INSTRUCTIONS: Students have been provided with a Personalized Individual Culminating Activity. Student will complete the assignment that has been personally assigned to them as their culminating activity worth 30%. Student will complete the assignment using Excel and submit the assignment in the Dropbox entitled Culminating Activity. Students will be provided with the Trial Balance of their company dated May 31, 2020 and the transactions that occurred during the month of June. In this assignment students will perform all of the steps involved in the accounting cycle for their company ending June 30, 2020. STUDENT ARE REQUIRED TO COMPLETE THE FOLLOWING ITEMS: 1. General Journal (Total 80 Marks) Opening Entries - 10 Marks Transactions with Source Documents and appropriate HST Taxes- 50 Marks Closing Entries- 20 Marks I 2. Ledger from Chapter 7 (NOT T-ACCOUNTS) (Total 85 Marks) Opening Entries - 10 Marks Transactions with Source Documents and appropriate HST Taxes- 50 Marks Closing Entries-(Income Summary Account 600)- 25 Marks 3. Trial Balance - 10 Marks 4. Worksheet -25 Marks (Chapter 8) 5. Income Statement -10 Marks 6. Classified Balance Sheet with Ratios -15 Marks 7. Post-Closing Trial Balance -10 Marks Money Financial Management TRIAL BALANCE May 31, 2020 No. ACCOUNTS DEBIT CREDIT 101 Bank 105 A/R A. Berry 110 A/R A. Dewar 15,920.00 300.00 750.00 115 A/R T. Mattina 120 A/R R. White 1,200.00 5,000.00 26,800.00 50,890.00 65,890.00 205,000.00 $ 980.00 3,700.00 19,070.00 1,390.00 125 Office Supplies 130 Computers 135 Office Equipment 140 Automobile 145 Office Building 200 A/P Costco 205 A/P Hamilton Spectator 210 A/P Staples 215 HST Payable 220 HST Recoverable 225 Bank of Canada Bank Loan 230 CIBC Mortgage Payable Bank of Nova Scotia Mortgage 235 Payable 300 YOUR NAME, Capital 305 YOUR NAME, Drawings 400 Financial Consultations 405 Financial Services 444 Gain on the sale of Asset 500 Advertising Expense 505 Apple Computer Repair Expense 510 Bank Charges Expense 5,900.00 65,000.00 98,000.00 L. Mattina 2020 BAF 3M1 CULMINATING ACTIVITY WORTH 30% 515 Bank Loan Interest Expense 520 Donation to Women Shelter 525 Office Maintenance Expense 530 Mortgage Interest Expenses 535 Utilities Expense 540 Wages Expense 555 Loss on the sale of Asset TOTAL $ 373,140.00 $ 373,140.00 Insert Table Chart Text Shape Media Comment TRANSACTIONS: June 1, 2020 The Company purchased on account Office Supplies worth $500.00 from Costco Steel plus HST Purchase Invoice #0001 Customers made a payment on their accounts A. Berry paid $100, and R. White paid $1,100 Cash Daily Receipt Summary No. 202 J. Baron made a cash purchase for financial consultation worth $4,512.25 plus HST. Cash Sales Slip #670 2 3 The company performed a financial service for A. Dewar on account for $18,049 plus HST. Sales Invoice # 4000 Company paid in cash Milly Maid Service $2,050 plus HST for maintaining the office Cheque Copy No 8000 Owner of the business (YOU) withdrew $27,073.50 for personal use. Cheque Copy No 8002 clean. 5 7 Company made a payment to reduce their mortgages, $1,300 to CIBC Bank and The Bank of Nova Scotia for $1,470, and paid the interest on the mortgages of $138.50. Bank Debit Memo No. 590, 447 12 The company purchased on account newspapers from Hamilton Spectator for $1,608 plus tax. Purchase Invoice #7010 15 Company settled the HST they owed Canada Revenue Agency for the Month of May and remitted $17,680. Cheque Copy 45 Remittance to CRA for month of May 18 The company performed a financial service for T. Alfred for $5,414.70 plus MST in