1. Create accounts to match the following Chart of Accounts. (30 marks)

2. Edit the current earnings account.

   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.

   GWENS WELDING

   Chart of Accounts

   1000 CURRENT ASSETS (H)

   1050 Test Balance

   1080 Bank: Chequing Account

   1100 Bank: Credit Card

   1200 Accounts Receivable

   1290 Welding Supplies

   1390 TOTAL CURRENT ASSETS (T)

   1400 CAPITAL ASSETS (H)

   1420 Welding Tools

   1450 Computers

   1480 Other Welding 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 Gwen Swift, Capital

   3600 Net Income (X)

   3690 TOTAL EQUITY (T)

   Add account balances from the following Trial Balance: (10 marks)

GWENS WELDING

Post-Closing Trial Balance

July 1, 2025

1080 Bank: Chequing Account $12 150

1100 Bank: Credit Card 200

1200 Accounts Receivable 5 000

1260 Welding Supplies 900

1420 Welding Tools 3 800

1450 Computer 1 500

1480 Other Welding Equipment 4 200

1500 Vehicle 9 000

1550 Shop 150 000

2100 Bank Loan $ 6 000

2200 Accounts Payable 1 600

2250 Credit Card Payable 1 100

2650 HST Charged on Services 950

2670 HST Paid on Purchases 750

2850 Mortgage Payable 99 000

3560 Gwen Swift, Capital ________ 78 850

$187 500 $187 500

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