Introduction to the Practicum This practicum contains all the documents you (Bill Bugnay), bookkeeper, will require for East West College. This practicum is divided into four parts. The parts are: 1. Manual Bookkeeping of the transactions of the College and the adjustments required at year end to be completed at the end of levels 1&2 of bookkeeping. 2. Application Software entry of the same transactions given to you in the manual setting to be recorded in the Accounting Applications and verified against the Manual version to be completed after the end of the application software. The instructors may assist and guide you as you work through the practicum but the course instruction and lesson material provided to you in your studies has all the knowledge you need to complete this practicum. The course instructor must be satisfied that your practicum is 100% correct before you can move on to the next level and your answer will be checked against the solutions provided to the instructors. Throughout the entire process you will be working with one set of books and transactions to show you the common thread that ties all of these pieees together. Be prepared to be elated with success, disappointed from temporaty setbacks and entertained as you learn from your mistakes and see the bigger picture. You are in good hands and I wish you success as you take on this challenging endeavour. The purpose of this exercise is to prepare our students with real life examples testing your manual bookkeeping skills, using your software application knowledge. All work performed is on account (unless stated otherwise) and GST of 5% is charged (wherever applicable). All input Tax Credits and all amounts charged are to be recoded in GST Payable. Remember GST is NOT recoverable for personal expenses paid by the company and is NOT recoverable on golfing and is only 50% recoverable for meals and entertainment. All billings sent to use are subject to GST and all-supplier invoices are to be paid on our instruction. If we have written a cheque or one should be sent we will inform you accordingly. All costs of printed course material are to be expensed if it is for a customized course ats we rarely have a second use for customized material. Recorded as inventory at the tume of parchase are instructional booklets, as we can return these materials or use them again. Inventory is not adjusted until yeur end. All staff is on contract and each has a GST number. We pay them and otrselves stoorday plus mileage at 50.50/km beginning this month as they all travel to their teaching sites. We summarize their imvoices for you on a spread heet at the end of every month for immediate payment All instructors' costh inctuding wben owners teach a class are included in subcontract Expente and Travel Cost Expenie. There are only 4 paid staff on salary. They are the owners (Arif Chowdhury \& M. Lasker), our logistic coordinator, (Barb Star) and you (Bill Bugnay), our Bookkeeper. The Owners are paid Teaching Salaries for the work done teaching (CPP is not separated for this portion) and a fixed extra amount over and above the teaching for administration. Therefore, the coordinator, bookkeeper and the owners (administration portion only) are recorded as Wages \& Benefits. Owners are not subject to EI. Manual Bookkeeping Course 1. Prepare manual entries and complete the general and subsidiary ledgers. 2. Prepare an account receivable and account payable reconciliation of the subsidiary ledger accounts to the control account. 3. Compare it to the Trial Balance provided 4. Make all required adjusting entries for the December 31,20XX Year End 5. Prepare financial statements at December 31 . 1. Record all the transactions previously done manually into 2. Sage 50 and QuickBooks and create and print the identical financial statements, aged accounts receivable and accounts payable reports. Ensure they match the Manual Component results. General Journal: Record all required documents in this joumal purposes. Ledgers: An Accounts Receivable and the Accounts Payable Subsidiary Ledgers and the General Ledger have opening balances. Where applicable for the tax module additional information is shown in the descriptions column along with additional and more detailed entries. Information Pages: This page provides additional instructions to help you complete the practicum. Record the transactions on the dates you are instructed. CHART OF ACCOUNTS BALANCE SHEET ACCOUNT TITLE NUMBER ACCOUNT TITLE NUMBER LIABILITIES AssetsCashTermDepositAccruedInterestReceivableAccountsReceivableControlAllowanceofDoubtfulAccountsInventoryDepositsPrepaidLandBuildingAD-BuildingFurniture&EquipmentAD-Fumiture&EquipmentComputerEquipmentADD-ComputerEquipmentLeaseholdImprovementsADDLeaseholdimprovementsIrivestments10151016103010311032106010701130115011511152116011611170117111801181AccountspayableControlAccruedAccountsPayableGSTPayableIncomeTaxesPayableCPPpayableElPayableHolidayPayPayableCorporateTaxesPayableDeferredRevenueMortgagePayableShareholderloan-LaskerShareholderloan-ArifShareholdersEquityCommonSharesPreferedSharesRetainedEamings222022502300235023602370238024002500270028002810 ACCOUNTSRECEIVABLESUBSIDIARYLEDGERAccountNameLimerickCorporationZaraInc.NewGenLimitedAccuTaxConsultantsSleepWellBeddingCorp.RealAmusementACCOUNTSPAYABLESUBSIDIARYLEDGERAccountNameOncolyticsBiotechD2CCorporationHighArcticLimitedHRAccountantLtdEnbridgeInc.MercerInc. INCOME STATEMENT Number Account Title Revenue Customized Training General Training Costs of Goods Sold Course Materials-Purchased Inter materials-Printing Cost Sub Contract Travel Costs 4100 4200 5010 5020 5100 5150 Variable Expenses Advertising and promotion Amortization Bad Debts Bank Charges and Interest Donations Insurance Interest on L/T Debt Meals and Entertainment Meals and Entertainment Meals and Entertainment Memberships Miscellaneous Occupancy Costs Professional Fees Repairs \& Maintenance Wage \& Benefits-Salaries Wage \& Benefits-CPP Expenses Wage \& Benefits-EI Expenses Wage \& Benefits-Holiday Pay Expenses 5200 5230 5260 5290 5320 5330 5340 5360 5370 5380 5450 5480 5540 5580 5610 5640 5650 5660 5670 Non-Overatine Income \& Exbenses Non-Operating Income \& Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses 590059205990 INFORMATION PAGE Record all of the following transactions in the general journal. TO: Bill Bugnay MEMOH 113 FROM: M. Lasker December 1, 20XX Please issue a cheque to Barrio Fiesta for a deposit for our Christmas Party for $4000. Record this as a Deposit. (CHQ 2113)