Group Case Assignment-Baraco Restaurant Baraco is a very famous restaurant, located in a Banff Rocky Mountain Resort of AB. Baraco Company Ltd. is formed as a corporation January 1, 2023. As the Controller of the company, you are required to manage the following transactions, record the journal entries including the adjusting journal entries, GST returns, file a payroll return with CRA, prepare the period end financial statements, and various cost reports and financial analysis reports. Transaction 1 Transaction 1: January 1, 2023, common shares are issued for $500,000 cash Dr. Cr. Transaction 2 Due to shortage of cash for the business operations, on January 1, 2023, the company borrowed $400,000 from CIBC bank at 7.50% interest rate. The current portion of the loan is $3,687, the long-term portion is $396,313. Dr. Transaction 3 On Janauary 1, 2023, Baraco paid $4,200 to EBS Insurance for a 1-year business insurance policy with the insurance coverage beginning on Jan. 1, 2023. Dr. Transaction 4 On Jan. 1, 2023, Baraco signed a rent lease agreement with the landloard, HELMP, and paid three months rent in advance to HELMP for $105,000, $35,000 per month, sta Dr. Cr. Cr. Dr. Dr. Transaction 5 January 5, 2023, Braco purchased an office furniture for $200,000 plust GST on account from Leon's furniture store. Dr. Dr. Transaction 6 January 6, 2023, Braco hired a contractor, Universal Co. to conduct the renovation for the restaurant for $350,000 plus GST. The project was completed on January 31, 2023. $200,000 was paid in cash, the balance was on account Produce Total Dr. Dr. Dr. Dr. Transaction 7 On Jan. 10, 2023 Baraco purchased a kitchen equipment for $145,000 plus GST from K & B Food Equipment $100,000 was paid in cash, the balance was on account Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Cr. Cr. Beverage Inventory Bottle Beer Draft Beer Spirit Liquor Wine Soft Drinks Total Transaction 8 On Jan. 12, 2023, the company purchased food inventory for $45,000 from Best Food Inc. and beverage inventory for $ 63,600 from ALGC respectively on account. Assume that there is no GST charged on those food items. Please see the inventory in details below: Food Inventory: Dry Food Meat Sea Food Cr. Cr. Cr. Cr. Cr. Cr. Cr. Bottle Beer Sales Draft Beer Liquor Wine Soft Drinks Total Beverage Payment details: Cash Debit Card Credit Card $8,600 Transaction 9 On Jan. 15, Baraco sold $16,500 of food and beverage of $22,000 to customers respectively. The customers paid in cash, credit card and other payment method. Assume that Beraco uses a perpertual inventory system. Please see the information below: Food Sales $16,500 17,800 3,600 15,000 $45,000 $18,000 16,000 13,000 8,600 8,000 $63,600 $8,500 5,780 3,500 3,260 960 $22,000 $3,740 8,900 16,5

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