Grade $12$ Accounting Final Project

You have been retained by Alexander DeLarge owner of Large Appliances to complete the quarterly accounting tasks. The previous accountant left after $2$ months, and the data provided is for the last month of the quarter. There are five tasks that you must complete. The business is a merchandising company that uses the periodic inventory system.

Task $1$: Open the five journals. Open the ledgers and forward the balances provided in the trial balance. In the appropriate journals record the transactions. Post the transactions into the appropriate ledgers.

Task $2$: Prepare the adjustments and complete the quarterly worksheet for June. The owner also provided the following information:

The equipment depreciates at a rate of $20\%$ per year using the declining balance method.

The insurance policy is for one year. Three months of the policy have elapsed. The $12-$month cost was $$4200.$

At the end of the quarter there were $$325$ worth of supplies on hand.

Salaries of $$3500$ are owed to employees.

Interest totalling $$650$ will be owed on the bank loan on September ${30}^{th}(3$ months from date of your trial balance$)$

The ending merchandise inventory was $$115,000.$ The business uses the periodic inventory method.

The business uses the income statement method of estimating bad debts. The business's losses are usually $2\%$ of net sales.

The petty cash fund is $$150.$

Task $3$: Prepare the schedule of cost of goods sold, schedule of accounts receivable, schedule of accounts payable, the classified income statement, and the classified balance sheet for June.Task $4$: Prepare the adjusting, and closing entries in the general journal and general ledger.

Task $5$: Prepare the post$-$closing trial balance

Transactions:

$\backslash$table$[[$June $1^{st},\backslash$table$[[$Purchased merchandise from Harold's$],[$Wholesales $$10,000$ plus HST $(13\%).$ Terms$],[2/15$ N$/30$ Invoice $54321],[$Issued Cheque $29$ to Will's Warehouse for$],[$balance owing less $2\%$ discount.$]]],[$June $3^{rd},\backslash$table$[[$Received Cheque $12$ from Bob Smith for$],[$balance owing less $1\%$ discount.$],[$Sold merchandise to John Adams $$2,500$ plus$],[$HST$.$ Terms $2/5$n$/30$ Invoice $1321]]],[$June $6^{th},\backslash$table$[[$Sold merchandise to Heather Doe $$1,000$ plus$],[$HST$.$ Cash sales slip $1091]]],[$June $7^{th},\backslash$table$[[$Purchased merchandise from Bill's Boutique$],[$$$2,500$ plus HST$.$ Terms $2/10$ N$/30$ Invoice $5190]]],[$June ${11}^{th},\backslash$table$[[$Returned merchandise valued at $$125$ plus$],[$taxes to Bill's Boutique. Discount period$],[$adjusted to start for today. Credit Invoice $1211]]],[$June ${12}^{th},\backslash$table$[[$Heather Doe returned merchandise valued at$],[$$$100$ plus taxes and received original payment$],[$method$.$ Credit Invoice $112]]],[$June ${15}^{th},\backslash$table$[[$Cash Sales Invoices$],[55554$ $$125\mathrm{.}99$ Plus HST$],[55555$ $$350\mathrm{.}00$ Plus HST$],[55556$$$99\mathrm{.}99$ Plus HST$]]],[$June ${18}^{th},\backslash$table$[[$Purchase Invoices$],[19996$ From John's Shipping and Receiving to$],[$transport merchandise to customers. $$250$ plus$],[$taxes$.],[19998$ From John's Shipping and Receiving to$],[$transport merchandise to the store. $$315$ plus$],[$taxes$.]]],[$June ${18}^{th},\backslash$table$[[$Petty Cash vouchers.$],[$A$.$Delarge Drawings $$25$

Additional Accounts Required

$\backslash$table$[[$Account Name,Account Number$],[$Allowance for Doubtful Accounts,$111],[$Salaries Payable,$215],[$Interest Payable,$220],[$Income Summary,$302],[$Depreciation Expense,$608],[$Insurance Expense,$609],[$Supplies Expense,$610],[$Bad Debts Expense,$611],[$Interest Expense,$612]]$

$\backslash$table$[[$Large Appliances$],[$Schedule of

Accounts Receivable$],[$May $311^{st}2024$

Do All $5$ tasks and show journals, ledgers, schedules, and whatever else the tasks are asking