Cash Sales Slip #790 cash. 20 The company performed services, plus HST for T. Mattina, Financial services worth $5,414.70 and financial consultation for $1,804.90 plus HST, on account. The customer made a down payment in cash for $721.96. Cheque Copy No 8005, Sales Invoice #4005 23 The owner made a cash payment of $3,294.50 plus HST to Donation to Women's Shelter. Bank Debit Memo No 891 BAF 3M1 CULMINATING ACTIVITY WORTH 30% L. Mattina 2020 25 The company paid Staples, on account, $3,953.40 plus HST on account to repair an apple computer. Purchase Invoice #488 26 The business reduced the bank loan by $1,003 to Bank of Canada and paid the interest on the loan of $100.30 Cheque Copy No 8900 27 HST. The company performed a cash financial consultation for T. Marco for $1,624.41 plus Cash Sales Slip #4590 28 The company paid their creditors for the month Costco for $98, and Staples for Cheque Copy No 8923 30 The company sold one of its assets for cash, an Automobile for $25,800. The asset was worth $26,356. The company paid off the mortgage on the asset with Bank of Nova Scotia of $2,250 and the interest on the mortgage of $112.50. Cash Sales Slip No 8999, Mortgage Statement 679 The business paid the Utilities Expense for the month of $4,580.10 plus HST. Bank Debit Memo No. 987 The company performed a financial consultation service for T. Mattina or $415.13 plus HST on account. Sales Invoice #333 The company paid the Wages for the month of $6,106.80 and Bank Charges of $1,592, no HST. Cheque Copy No 900, 4111 The company purchased new assets, Office Equipment for $51,042.67 and an Automobile for $32,945, plus HST. The company obtained a mortgage of $102,922.40 with CICB Bank and made a cash down payment of $8,016.33. Cheque Copy No. 5555, Mortgage Statement #444 INSTRUCTIONS: Students have been provided with a Personalized Individual Culminating Activity. Student will complete the assignment that has been personally assigned to them as their culminating activity worth 30%. Student will complete the assignment using Excel and submit the assignment in the Dropbox entitled Culminating Activity. Students will be provided with the Trial Balance of their company dated May 31, 2020 and the transactions that occurred during the month of June. In this assignment students will perform all of the steps involved in the accounting cycle for their company ending June 30, 2020. STUDENT ARE REQUIRED TO COMPLETE THE FOLLOWING ITEMS: 1. General Journal (Total 80 Marks) Opening Entries - 10 Marks Transactions with Source Documents and appropriate HST Taxes- 50 Marks Closing Entries- 20 Marks I 2. Ledger from Chapter 7 (NOT T-ACCOUNTS) (Total 85 Marks) Opening Entries - 10 Marks Transactions with Source Documents and appropriate HST Taxes- 50 Marks Closing Entries-(Income Summary Account 600)- 25 Marks 3. Trial Balance - 10 Marks 4. Worksheet -25 Marks (Chapter 8) 5. Income Statement -10 Marks 6. Classified Balance Sheet with Ratios -15 Marks 7. Post-Closing Trial Balance -10 Marks Money Financial Management TRIAL BALANCE May 31, 2020 No. ACCOUNTS DEBIT CREDIT 101 Bank 105 A/R A. Berry 110 A/R A. Dewar 15,920.00 300.00 750.00 115 A/R T. Mattina 120 A/R R. White 1,200.00 5,000.00 26,800.00 50,890.00 65,890.00 205,000.00 $ 980.00 3,700.00 19,070.00 1,390.00 125 Office Supplies 130 Computers 135 Office Equipment 140 Automobile 145 Office Building 200 A/P Costco 205 A/P Hamilton Spectator 210 A/P Staples 215 HST Payable 220 HST Recoverable 225 Bank of Canada Bank Loan 230 CIBC Mortgage Payable Bank of Nova Scotia Mortgage 235 Payable 