I need help with my project.It is a big one..if you have time and knowledge in accounting, please take my project case. It is very, very important for me because this is worth 20% of my grade. If you do not want to help, please, do not take it. My deadline : September 29/2017.

PART 1 - Journalize Monthly Transactions

PART 2 - Bank Reconcilliation

PART 3 - Posting

PART 4 - Month End Adjustments

PART 5 - Create the Financial Statements

PART 6 - Close the Books

the instructions and worksheet are attached

CASE STUDY INSTRUCTIONS - Required: PART 1 - Journalize Monthly Transactions 1) Record the transactions for the month in the special journals and general journal as applicable. Notes: - Get Out posts daily to the A/R and A/P subsidiary ledger accounts and to the general ledger accounts for any amounts entered in the 'Other' column. - General journal entries are posted daily - HST is charged on both purchases and sales at 13%. Be sure to calculate and record HST on each sale and purchase. - Use the Inventory Valuation tab to calculate inventory values (Perpetual Inventory Systems, FIFO). Cost of Goods Sold for each transaction will be derived from this tab. Make sure to update this tab for EVERY sale and EVERY purchase. Note that discounts on inventory purchases and returns will also need to be updated. SPECIAL NOTES Both the Payroll and HST remitances will use the opening balances from the beginning of the month. PART 2 - Bank Reconcilliation 2) Prepare the bank reconciliation for the month. DO NOT POST any adjustments. PART 3 - Posting 3) Ensure all totals from the special journals and general journal have been posted to the general ledger at the end of the month. Note: Be sure to use posting references. 4) After posting the above journal entries to the general ledger accounts, fill in the first two columns of the worksheet. 5) Enter the values from your worksheet online through your ameengage.com course page. If your first 2 columns are not correct online, request assistance from your teacher before proceeding. PART 4 - Month End Adjustments 6) Complete the 'adjustments' from the transactions tab in the adjustment column on the worksheet. 7) Complete the Adjusted Trial Balance columns in the worksheet. 8) Enter the values from your worksheet online through your ameengage.com course page. If your first 2 columns are not correct online, request assistance from your teacher before proceeding. 9) Journalize and post the adjusting entries from the worksheet to the general journal and general ledger. PART 5 - Create the Financial Statements 10) Prepare an A/R and A/P Subledger total report to prove the subledgers are equal to the general ledger balance. 11) Fill in the last 4 columns of the worksheet to prepare for financial statement creation (may need to refer to Appendix 6A in your first semester text for this step). 12) Use the worksheet to prepare a Multistep Income Statement in the tab provided. 13) Use the worksheet and the income total from step (12) to prepare the Statement of Owner's Equity in the tab provided. 14) Use the worksheet and the data from step (13) to prepare a classified Balance Sheet in the tab provided. PART 6 - Close the Books 15) Journalize and post the closing entries using the indirect method (Income Summary Account). 16) Prepare the post-closing trial balance. Case: Get Out Get Out Get Out sells outdoor sporting equipment. You have been working for the company since its inception a few years ago and have been promoted to be their accounting manager. They use the perpetual inventory system and use FIFO to determine value for the inventory. HST is charged on both purchases and sales at 13%. The opening balances for the month of September are as follows: Assets Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Office Supplies Equipment Accumulated Depreciation Get Out Balance Sheet As at September 30, 2017 Liabilities $12,000 Accounts Payable 52,100 