KOJOKARO This exercise is a review of the setup of a company. The account structure (i.e...
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KOJOKARO This exercise is a review of the setup of a company. The account structure (i.e Chart of Accounts) was created by an employee of Kojokaro. Account classes have not been shown in the information. You are a consultant hired to help with the setup of the company. Instructions 1. Open the 04 C4-2 Kojokaro file or extract from 04_c4_2_kojokaro.exe. (Sage 50 → Select an Existing Company → KOJOKARO.SAI) 2. Identify errors and modify information necessary to fix the account structure. Chart of Accounts ASSET 1000 Current Assets H REVENUE 4010 Sales 1001 Cash in Bank.. 4020 Sales - All. .H A 1030 Total Cash S 4040 Sales Discounts 1050 Accounts Receivable 4050 Sales Returns 1059 Accounts Receivable Net. .S 4060 Inventory Adjustments. G 1100 Store Supplies 4100 HST on Sales G 1299 Total Current Liabilities S 4110 Capital Additional Investments.G 1400 Capital Assets H EXPENSE < 1410 Equipment. LIABILITY 2000 Current Liabilities 2005 Accum Depreciation. 2100 Accounts Payable 2200 Drawings by Owner. 2500 Long Term Liabilities. 2530 Bank Loan - Mortgage EQUITY 3010 Owner's Equity.. 3020 Inventory 3030 Capital 3600 Current Earnings. 3. Print the following: Balance Sheet Income Statement • Chart of Accounts 5000 Cost of Goods Sold 5020 Cost of Goods Sold 5030 Purchase Discounts H 5050 HST on Purchases/Service 5300 Rent Expense G 5310 Depreciation Expense G 5325 Telephone Expense.. 5390 Other Expenses KOJOKARO This exercise is a review of the setup of a company. The account structure (i.e Chart of Accounts) was created by an employee of Kojokaro. Account classes have not been shown in the information. You are a consultant hired to help with the setup of the company. Instructions 1. Open the 04 C4-2 Kojokaro file or extract from 04_c4_2_kojokaro.exe. (Sage 50 → Select an Existing Company → KOJOKARO.SAI) 2. Identify errors and modify information necessary to fix the account structure. Chart of Accounts ASSET 1000 Current Assets H REVENUE 4010 Sales 1001 Cash in Bank.. 4020 Sales - All. .H A 1030 Total Cash S 4040 Sales Discounts 1050 Accounts Receivable 4050 Sales Returns 1059 Accounts Receivable Net. .S 4060 Inventory Adjustments. G 1100 Store Supplies 4100 HST on Sales G 1299 Total Current Liabilities S 4110 Capital Additional Investments.G 1400 Capital Assets H EXPENSE < 1410 Equipment. LIABILITY 2000 Current Liabilities 2005 Accum Depreciation. 2100 Accounts Payable 2200 Drawings by Owner. 2500 Long Term Liabilities. 2530 Bank Loan - Mortgage EQUITY 3010 Owner's Equity.. 3020 Inventory 3030 Capital 3600 Current Earnings. 3. Print the following: Balance Sheet Income Statement • Chart of Accounts 5000 Cost of Goods Sold 5020 Cost of Goods Sold 5030 Purchase Discounts H 5050 HST on Purchases/Service 5300 Rent Expense G 5310 Depreciation Expense G 5325 Telephone Expense.. 5390 Other Expenses
Expert Answer:
Answer rating: 100% (QA)
1 Review the Chart of Accounts Identify the major account classes such as Assets Revenue Expense Liability and Equity These classes are typically used ... View the full answer
Related Book For
Understanding Business Ethics
ISBN: 9781506303239
3rd Edition
Authors: Peter A. Stanwick, Sarah D. Stanwick
Posted Date:
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