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ACCT1030 - Quiz #5 (Winter 2017) - Kathy Faber Version 1 You are required to read the following before commencing with the test. Important: You have 45 minutes to complete this test. All answers are to be recorded in this booklet. You may use a BAII Plus calculator. Programmable calculators are not permitted. Sections Part I Part II # of Questions Type Special Journals Bank Reconciliation TOTAL 1 1 Name: Marks 43 17 60 Student Grade Section: Student No: This is a take-home quiz. Please print and staple this quiz, answer the questions on this paper, and submit your completed quiz at the beginning of class on Thursday, April 6, 2017. Page 1 Part I Special Journals (43 marks) Step On It is a small shoe retailer. The following is a list of transactions for the month of June. June 5 Received a bill (Invoice #5780) for $4,000 worth of supplies from Runner which will be paid next month June 9 Received a bill from Telly (Invoice #167) for $200 for telephone services June 12 Paid previous amount owing (Invoice #5779) to Runner (Cheque #201) June 21 Handed over cheque #202 to Jumper for $3,500 worth of inventory June 22 Paid amount owing (Invoice #166) to Telly for telephone services previously incurred with cheque #203 June 25 Paid $300 to Daley, for maintenance expenses (Cheque #204) June 26 Received bill from Walker (Invoice #113) for $4,200 worth of inventory 4,000 200 3,500 300 4,200 Required: a) Record the above entries in the appropriate journal. b) Post the entries in the subledger accounts. c) At the end of the month, total the special journals and update the control account. Purchases Journal Date Account Invoice # Telephone Expense (DR) PR Office Supplies (DR) Inventory (DR) Inventory (DR) Accounts Payable (DR) Cash Payments Journal Date Account Chq # PR Other (DR) Page 2 Page 1 Accounts Payable (CR) Page 1 Cash (CR) Opening Balances: Runner: $1,000 (CR) - representing Invoice #5779 Telly: $1,200 (CR) - representing Invoice #166 The Walker: $1,400 (CR) - representing Invoice #112 Total Accounts Payable: $3,600 (CR) 1,000 1,200 1,400 Note that Step On It's accounts payable records consist of only these three sub-ledgers. Assume no entries were made directly to accounts payable through the general journal. Update the PR columns in both the subledgers and special journals. Date Opening PR General Ledger Accounts Payable Debit Credit Balance 3,600 CR Accounts Payable Subsidiary Ledger Date Opening Date Opening Date Opening PR Runner Debit Credit Accounts Payable Subsidiary Ledger Telly PR Debit Credit Accounts Payable Subsidiary Ledger Walker PR Debit Credit Balance 1,000 CR Balance 1,200 CR Balance 1,400 CR Page 3 Part II Bank Reconciliation (17 marks) The following information is provided for Omega Lawn Service at the end of October 2016. GENERAL LEDGER Account: Cash Description Date Opening Balance Oct 1 Deposit Oct 1 Chq #64 Office Supply Company Oct 4 Chq #61 Salary Oct 7 Oct 11 Chq #75 Lighting Supply Oct 12 Deposit Oct 18 Chq #67 Shelby Legal Oct 23 Chq #71 Hydro Company Oct 27 Chq #78 Bill's Maintenance Oct 31 Deposit DR $2,000 $4,000 $1,400 CR $1,200 $2,700 $2,500 $590 $500 $800 GL No: 101 Balance $8,000 DR $10,000 DR $8,800 DR $6,100 DR $3,600 DR $7,600 DR $7,010 DR $6,510 DR $5,710 DR $7,110 DR BANK STATEMENT Explanation Withdrawal Date Opening Balance Oct 1 Deposit Oct 2 $2,700 Chq #61 Oct 8 Oct 13 Deposit $120 Oct 18 Chq #64 $590 Oct 23 Chq #67 $40 Oct 31 Service Charge Oct 31 Interest *Any cheque errors were cashed correctly by the bank. Deposit $2,000 $4,000 $60 Balance $8,000 $10,000 $7,300 $11,300 $11,180 $10,590 $10,550 $10,610 a) Prepare the October bank reconciliation for Omega Lawn Service. Explanation Omega Lawn Service Bank Reconciliation October 31, 2016 Ledger Balance Page 4 Bank b) Record the relevant journal entries to bring the company's records up to date. JOURNAL Date Account Title and Explanation Page 5 Debit Page 3 Credit