HST Payable -900 HST Recoverable 14,880 CPP Payable 800 EI Payable 108,000 Income Tax Payable -12,400 Bank Loan Total Liabilities Owners' Equity Smith, Capital Total Assets $174,480 Total Liabilities & Owners' Equity $32,400 9,800 -4,600 1,250 650 2,900 20,000 $62,400 $112,080 $174,480 Notes Relating to Balances: Customers and balances Woodsman Bill Outback Karen Moose Time Hiker Mike Dark Forest Total $28,000 $13,500 $8,500 $1,200 $900 $52,100 The inventory figure includes 310 units purchased at $48 each. 14880 310 48 The Chart of Accounts (GL no.) is shown below: Account Description Account # ASSETS Cash 101 Petty Cash 105 Accounts Receivable 110 Allowance for Doubtful Accounts 115 Inventory 120 Prepaid Insurance 125 Office Supplies 130 Equipment 140 Accumulated Depreciation 145 LIABILITIES Accounts Payable 200 Interest Payable 205 HST Payable 210 HST Recoverable 215 CPP Payable 220 EI Payable 225 Income Tax Payable 230 Salaries Payable 235 Unearned Revenue 240 Bank Loan 245 OWNER'S EQUITY Capital Account 300 Owner's Drawings 305 Income Summary 315 Suppliers and Balances Outdoor T-Shirts Hiking Caps Camping Retailers Total Account Description REVENUE Sales Revenue Sales Discounts Sales Returns and Allowances Interest Revenue EXPENSES Cost of Goods Sold Employee Benefits Expense Depreciation Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Salaries Expense Bank Charges Expense Maintenance Expense Entertainment Expense $15,900 $12,300 $4,200 $32,400 Account # 400 405 410 420 500 510 515 520 525 530 535 540 545 550 555 Page 2 Transactions for the month of October: 170 50 100 95 60 95 142 4565 Oct 1 Bought inventory from Outdoor T-Shirts on account, invoice #5455; 340 units at $48 each plus HST. Terms of the purchase were 4/10, net 30. Update the inventory table after each purchase. Oct 1 Paid $2,300 for monthly rent with cheque #142. Oct 1 Established a petty cash fund for $400 with cheque #143. Oct 2 Sold goods to Outback Karen, 320 units at $95 each plus HST with invoice #4565. The invoice terms were 5/10, net 30. Update the inventory table after each sale. Oct 3 Oct 4 Purchased a one year insurance policy from Ultimate Insurance with cheque #144 for $3,600. The owner invested $10,000 cash into the company. Oct 5 Oct 5 Paid $5,200 with cheque #145 to Outdoor T-Shirts for an amount owing from last month. Bought inventory from Camping Retailers with cheque #146, 170 units at $50 per unit plus HST. Oct 7 Outback Karen returned 30 units from the purchase on October 2. They were ordered incorrectly. Use the cost from the October 1 purchase to put the items back in inventory. Oct 7 Oct 8 Returned 25 defective units to Camping Retailers and received cash. Record this in the general journal. Received $4,100 from Woodsman Bill for a sale on account last month. Oct 9 Made a cash sale to Woodsman Bill, 60 units at $95 per unit plus HST. Oct 10 Oct 12 Oct 13 Outback Karen paid invoice #4565 on time and took advantage of the early payment discount. The owner went to the bank and received a $14,000 loan. Purchased new equipment with cheque #147 for $12,000 plus HST. Oct 14 Paid $6,200 with cheque #148 to Hiking Caps for an amount owing from last month. Oct 14 Remitted the balance of CPP, EI and income tax owing from the beginning of the month to the receiver general with cheque #149. Paid the amount owing to Outdoor T-Shirts on invoice #5455 with cheque #150. Oct 15 Oct 15 Oct 16 Prepared the payroll for the first half of the month. Gross pay is $7,000, CPP is $347, EI is $132 and income tax is $1,400. The employer matches CPP contributions and pays 1.4 times the EI deduction. Use the general journal to record this. The cheque will be prepared later. Purchased office supplies for $1,100 plus HST with cheque #151 from Staplers Supplies. Oct 16 Paid the employees the net pay from the payroll transaction on October 15. For simplicity, use cheque #152 for the total amount. Oct 17 Received $4,800 