300 YOUR NAME, Capital 305 YOUR NAME, Drawings 400 Financial Consultations 405 Financial Services 444 Gain on the sale of Asset 500 Advertising Expense 505 Apple Computer Repair Expense 510 Bank Charges Expense 5,900.00 65,000.00 98,000.00 L. Mattina 2020 BAF 3M1 CULMINATING ACTIVITY WORTH 30% 515 Bank Loan Interest Expense 520 Donation to Women Shelter 525 Office Maintenance Expense 530 Mortgage Interest Expenses 535 Utilities Expense 540 Wages Expense 555 Loss on the sale of Asset TOTAL $ 373,140.00 $ 373,140.00 Insert Table Chart Text Shape Media Comment TRANSACTIONS: June 1, 2020 The Company purchased on account Office Supplies worth $500.00 from Costco Steel plus HST Purchase Invoice #0001 Customers made a payment on their accounts A. Berry paid $100, and R. White paid $1,100 Cash Daily Receipt Summary No. 202 J. Baron made a cash purchase for financial consultation worth $4,512.25 plus HST. Cash Sales Slip #670 2 3 The company performed a financial service for A. Dewar on account for $18,049 plus HST. Sales Invoice # 4000 Company paid in cash Milly Maid Service $2,050 plus HST for maintaining the office Cheque Copy No 8000 Owner of the business (YOU) withdrew $27,073.50 for personal use. Cheque Copy No 8002 clean. 5 7 Company made a payment to reduce their mortgages, $1,300 to CIBC Bank and The Bank of Nova Scotia for $1,470, and paid the interest on the mortgages of $138.50. Bank Debit Memo No. 590, 447 12 The company purchased on account newspapers from Hamilton Spectator for $1,608 plus tax. Purchase Invoice #7010 15 Company settled the HST they owed Canada Revenue Agency for the Month of May and remitted $17,680. Cheque Copy 45 Remittance to CRA for month of May 18 The company performed a financial service for T. Alfred for $5,414.70 plus MST in Cash Sales Slip #790 cash. 20 The company performed services, plus HST for T. Mattina, Financial services worth $5,414.70 and financial consultation for $1,804.90 plus HST, on account. The customer made a down payment in cash for $721.96. Cheque Copy No 8005, Sales Invoice #4005 23 The owner made a cash payment of $3,294.50 plus HST to Donation to Women's Shelter. Bank Debit Memo No 891 BAF 3M1 CULMINATING ACTIVITY WORTH 30% L. Mattina 2020 25 The company paid Staples, on account, $3,953.40 plus HST on account to repair an apple computer. Purchase Invoice #488 26 The business reduced the bank loan by $1,003 to Bank of Canada and paid the interest on the loan of $100.30 Cheque Copy No 8900 27 HST. The company performed a cash financial consultation for T. Marco for $1,624.41 plus Cash Sales Slip #4590 28 The company paid their creditors for the month Costco for $98, and Staples for Cheque Copy No 8923 30 The company sold one of its assets for cash, an Automobile for $25,800. The asset was worth $26,356. The company paid off the mortgage on the asset with Bank of Nova Scotia of $2,250 and the interest on the mortgage of $112.50. Cash Sales Slip No 8999, Mortgage Statement 679 The business paid the Utilities Expense for the month of $4,580.10 plus HST. Bank Debit Memo No. 987 The company performed a financial consultation service for T. Mattina or $415.13 plus HST on account. Sales Invoice #333 The company paid the Wages for the month of $6,106.80 and Bank Charges of $1,592, no HST. Cheque Copy No 900, 4111 The company purchased new assets, Office Equipment for $51,042.67 and an Automobile for $32,945, plus HST. The company obtained a mortgage of $102,922.40 with CICB Bank and made a cash down payment of $8,016.33. Cheque Copy No. 5555, Mortgage Statement #444