 407- 465, within this Chapter and will help you to successfully complete this Assignment.

Assignment Tasks:

1. Open the QuickBooks application software and use it to open the applicable data file found either on the DVD that came with the textbook or posted on BrightSpace under Activities and assignments.
2. To complete the assigned readings and learning activities, follow the chapter step by step and page by page. Enter each transaction based on the information provided in the source documents.
3. After entering all the source documents, go to:
   • Choice report menu and click report center
   • Then click the report icon on the top icon bar
   • Then select the reports to be submitted.
4. Once the reports have been selected:
   • Click excel
   • Create a new worksheet
   • Click export.
5. In order to submit your assignment into one excel workbook, you will need to cut and paste each report into ONE excel workbook.
6. Check to ensure that the asset and expense accounts have the correct debit balances
7. Check to ensure that revenue and liabilities account have the correct credit balances

Submissions

You should be submitting one Excel file that contains one worksheet for each of the following reports:

1. Trial Balance dated October 31, 2019
2. one sheet for all your Journal Entries for the month of October (October 1 - 31, 2019); and
3. one sheet for Reconciliation Summary 2200 Visa Payable as at October 31, 2019.

SCORING RUBRIC CURLYS CABINETS [5%]

ITEM	REQUIREMENTS	MARK
Trial Balance	Heading is complete with Company Name, Name of report and date centered at the top three lines All accounts with balances are listed with account numbers All assets, drawings and expenses are in the debit column All liabilities, capital and revenues are in the credit column Both columns are totaled Totals are equal Total have a single line above and double line under	/ 35
Journal Entries	Heading is complete with Company Name, Name of report and date centered at the top three lines All required journal entries are included (corrections are excluded) All expenses are in the debit column All revenues are in the credit column Both columns are totaled Totals are equal Total have a single line above and double line under	/ 5
Reconciliation Summary - 2200	Heading is complete with Company Name, Name of report and date centered at the top three lines Correct Bank Account selected and transaction report for 2200 Correct report prepared Report dated correctly	/15
Format	Assignment submitted in Excel Format All reports included in ONE workbook All required reports included Consistent format through workbook	/5
	TOTAL	/60