from Outback Karen for a sale last month. Oct 18 Purchased inventory on account from Camping Retailers. Invoice #6235; 200 units at $50 each plus HST. Terms of purchase were 2/10, net 30. Oct 20 Sold goods to Hiker Mike on account. Sold 70 units at $100 per unit plus HST with invoice #4566. The invoice terms were 5/10, net 30. Oct 25 Purchased inventory on account from Hiking Caps. Invoice #4528; 110 units at $50 each plus HST. Terms of purchase were 2/10, net 30. Oct 26 Paid Camping Retailers the amount owing from the purchase on October 18 and took advantage of the early payment discount. Paid with cheque #153. Update the inventory table to apply the discount as a reduction to the per unit inventory value. Oct 26 Oct 30 Sold goods to Moose Time on account. Sold 470 units at $95 per unit plus HST with invoice #4567. The invoice terms were 5/10, net 30. Received $1,300 cash from Moose Time as a deposit for products that will be delived next month. The owner withdrew $3,100 cash from the business with cheque #154 for personal use. Hiker Mike paid the amount owing from the sale on October 20 and took advantage of the early payment discount. The petty cash is replenished and increased to $500 with cheque #155. Receipts in the petty cash box are: office supplies $70 plus HST, maintenance expense for $120 plus HST and entertainment expense for $140 plus HST. Oct 30 Sold goods to Moose Time for 100 units at $95 per unit plus HST. Moose Time paid cash. Oct 31 Prepared the payroll for the second half of the month. Gross pay is $7,500, CPP is $371, EI is $141 and income tax is $1,500. The employer matches CPP contributions and pays 1.4 times the EI deduction. Use the general journal to record this. The cheque will be prepared later. Dark Forest is unable to pay the amount owing. The full amount owing is written off using the AFDA account. Oct 27 Oct 29 Oct 29 Oct 31 Remitted the HST owing to the receiver general with cheque #156. Use the balances from the HST accounts from the beginning of the month Adjustments Oct 31 Oct 31 Accrued the amount of interest owing on the bank loan for the month. The interest rate is 3% per annum. Oct 31 Oct 31 One month of insurance has been used. A count of office supplies shows that $650 is left on hand. Oct 31 Oct 31 A physical count of inventory shows that 5 are missing. Adjust the inventory values based on the missing inventory. Record straightline depreciation on the equipmentfor the month. All equipment purchased is expected to last 5 years and have no residual value at the end of its useful life. Date Account Date Account Invoice # PR Sales Journal Sales (CR) HST Payable (CR) Frequently used tabs: Return to Transactions AR Subledger AP Subledger General Ledger Inventory Valuation Accounts Receivable (DR) Page 4 COGS / Inventory (DR/CR) Other (DR) HST Recoverable (DR) Accounts Payable (CR) Sales (CR) HST Payable (CR) Other (CR) Purchases Journal Invoice # PR Inventory (DR) Office Supplies (DR) Page 7 Cash Receipts Date Account PR Cash (DR) Sales Discounts (DR) Accounts Receivable (CR) Page 9 COGS / Inventory (DR/CR) Cash Payments Date Account Chq # PR Accounts Payable (DR) Other (DR) HST Recoverable (DR) Inventory (DR) Page 6 Inventory (CR) Cash (CR) Date General Journal Account Title and Explanation PR DR Page 3 CR Accounts Receivable Sub ledger Accounts Account: Woodsman Bill Date Description Opening Balance PR DR CR Balance (DR or CR) 28,000.00 DR Date Outback Karen Description Opening Balance PR DR CR Balance (DR or CR) 13,500.00 DR Date Moose Time Description Opening Balance PR DR CR Balance (DR or CR) 8,500.00 DR Date Hiker Mike Description Opening Balance PR DR CR Balance (DR or CR) 1,200.00 DR Date Dark Forest Description Opening Balance PR DR CR Balance (DR or CR) 900.00 DR Account: Account: Account: Account: Accounts Receivable Subledger Totals Report Customer Woodsman Bill Outback Karen Moose Time Hiker Mike Dark Forest Total Accounts