General Ledger Accounts Account: Cash Date Description Opening Balance Account: Date Petty Cash Description Opening Balance Account: Date Accounts Receivable Description Opening Balance Account: Date Merchandise Inventory Description Opening Balance Account: Date Prepaid Insurance Description Opening Balance PR DR CR PR DR CR GL No: 101 Balance (DR or CR) 81,240.00 DR GL No: 105 Balance (DR or CR) 0.00 DR GL No: PR DR CR 110 Balance (DR or CR) 30,090.00 DR GL No: PR DR CR PR DR CR 120 Balance (DR or CR) 27,600.00 DR GL No: 125 Balance (DR or CR) 9,200.00 DR Account: Equipment Date Description Account: Date Opening Balance PR DR CR GL No: 140 Balance (DR or CR) 175,000.00 DR GL No: PR CR Accumulated Depreciation Description Opening Balance 145 Balance (DR or CR) 92,000.00 CR Account: Accounts Payable GL No: 200 Date Description PR DR CR Opening Balance Balance (DR or CR) 29,200.00 CR Account: Interest Payable GL No: 205 Date Description PR DR CR Opening Balance Balance (DR or CR) 0.00 CR Account: CPP Payable GL No: 220 Date Description PR DR CR Opening Balance Balance (DR or CR) 0.00 CR Account: El Payable GL No: 225 Date Description PR DR CR Opening Balance Balance (DR or CR) 0.00 CR Account: Date Income Tax Payable Description Opening Balance PR DR CR GL No: 230 Balance (DR or CR) 0.00 CR Account: Date Account: Date Salarles Payable Description Opening Balance Unearned Revenue Description Opening Balance Account: Bank Loan Date Description Opening Balance PR DR CR GL No: 235 Balance (DR or CR) 9,600.00 CR GL No: PR DR CR 240 Balance (DR or CR) 17,000.00 CR GL No: PR DR CR 245 Balance (DR or CR) 56,400.00 CR Account: Common Shares GL No: 300 Date Description PR DR CR Opening Balance Balance (DR or CR) 93,200.00 CR Account: Retained Earnings GL No: 305 Date Description PR DR CR Opening Balance Balance (DR or CR) 25,730.00 CR Account: Sales Revenue GL No: Date Description PR DR CR 400 Balance (DR or CR) Account: Date Account: Date Sales Discounts Description PR DR CR Sales Returns and Allowances Description PR DR CR GL No: 405 Balance (DR or CR) GL No: 410 Balance (DR or CR) Account: Date Account: Date Interest Revenue Description Cost of Goods Sold Description PR DR CR PR DR CR Account: Employee Benefits Expense Date Description PR CR Account: Depreciation Expense Date Description PR DR CR Account: Insurance Expense Date Description Account: Date Account: Date Account: Date Interest Expense Description Office Supplies Expense Description Rent Expense Description PR CR PR DR CR GL No: 420 Balance (DR or CR) GL No: 500 Balance (DR or CR) GL No: 510 Balance (DR or CR) GL No: 515 Balance (DR or CR) GL No: 520 Balance (DR or CR) GL No: 525 Balance (DR or CR) GL No: PR DR CR 530 Balance (DR or CR) PR CR GL No: 535 Balance (DR or CR) Account: Date Account: Date Salaries Expense Description Bank Charges Expense Description Account: Entertainment Expense Date Description Account: Date Account: Date Shipping Expense Description Cash Over and Short Description PR DR CR PR DR CR PR DR CR GL No: 540 Balance (DR or CR) GL No: 545 Balance (DR or CR) GL No: 555 Balance (DR or CR) GL No: PR DR CR 560 Balance (DR or CR) PR DR CR GL No: 565 Balance (DR or CR) Notes: Round unit cost to 2 decimal places, then apply to quanity sold when determining total cost of goods sold. Use this chart to keep track of inventory values The inventory figure includes 1,200 units purchased at $23.00 each. Purchases Date Quantity Unit Cost Value Quantity Sales Unit Cost Value Quantity Balance Unit Cost Value 1,200 23.00 27,600.00 Review Assignment #2: Goulet Inc. Goulet Inc., set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Lawrence Goulet. You were hired to account for transactions for the month of August 2023, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at July 31, 2023, is presented below. Goulet Inc. Classified Balance Sheet As at July 31, 2023 Assets Cash $81,240 Accounts Receivable 30,090 Merchandise Inventory 27,600 Prepaid Insurance 9,200 Total Current Assets 148,130 Long-Term Assets Equipment 175,000 Accumulated Depreciation -92,000 83,000 Total Assets $231,130 Liabilities Current Liabilities Accounts Payable $29,200 Unearned Revenue $17,000 Salaries Payable $9,600 Current Portion of Bank Loan 22,560 Total Current Liabilities $78,360 Non-Current Liabilities Non-Current Portion of Bank Loan 33,840 Total Liabilities Shareholders' Equity Common Shares $112,200 93,200 Retained Earnings Total Shareholders' Equity Total Liabilities & Equity 25,730 118,930 $231,130 Notes Relating to Balances: Customers and balances Suppliers and Balances Vachon Inc. $7,120 Design Shirts Co. $15,400 Dunn Inc. $9,250 Printed Shirts Corp. $8,300 Picard Inc. $6,620 Gabe Clothing Co. $5,500 Moreau Inc. $4,100 Total $29,200 Duncan Inc. $3,000 Total $30,090 The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,880. Page 1 The Chart of Accounts (GL no.) is shown below: Account Description Account # Account Description Account # ASSETS REVENUE Cash 101 Sales Revenue 400 Petty Cash 105 Sales Discounts 405 Accounts Receivable 110 Sales Returns and Allowances 410 Merchandise Inventory 120 Interest Revenue 420 Prepaid Insurance 125 Other Income 430 Equipment 140 EXPENSES Accumulated Depreciation 145 Cost of Goods Sold 500 LIABILITIES Employee Benefits Expense 510 Accounts Payable 200 Depreciation Expense 515 Interest Payable 205 Insurance Expense 520 CPP Payable 220 Interest Expense 525 El Payable 225 Office Supplies Expense 530 Income Tax Payable 230 Rent Expense 535 Salaries Payable 235 Salaries Expense 540 Unearned Revenue 240 Bank Charges Expense 545 Bank Loan 245 Maintenance Expense 550 SHAREHOLDERS' EQUITY Entertainment Expense 555 Common Shares 300 Shipping Expense 560 Retained Earnings 305 Cash Over and Short 565 Required: a) Prepare the journal entries for the month of August. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook. b) Post the above journal entries to the general ledger accounts. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts. e) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. f) Answer the analysis questions from 'a' to 'i' found under the financial statements tab of this workbook.