journal Enteries, income stattement ans comparative balance sheet

Balance Sheet As at Jul 01, 2022 ASSET CURRENT ASSETS Test Balance Bank: Chequing Account Bank: Credit card Account Receivable Welding supplies TOTAL CURRENT ASSETS 0.00 12.150.00 200.00 5,000.00 900.00 18.250.00 CAPITAL ASSETS Torches Computers Other Welding Equipment Vehicle Shop TOTAL CAPITAL ASSETS 3.800.00 1,500.00 4,200.00 9,000.00 150,000.00 168,500.00 TOTAL ASSET 185,750,00 LIABILITY CURRENT LIABILITIES Bank Loan Accounts Payable Credit Card Payable HST Charged on services HST Paid on Purchase HST Owing (Refund) TOTAL CURRENT LIABILITIES 6,000.00 1,500.00 1,100.00 950.00 -750.00 -750.00 B,900.00 LONG TERM LIABILITIES Mortage Payable TOTAL LONG TERM LIABILITL.. 99,000.00 99,000.00 TOTAL LIABILITY 107,900.00 EQUITY EQUITY Chris George Capital Net Income TOTAL OWNER'S EQUITY 78,850.00 0.00 78.850.00 TOTAL EQUITY 78,650,00 LIABILITIES AND EQUITY 186.750.00 Chart of Accounts No Description Type Account Class Chart of Accounts - Current Year (2022) ASSET 1000 CURRENT ASSETS 1050 Test Balance 1080 Bank Chequing Account 1100 Bank: Credit card 1200 Account Receivable 1290 Welding supplies 1390 TOTAL CURRENT ASSETS H G Asset G Bank G Credit Card Rece G Accounts Receivable G Asset T 1400 CAPITAL ASSETS 1420 Torches 1450 Computers 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 1590 TOTAL CAPITAL ASSETS H G Asset G Asset G Asset G Asset G Asset T LIABILITY 2000 CURRENT LIABILITIES 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on services 2670 HST Paid on Purchase 2750 HST Owing (Refund) 2790 TOTAL CURRENT LIABILITIES H G Liability G Accounts Payable G Credit Card Payable G Liabi A Labuty S 2800 LONG TERM LIABILITIES 2850 Mortage Payable 2890 TOTAL LONG TERM LIABILITIES G Liability EQUITY 3000 EQUITY 3560 Chris George Capital 3600 Net Income 3690 TOTAL OWNER'S EQUITY H GRetained Earings X Current Earnings T REVENUE 4000 REVENUE 4020 Revenue from Services 4100 Sales Allowance 4200 Sales Discounts 4390 TOTAL REVENUE H G Operating Revere G Operating Revenue G Operating Revenue EXPENSE 5000 EXPENSES 5020 Advertising 5030 Bank and Credit card fees 5040 Cleaning and Maintenance 5050 Hydro Expense 5220 Insurance Expense 5240 Interest Expense 5260 Telephone Expense 5270 Payroll Service Fees 5280 Welding supplies Used 5590 TOTAL EXPENSE H Expense Expense o Expense o Exper G Expense G Expense G Expense G Expense G Expense T Printed On: Nov 03, 2020 12. Change the session date to July 8, 2022. Create shortcuts or change modules and enter the following transactions. NOTE: Deposits and withdrawals, except credit card transactions, use Bank: Chequing Account Credit Card Purchase Invoice # WM-639 Dated July 2, 2022 From Welding Monthly. $460, plus $59.80 HST for print advertising. Purchase invoice total $519.80. Charge to Advertising expense. Paid by Chargit. Sales Invoice #121 Dated July 4, 2022 To Noya Welding, $900 plus $117 HST for welding beams for a wedding party. Invoice total, $1017. Terms 2/5, net 15. Payment Cheque #201 Dated July 5, 2022 To Bell Canada, $150 in full payment of account. Reference invoice #BC-55112. Cash Receipt #297 Dated July 6, 2022 From Wacky Welding, cheque #239 for $1,600 in partial payment of account. Reference invoice #108. Sales Invoice #122 Dated July 6, 2022 To Flamer's Steel, for 5 hours of welding on steel girders, $500 plus $65 HST. Invoice total $565. Terms 2/5, net 15. Credit Card Sales Invoice #123 Dated July 7, 2022 Sales Summary: To One-time walk-in welding customers, $360 for