Receivable Balance Accounts Payable Sub ledger Accounts Account: Outdoor T-Shirts Date Description Opening Balance PR DR CR Balance (DR or CR) 15,900.00 CR Date Hiking Caps Description Opening Balance PR DR CR Balance (DR or CR) 12,300.00 CR Date Camping Retailers Description Opening Balance PR DR CR Balance (DR or CR) 4,200.00 CR Account: Account: Accounts Receivable Subledger Totals Report Supplier Outdoor T-Shirts Hiking Caps Camping Retailers Total Accounts Payable Balance General Ledger Accounts Account: Cash Date Description Opening Balance PR Account: Date Petty Cash Description Opening Balance Account: Date Accounts Receivable Description Opening Balance Account: Date Allowance for Doubtful Accounts Description PR Opening Balance Account: Date Inventory Description Opening Balance PR PR PR DR DR DR DR DR CR GL No: 101 Balance (DR or CR) 12,000.00 DR CR GL No: 105 Balance (DR or CR) 0.00 DR CR GL No: 110 Balance (DR or CR) 52,100.00 DR CR GL No: 115 Balance (DR or CR) 900.00 CR CR GL No: 120 Balance (DR or CR) 14,880.00 DR Account: Date Prepaid Insurance Description Opening Balance Account: Date Office Supplies Description Opening Balance Account: Date Equipment Description Opening Balance PR Account: Date Accumulated Depreciation Description PR Opening Balance Account: Date Accounts Payable Description Opening Balance Account: Date Interest Payable Description Opening Balance Account: Date HST Payable Description Opening Balance PR PR PR PR PR CR GL No: 125 Balance (DR or CR) 0.00 DR CR GL No: 130 Balance (DR or CR) 800.00 DR DR CR GL No: 140 Balance (DR or CR) 108,000.00 DR DR CR GL No: 145 Balance (DR or CR) 12,400.00 CR CR GL No: 200 Balance (DR or CR) 32,400.00 CR CR GL No: 205 Balance (DR or CR) 0.00 CR CR GL No: 210 Balance (DR or CR) 9,800.00 CR DR DR DR DR DR Account: Date HST Recoverable Description Opening Balance PR DR CR GL No: 215 Balance (DR or CR) 4,600.00 DR Account: Date CPP Payable Description Opening Balance PR DR CR GL No: 220 Balance (DR or CR) 1,250.00 CR Account: Date EI Payable Description Opening Balance CR GL No: 225 Balance (DR or CR) 650.00 CR Account: Date Income Tax Payable Description Opening Balance CR GL No: 230 Balance (DR or CR) 2,900.00 CR Account: Date Salaries Payable Description Opening Balance CR GL No: 235 Balance (DR or CR) 0.00 CR Account: Date Unearned Revenue Description PR PR PR PR DR DR DR DR CR GL No: 240 Balance (DR or CR) Opening Balance 0.00 CR Account: Date Bank Loan Description Opening Balance CR GL No: 245 Balance (DR or CR) 20,000.00 CR Account: Date Capital Account Description Opening Balance CR GL No: 300 Balance (DR or CR) 112,080.00 CR Account: Date Owner's Drawings Description Account: Date Income Summary Description Account: Date Sales Revenue Description Account: Date Sales Discounts Description Account: Date Sales Returns and Allowances Description PR Account: Date Cost of Goods Sold Description PR PR PR PR PR PR PR DR DR CR GL No: 305 Balance (DR or CR) CR GL No: 315 Balance (DR or CR) CR GL No: 400 Balance (DR or CR) DR CR GL No: 405 Balance (DR or CR) DR CR GL No: 410 Balance (DR or CR) CR GL No: 500 Balance (DR or CR) DR DR DR DR Account: Date Employee Benefits Expense Description PR Account: Date Depreciation Expense Description PR Account: Date Insurance Expense Description PR Account: Date Interest Expense Description PR Account: Date Office Supplies Expense Description PR Account: Date Rent Expense Description Account: Date Salaries Expense Description Account: Date Maintenance Expense Description PR PR PR CR GL No: 510 Balance (DR or CR) CR GL No: 515 Balance (DR or CR) DR CR GL No: 520 Balance (DR or CR) DR CR GL No: 525 Balance (DR or CR) CR GL No: 530 Balance (DR or CR) CR GL No: 535 Balance (DR or CR) CR GL No: 540 Balance (DR or CR) CR GL No: 550 Balance (DR or CR) DR DR DR DR DR DR Account: Date Entertainment Expense Description PR DR CR GL No: 555 Balance (DR or CR) Use this chart to keep track of