Hide Assignment Information Instructions Assignment #1: Bookkeeping Part I [10%] This assignment relates to the following Course Learning Requirements: CLR 1: Demonstrate the competencies required in the professional workplace. CLR 3: Complete authentic accounting related tasks similar to those one would experience in a typical business. CLR 4: Determine which government regulations apply to different businesses. Objective of this Assignment: In this assignment, students will demonstrate their knowledge of basics bookkeeping. Pre-Assignment Instructions: To prepare you for this assignment, read the module 1 content, review all additional resources provided and complete the learning activity 1.1. This first assignment is separated in two parts - this being part I. The total grade for both parts I and II will equal 20%. Making this first part 10% Assignment Tasks: The first step of this assessment is to review the scenario and detailed information provided below, about a company titled Banco Extrusion Inc. All required information to complete the bookkeeping for this company using Excel is included there. Produce the following: Using an excel file, you are required to complete the set of books for Banco Extrusion Inc. You are required to post the journal entries for the transactions listed below. You are required to create a general ledger and trial balance based on the journal entries. Use account names you are familiar with in your program of study. NOTE: Use only the HST Payable account and HST paid on expenses account. Ignore decimal places. Round to the nearest dollar. Use all Excel functions where reasonable. Record all prepaid expenses to prepaid accounts. You must provide a short description for each journal entry. Ignore HST unless otherwise explicitly stated Once you have completed the required set of books for this first assignment, ensure that you save it so that you can use it for part II. Assignment Submission: Your assignment is to be submitted in EXCEL format. It should be submitted with the following guidelines: Include a cover page with the course code and course name, the assignment number, the title of your assignment, your student ID, your name, the instructors name, and the date the assignment is created. Ensure the first page of your assignment has the title at the top of the page and the sections of your report have headings and subheadings to chunk your assignment into sections for each of the topics you are writing about. Font should be Arial 12 or Calibri 12. Text must be double spaced but table may be single spaced. You must cite all your sources of information using APA formatting. During the first month of operations, the Banco Extrusion Inc, located in Ontario Canada, which specializes in auto component manufacturing completed the following transactions. Date 1 George Leblanc started the business by making a deposit into company bank account for $35,000, in exchange for 3,500 shares of $10 par value common stock. 1 Banco acquired a small machinist shop for $25,000 cash which represented- Computer - $5,800, Furniture, - $6,500 and Store equipment $12,700. 2 Received bank loan for $100,000, 6% annual interest. Payments are due on the last day of each month in the amount of $4,000. 2 Paid rent for the 3-month quarter January to March in the amount of $3,000 per month. 2 Paid the premium on a 1-year insurance policy, $5,000. 3 Purchased $800 in office supplies 5 Purchased inventory on account for $25,000 + 13% HST. Terms 2/10, n30. 13 Hired two full-time staff members, Lan and Liz, both who earn $36,000 a year and are paid bi-weekly beginning Jan 24.. Assume basic payroll deductions for Ontario. They work five days a week (Mon-Fri). 17 Record cash sales for the week in the amount of $10,000 + 13% HST. Cost of Goods Sold amounted to $5,500. 17 Purchased extrusion machine and equipment from Patel Inc. for $6,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for 12 months. The first payment is due Feb 1. Note: Use accounts payable for the balance due. Ignore HST and interest. 17 Record sales on account for the week in the amount of $12,000 + HST. Cost of goods sold was $8,000. 24 Paid both Lan and Liz their bi-weekly pay. Calculate deductions for CPP, EI and Ontario tax. Record employee portion only. 24 Record cash sales for the week in the amount of $15,000 + 13% HST. Cost of Goods Sold amounted to $10,000. 27 Record sales on account for the week in the amount of $15,000 + HST. Cost of goods sold was $8000. 28 Paid accounts payable in full from January 5. 30 Record collection on outstanding accounts receivable for January in the amount of $20,000 + HST. 30 Purchased inventory on account in the amount of $6,000 + HST. 30 Paid loan payment of $4,000 plus interest of $500