Question
Narrative: You have been hired as a Junior Accountant to work for Plants from Paradise (Plants) a garden centre in the city of Victoria, BC.
Narrative:
You have been hired as a Junior Accountant to work for Plants from Paradise (Plants) a garden centre in the city of Victoria, BC. Your role reports directly to Plants' Controller Miranda Cornell. Each week you are emailed a series of tasks that Miranda has aligned to match your current accounting class schedule. Each week, tasks are laid out for you to assist Miranda in both operations and accounting decision making. Miranda is hoping to help you see the broader application that accounting has on operating a business and hopes that the weekly tasks help to identify how accounting impacts operations.
Plants from Paradise reports under ASPE, and has a December 31, 2021, year end. All work that you are preparing is for their financial statements dated as such.
Additional Information:
Miranda has yet to be found today and there seems to be a lot more customers visiting Plants this week, when you arrive Monday morning the following note was on your desk:
"Hi, been quite busy as you can see but this week we have a few more tasks that I was hoping to get your help with. You did a great job last week so I feel that I can leave you alone while I go sell some plants if you have any questions come and grab me!
Record inventory journal entries Appendix A (4 marks)
Prepare the correcting entry for this error I cannot figure out - Appendix B (4 marks)
Adjust inventory based on inventory count figures - Appendix C (7 marks)
Help answer the operations manager's questions - Appendix D (12 marks)
Thanks,
Miranda"
Appendix A: Inventory
Tasks:
Record inventory journal entries Appendix A (4 marks)
Background:
Plants from Paradise uses the perpetual inventory system (COGS/Inventory recorded for each sale).
Miranda included a few invoices that she was hoping you could prepare the journal entries and post to the general ledger. Miranda prefers to record inventory entries one at a time, so please include the invoice number for each description.
Hint: invoices include a GST component, please record the tax amount to inventory for simplicity, we will discuss GST impacts in future chapters!
1.Invoice#10678 Planters Potting Mix
2. Invoice#698-001 Out of this World Plants
INVOICE \#10678 Planters Potting Mix Vancouver, BC 250-5557888 2021-12-23 BILL TO FOR Plants of Paradise Potting Mix Victoria, BC 2505555588 Details AMOUNT Potting Mix (4 bags 59.99) $239.96 Fertilizer (1 pallet 199.99) $199.99 Lawn Ornaments, assorted (5022.19) $1,109.50 Description Amount SUBTOTAL $1,549.45 TAX RATE 5.00% OTHER $0.00 TOTAL $1,626.92 Make all checks payable to Planters Potting Mix Out of this World Plants Victoria Invoice No: 698-001 BC Date : 12/28/2021 250 - 558 - 9999 Customer ID : PFP - 001 outtathisworldplantsengmailca Bill to. Plants from Paradise Victoria BC Make all checks payable to Out of this World Plants. Journal Entry Template: note - please ignore account numbers as none have been provided. INVOICE \#10678 Planters Potting Mix Vancouver, BC 250-5557888 2021-12-23 BILL TO FOR Plants of Paradise Potting Mix Victoria, BC 2505555588 Details AMOUNT Potting Mix (4 bags 59.99) $239.96 Fertilizer (1 pallet 199.99) $199.99 Lawn Ornaments, assorted (5022.19) $1,109.50 Description Amount SUBTOTAL $1,549.45 TAX RATE 5.00% OTHER $0.00 TOTAL $1,626.92 Make all checks payable to Planters Potting Mix Out of this World Plants Victoria Invoice No: 698-001 BC Date : 12/28/2021 250 - 558 - 9999 Customer ID : PFP - 001 outtathisworldplantsengmailca Bill to. Plants from Paradise Victoria BC Make all checks payable to Out of this World Plants. Journal Entry Template: note - please ignore account numbers as none have been providedStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started