Part 1 [70 points) Elife Consulting Inc. is a small computer consulting business. The company is organized as a corporation and provides consulting services computer system installations, and custom program development Ete Contulting in showed the following alphabetized posting trial balance at September 30, 2014 Account Barce Accounts payable 34,500 Accounts receivable 99.500 Accurate depreciation building 4.500 Building 39,000 Cach 177 000 Rataned eaming 160.000 Share capital 136.500 Note . There were 10.000 shares oued and outstanding on September 30, 2014 Depreciation on the bulding is $1.350 per month Elite Consulting in salaries expenses a total of 5650 per day for each work day (Monday Friday in the month for simlicy, please ignore all statutory holidaya) The following source documents are from October Osipoverorce Memo 2 et 5043 Weronem Pure 2015 Harta 233 Boronto Power Comment for 2 Oh Mamat Motomans One 210 Office Memo 35 wo 0141 Hent5041 We Orte amo ww5042 Dronto Mano Recept 5649 as Analyze each of the preceding source documents and prepare journal entries using this information only Note that some source documents may not regare a untry Also, a biliare recorded in the oumal on the day they are received. Cheras appropriate description when entering the transactions in the journal Dates must be entered in the format od mom de January 15 would be 15Jan) -- nay me mom X Deposit slip (October 1) SouthCo 5326 62 Street Toronto, Ontario FOU 4P5 at for BetaCo Date: October 1, 2014 Account No.: 5558 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 on only. Note that s the transactions in Cash Pa Cheques (re: 18,000 shares issued today) $25,000 F Debit Total Deposits $25,000 8,080 25 25 12,120 arned 12,120 ne more............ EESE X Purchase Order 2619 x Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 1, 2014 PO No.: 2619 etaCo Vendor: Kent's Machinery 12060 Franklin Place Toronto, Ontario 17M 9G9 Ship To: Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 306 1 Ordered Description Total ly. Note that s ransactions in Item No. Unit Price MAC597 1 $13,200 $13,200 Machinery Estimated useful life : 10 years. Estimated residual value: $1,080. Pa F Debit 8,080 Sub- Total: $13,200 25 25 12,120 TLT Inter-Office Memo 1 X Date: October 1, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement Please write a cheque to TrexCo in the amount of $7,200. This will pay for insurance for the next 12 months. Thanks, Carrie Ford IS id Pa 25 12,120 me mom Receipt 5040 X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 2, 2014 Receipt No.: 5040 Co Customer: WestCo 10543 Exchange Street Toronto, Ontario LOS 155 Rep: Tracy Regis Hote that s Qty Unit Price Total sactions in 4 Description Ongoing consulting regarding security, per month. To begin immediately and end January 31, 2015. $1,200 $4,800 Pa Debit 8,080 Total: $4,800 Paid: $4,800 Balance Due: $0 25 25 12,120 12,120 12,120 12,120 TITOTTI Invoice 4944 X Kent's Machinery 12060 Franklin Place Toronto, Ontario 17M 9G9 Date: October 4, 2014 Invoice No.: 4944 Customer Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Rep: Carrie Ford PO No.: 2619 e that s Qty Description Total tions in Unit Price $13,200 $13,200 1 Machinery as ordered on October 1, 2014. Estimated useful life : 10 years. Estimated residual value : $1,080. Pa bit Sub- Total: $13,200 080 Freight: 0 25 25 120 12,120 y7 i e mom Inter-Office Memo 2 X Date: October 4, 2014 From: Carrie Ford Office Assistant Subject: New Hire To: BetaCo Avery Wilson has accepted our job offer and will begin employment with us on November 1. Please get everything ready for that date. Thanks, hly. Note that s Carrie Ford transactions in Pa F Debit 8,080 25 25 2120 TITUC TOTTIE Receipt from Carrie's Diner taCo Carrie's Diner 12559 40 Street Toronto, Ontario 341-0390 Check #: 482283 Server: Tracy Table: 34 Date: October 8, 2014 Time: 12:57 . Note that s 1 Coffee ansactions in 1 Pop 1 Beef dip 1 Caesar salad with chicken 3.00 3.00 8.00 11.00 Total: $25.00 Cash Received: $25.00 Pa F Debit Thank you for dining with us! 8,080 