various types of welding jobs, plus $46.80 HST. Invoice total $406.80. The customers paid with Chargit credit cards. Memo #1 Dated July 7, 2022 Welding supplies used during the past week amounted to $24. Adjust welding supplies account and charge to Welding supplies used expense account. Store as weekly recurring entry. Bank Memo # PB-77225 Dated July 8, 2022 From Paylo Bank, $1,600 for NSF cheque from Wacky Welding. Reference invoice #108 and cheque #239. The company has been notified of the unpaid account. Memo 3 Memo 2 Dated July 8, 2022 Adjust Sales Invoice WI 22 to Flamer's Steel Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $S2 HST. Store the sales invoice as a weekly recurring transaction Dated July 8, 2022 Chris's welding tank exploded when a customer accidentally dropped it. Write off the welding tool equipment recorded in account 1480 valued at $750. Create new Group expense account 5100 Damaged Tools Bank Debit Memo PB-77386 Dated July 8, 2022 From Pablo Bank, pre-authorized bi-weekly payroll for employees. Wages and payroll expenses $6,000.00 Payroll services fee 80.00 HST paid on payroll services 10.40 Total withdrawal $6,090.40 Create new Group expense account $265 Wage and Payroll Expenses Change the session date to July 15, 2022. Enter the following transactions: Cash Receipt #298 Dated July 9, 2022 From Noya Welding. cheque #431 for $996.66 in payment of account, including 2% discount for prompt payment. Reference invoice #121. Cheque Purchase Invoice #CP-2990 Dated July 10, 2022 From Crystal Products, Inc. (use Quick Add for new supplier). $900 plus S117 HST for one welding tank to replace the destroyed tank. Invoice total $1 017 paid by cheque #202. Purchase Invoice #WU-5331 Dated July 11, 2022 From Welds 'r Us, S600 plus $78 HST, for one arc welding torch kit. Invoice total 5678. Terms net Cash Receipt #299 Dated July 11, 2022 From Wacky Welding, certified cheque #WW-44239 for $1600 to replace NSF cheque. Reference invoice #108 and Bank Memo # PB-77225. Sales Invoice #124 Dated July 13, 2022 To Wacky Welding, $900 for steel welding and consultations, plus $117 HST. Invoice total $1 017 Change the customer's terms to net 15 for this invoice and in the customer ledger. Sales Invoice #125 Dated July 13, 2022 To Flamer's Steel, $400 plus $52 HST for 5 hours of arc welding. Invoice total $452. Terms 2/5, 15. Recall stored entry. (Accept message) Credit Card Sales Invoice #126 Dated July 13, 2022 To One-time customers, 150 minutes @ $1.00 each 150.00 total HST Charged 19.50 Total amount paid by Chargit S169.50 Cash Sales Invoice #127 Dated July 14, 2022 Sales Summary: To One-time walk-in clients, $380 for various types of welding jobs, plus $49.40 HST. Invoice total $429.40. Paid by Cash. Memo #5 Dated July 14.2022 Welding supplies used in the past week amounted to $24. Adjust welding supplies account and charge to welding supplies used expense account. Recall stored entry. Bank Memo # PB-82771 Dated July 15, 2022 From Paylo Bank, $1 500 for regular monthly mortgage payment. This amount includes interest of SI 200 and $300 in principal. Print and assemble the following reports in the order indicated and hand in to your instru tor: Note: Make sure your name appears as part of the company name at the top of each rep 1. Journal Entries for all journals from July 1 to July 15, 2022 Show corrections. 