inventory values Purchases Date Quantity Unit Cost Value Quantity Sales Unit Cost Value Balance Quantity Unit Cost 310 48 Value 14,880 Frequently used tabs: Return to Transactions General Ledger Your staff accountant goes through the mail and opens the bank statement for the month of September provided by Fanshawe Local Bank. It is shown below. Fanshawe Local Bank Prepared for Get Out Date Sep 1 Sep 1 Information Opening Balance Chq #130 Chq #131 Sep 3 Sep 4 Sep 5 Sep 5 Sep 7 Chq #132 Deposit Chq #133 Chq #134 Deposit Sep8 Sep 9 Sep 10 Sep 12 Sep 13 Deposit Deposit Deposit Deposit Chq #135 Sep 14 Sep 15 Sep 16 Sep 16 Sep 17 Chq #136 Chq #137 Chq #138 Chq #139 Deposit Sep 18 Sep 18 Sep 26 Sep 29 Sep 29 NSF Cheque NSF Charge Chq #140 Chq #141 Deposit Sep 30 Sep 30 Interest Service Charge Withdrawal Deposit Balance 19,451.60 15,251.60 5,646.60 4,200.00 9,605.00 120.00 20,000.00 5,700.00 18,893.60 1,762.00 4,633.00 4,312.00 32,400.00 20,000.00 1,582.00 5,600.00 4,000.00 4,700.00 5,876.00 5,526.60 25,526.60 19,826.60 933.00 2,695.00 7,328.00 11,640.00 44,040.00 64,040.00 62,458.00 1,300.00 56,858.00 52,858.00 48,158.00 42,282.00 43,582.00 7,056.00 42,282.00 42,247.00 23,547.00 15,637.00 22,693.00 1,300.00 35.00 18,700.00 7,910.00 5.00 75.00 22,698.00 22,623.00 The Cash Receipts and Cash Payments journals for the Month of September are presented below. Cash Receipts Date Sep 4 Sep 7 Account Woodsman Bill Moose Time Sep8 Sep 9 Sep 10 Sep 12 Sep 17 Cash Sale Outback Karen Bank Loan Woodsman Bill Outback Karen Sep 29 Sep 30 Sep 30 Hiker Mike Cash Sale Total Date Sep 1 Sep 1 Sep 3 Sep 5 Sep 5 Account Rent Expense Equipment Interest Payable Outdoor T-Shirts Hiking Caps PR Cash (DR) Sales Discounts (DR) 20,000.00 1,762.00 4,633.00 4,312.00 32,400.00 20,000.00 1,300.00 245 7,056.00 5,876.00 97,339.00 130 Cash Payments PR Chq # 130 131 132 133 134 Accounts Receivable (CR) Sales (CR) 20,000.00 1,762.00 HST Payable (CR) 4,100.00 88.00 Other (CR) Page 9 COGS / Inventory (DR/CR) 533.00 2,665.00 4,400.00 32,400.00 20,000.00 1,300.00 144.00 7,200.00 232.00 515 54,662.00 145 Accounts Payable (DR) 535 140 205 5,200.00 9,300.00 510 Other (DR) HST Recoverable (DR) 4,200.00 8,500.00 1,105.00 120.00 676.00 1,209.00 240 Page 6 Inventory (DR) Inventory (CR) 5,700.00 2,173.60 3,120.00 5,785.00 32,400.00 X 535/200 16,720.00 Cash (CR) 4,200.00 9,605.00 120.00 5,700.00 18,893.60 Sep 13 Sep 14 Office Supplies Hiking Caps 135 136 130 Sep 15 Sep 16 Owner's Drawings Salaries Payable 137 138 305 235 Sep 16 Sep 26 Sep 29 Equipment Camping Retailers Staplers Supplies 139 140 141 Sep 29 Sep 30 Sep 30 Bank Loan Outdoor T-Shirts Total 142 143 Explanation Get Out Bank Reconciliation Statement September 30, 2017 Cash Balance per books Cash balance per Bank Statement 182.00 1,582.00 5,600.00 4,000.00 4,700.00 4,000.00 4,700.00 5,200.00 676.00 7,000.00 910.00 5,876.00 18,700.00 7,910.00 18,700.00 245 Required: Prepare the September bank reconciliation for Get Out using the bank statement and special journals provided. Compare the information in the Cash Receipts and Cash Payments journal to the bank statement. The balance of the cash account at the end of September was $12,000.00. 12,000.00 1,400.00 5,600.00 5,000.00 13,100.00 43,100.00 230 40,120.00 X 5,046.60 245 16,720.00 200 196.00 196.00 200 5,000.00 12,904.00 104,790.60 130 Get Out Worksheet Unadjusted Trial Balance Account Titles DR CR October 31, 2017 Adjustments Adjusted Trial Balance DR CR DR CR Income Statement DR CR Balance Sheet DR CR Prepare a multistep income statement. Get Out Income Statement For the Month Ended October 31, 2017 Prepare a statement of owner's equity. Get Out Statement of Owner's Equity For the Month Ended October 31, 2017 Prepare a classified balance sheet. Assume that $ of the bank loan will be paid off in the next year. 0.00 Get Out Balance Sheet As at October 31, 2017 Get Out Post Closing Trial Balance As at October 31, 2017 Account DR CR