2. Comparative Balance Sheet (with percent difference) at July 1, 2022 and July 15, 2022 3. Income Statement from July 1 to July 15, 2022 4. Supplier Aged Summary Report 5. Customer Aged Summary Report Balance Sheet As at Jul 01, 2022 ASSET CURRENT ASSETS Test Balance Bank: Chequing Account Bank: Credit card Account Receivable Welding supplies TOTAL CURRENT ASSETS 0.00 12.150.00 200.00 5,000.00 900.00 18.250.00 CAPITAL ASSETS Torches Computers Other Welding Equipment Vehicle Shop TOTAL CAPITAL ASSETS 3.800.00 1,500.00 4,200.00 9,000.00 150,000.00 168,500.00 TOTAL ASSET 185,750,00 LIABILITY CURRENT LIABILITIES Bank Loan Accounts Payable Credit Card Payable HST Charged on services HST Paid on Purchase HST Owing (Refund) TOTAL CURRENT LIABILITIES 6,000.00 1,500.00 1,100.00 950.00 -750.00 -750.00 B,900.00 LONG TERM LIABILITIES Mortage Payable TOTAL LONG TERM LIABILITL.. 99,000.00 99,000.00 TOTAL LIABILITY 107,900.00 EQUITY EQUITY Chris George Capital Net Income TOTAL OWNER'S EQUITY 78,850.00 0.00 78.850.00 TOTAL EQUITY 78,650,00 LIABILITIES AND EQUITY 186.750.00 Chart of Accounts No Description Type Account Class Chart of Accounts - Current Year (2022) ASSET 1000 CURRENT ASSETS 1050 Test Balance 1080 Bank Chequing Account 1100 Bank: Credit card 1200 Account Receivable 1290 Welding supplies 1390 TOTAL CURRENT ASSETS H G Asset G Bank G Credit Card Rece G Accounts Receivable G Asset T 1400 CAPITAL ASSETS 1420 Torches 1450 Computers 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 1590 TOTAL CAPITAL ASSETS H G Asset G Asset G Asset G Asset G Asset T LIABILITY 2000 CURRENT LIABILITIES 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on services 2670 HST Paid on Purchase 2750 HST Owing (Refund) 2790 TOTAL CURRENT LIABILITIES H G Liability G Accounts Payable G Credit Card Payable G Liabi A Labuty S 2800 LONG TERM LIABILITIES 2850 Mortage Payable 2890 TOTAL LONG TERM LIABILITIES G Liability EQUITY 3000 EQUITY 3560 Chris George Capital 3600 Net Income 3690 TOTAL OWNER'S EQUITY H GRetained Earings X Current Earnings T REVENUE 4000 REVENUE 4020 Revenue from Services 4100 Sales Allowance 4200 Sales Discounts 4390 TOTAL REVENUE H G Operating Revere G Operating Revenue G Operating Revenue EXPENSE 5000 EXPENSES 5020 Advertising 5030 Bank and Credit card fees 5040 Cleaning and Maintenance 5050 Hydro Expense 5220 Insurance Expense 5240 Interest Expense 5260 Telephone Expense 5270 Payroll Service Fees 5280 Welding supplies Used 5590 TOTAL EXPENSE H Expense Expense o Expense o Exper G Expense G Expense G Expense G Expense G Expense T Printed On: Nov 03, 2020 12. Change the session date to July 8, 2022. Create shortcuts or change modules and enter the following transactions. NOTE: Deposits and withdrawals, except credit card transactions, use Bank: Chequing Account Credit Card Purchase Invoice # WM-639 Dated July 2, 2022 From Welding Monthly. $460, plus $59.80 HST for print advertising. Purchase invoice total $519.80. Charge to Advertising expense. Paid by Chargit. Sales Invoice #121 Dated July 4, 2022 To Noya Welding, $900 plus $117 HST for welding beams for a wedding party. Invoice total, $1017. Terms 2/5, net 15. Payment Cheque #201 Dated July 5, 2022 To Bell Canada, $150 in full payment of account. Reference invoice #BC-55112. Cash Receipt #297 Dated July 6, 2022 From Wacky Welding, cheque #239 for $1,600 in partial payment of account. Reference invoice #108. Sales Invoice #122 Dated July 6, 2022 To Flamer's Steel, for 5 hours of welding on steel girders, $500 plus $65 HST. Invoice total $565. Terms 2/5, net 15. Credit Card Sales Invoice #123 Dated July 7, 2022 Sales Summary: To One-time walk-in welding customers, $360 for various types of welding jobs, plus $46.80 HST. Invoice total $406.80. The customers paid with Chargit credit cards. Memo #1 Dated July 7, 2022 Welding supplies used during the past week amounted to $24. Adjust welding supplies account and charge to Welding supplies used expense account. Store as weekly recurring entry. Bank Memo # PB-77225 Dated July 8, 2022 From Paylo Bank, $1,600 for NSF cheque from Wacky Welding. Reference invoice #108 and cheque #239. The company has been notified of the unpaid account. Memo 3 Memo 2 Dated July 8, 2022 Adjust Sales Invoice WI 22 to Flamer's Steel Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $S2 HST. Store the sales invoice as a weekly recurring transaction Dated July 8, 2022 Chris's welding tank exploded when a customer accidentally dropped it. Write off the welding tool equipment recorded in account 1480 valued at $750. Create new Group expense account 5100 Damaged Tools Bank Debit Memo PB-77386 Dated July 8, 2022 From Pablo Bank, pre-authorized bi-weekly payroll for employees. Wages and payroll expenses $6,000.00 Payroll services fee 80.00 HST paid on payroll services 10.40 Total withdrawal $6,090.40 Create new Group expense account $265 Wage and Payroll Expenses Change the session date to July 15, 2022. Enter the following transactions: Cash Receipt #298 Dated July 9, 2022 From Noya Welding. cheque #431 for $996.66 in payment of account, including 2% discount for prompt payment. Reference invoice #121. Cheque Purchase Invoice #CP-2990 Dated July 10, 2022 From Crystal Products, Inc. (use Quick Add for new supplier). $900 plus S117 HST for one welding tank to replace the destroyed tank. Invoice total $1 017 paid by cheque #202. Purchase Invoice #WU-5331 Dated July 11, 2022 From Welds 'r Us, S600 plus $78 HST, for one arc welding torch kit. Invoice total 5678. Terms net Cash Receipt #299 Dated July 11, 2022 From Wacky Welding, certified cheque #WW-44239 for $1600 to replace NSF cheque. Reference invoice #108 and Bank Memo # PB-77225. Sales Invoice #124 Dated July 13, 2022 To Wacky Welding, $900 for steel welding and consultations, plus $117 HST. Invoice total $1 017 Change the customer's terms to net 15 for this invoice and in the customer ledger. Sales Invoice #125 Dated July 13, 2022 To Flamer's Steel, $400 plus $52 HST for 5 hours of arc welding. Invoice total $452. Terms 2/5, 15. Recall stored entry. (Accept message) Credit Card Sales Invoice #126 Dated July 13, 2022 To One-time customers, 150 minutes @ $1.00 each 150.00 total HST Charged 19.50 Total amount paid by Chargit S169.50 Cash Sales Invoice #127 Dated July 14, 2022 Sales Summary: To One-time walk-in clients, $380 for various types of welding jobs, plus $49.40 HST. Invoice total $429.40. Paid by Cash. Memo #5 Dated July 14.2022 Welding supplies used in the past week amounted to $24. Adjust welding supplies account and charge to welding supplies used expense account. Recall stored entry. Bank Memo # PB-82771 Dated July 15, 2022 From Paylo Bank, $1 500 for regular monthly mortgage payment. This amount includes interest of SI 200 and $300 in principal. Print and assemble the following reports in the order indicated and hand in to your instru tor: Note: Make sure your name appears as part of the company name at the top of each rep 1. Journal Entries for all journals from July 1 to July 15, 2022 Show corrections. 2. Comparative Balance Sheet (with percent difference) at July 1, 2022 and July 15, 2022 3. Income Statement from July 1 to July 15, 2022 4. Supplier Aged Summary Report 5. Customer Aged Summary Report