25 25 12,120 12,120 12.120 TE THIOTTO Invoice 5141 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 14, 2014 Invoice No.: 5141 Customer: BetaCo 2110 Franklin Place Toronto, Ontario N3G 8X2 Rep: Susan Montgomery PO No.: Verbal ote that s Qty Description Total actions in Unit Price 120 Training on new computer software, per hour $101 $12,120 Pa Debit Sub- Total: $12,120 8,080 Freight: 0 Total: $12,120 25 25 2.120 12.120 2,120 12.120 TOTTU Invoice 5141 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 14, 2014 Invoice No.: 5141 Customer BetaCo 2110 Franklin Place Toronto, Ontario N3G 8X2 Rep: Susan Montgomery PO No.: Verbal ce that s Qty ctions in Description Total Unit Price 120 Training on new computer software, per hour $101 $12,120 Pa Debit Sub- Total: $12,120 Freight: 0 Total: $12,120 3,080 25 25 -.120 12,120 120 Invoice 5142 X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 306 Date: October 18, 2014 Invoice No.: 5142 Customer: Decker Co 11235 77 Avenue Toronto, Ontario SOT 9P3 Rep: Susan West PO No.: Verbal that s Qty Description cions in Total Unit Price $101 $2,424 24 Initial consultation to determine new program requirements, per hour 64 System wide testing on new program, Pa $101 $6,464 bit per hour 32 Training on new computer software, per hour $101 $3,232 80 25 25 20 12,120 9 day me monu Receipt 5043 X X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 19, 2014 Receipt No.: 5043 or BetaCo Customer: Decker Co 11235 77 Avenue Toronto, Ontario SOT 9P3 Rep: Susan West only. Note that sl Qty he transactions in Unit Price Total $0 Description Balance forward Invoice #5142 (on October 18, 2014) 1 $12,120 $12,120 Pa Debit F Total: $12,120 Paid: $12,120 Balance Due: $0 8,080 25 25 12,120 ned 12,120 12,120 o Toronto Power Bill X Toronto Power Customer Name: Elite Consulting Inc. 4715 42 Avenue Account No.: 5085777 Toronto, Ontario R5S 8F4 Service Period: 01/Oct - 21/Oct Invoice Date: October 21, 2014 Previous Charges e month Previous balance forward $1,050 Payment on September 30 $-1,050 Total previous charges ! $0 Current Charges Water and sewage Natural Gas Electricity Total current charges $550 $150 $200 $900 ote that s actions in Amount Due: $900 Pa Credit Debit 8,080 8,080 25 Receipt 215 X Kent's Repair Services 8799 75 Avenue Toronto, Ontario A5B 8U8 Date: October 21, 2014 Receipt No.: 215 Customer: ay) in the month Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Rep: Carrie Ford I BetaCo Qty Unit Price Total Description Repairs to building 1 $900 $900 Total: $900 Paid: $900 only. Note that s e transactions in Balance Due: $0 Pa Credit F Debit Receipt 5041 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 22, 2014 Receipt No.: 5041 Customer ay-Friday) in the month ABC Co Rep: Bonnie Northrup 7829 32 Avenue Toronto, Ontario Invoice No.: Verbal Q6B 7C5 mo 4 Qty ment for BetaCo Description Unit Price Total mo 5 4 Instructional seminar, per hour $68 $272 mo 6 Total: $272 Paid: $272 mation only. Note that s ering the transactions in Balance Due: $0 rnal ation Pal Credit F Debit 8,080 8,080 nse 25 25 Inter-Office Memo 3 X Date: October 25, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement month Please prepare a cheque for salaries owed to employees for the period October 1 to October 25. Thanks, Carrie Ford 1 that si tions in bit Pa Credit 080 8,080 25 25 Inter-Office Memo 4 Date: October 26, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement riday) in the month Please prepare a cheque to Kent's Machinery in the amount of $13,200. This will pay for the invoice received on October 4. Thanks, Carrie Ford for BetaCo on only. Note that s the transactions in Pd F Debit Credit 8,080 8,080 25 Customer Statement for BetaCo X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 31, 2014 Customer: y-Friday) in the month BetaCo 2110 Franklin Place Toronto, Ontario N3G 8X2 1 04 nent for BetaCo Date Description 05 October 1 Balance forward 106 October 14 Invoice #5141 Amount Balance $0 $12,120 $12,120 mation only. Note that s ring the transactions in Amount Due: $12,120 hal on Pa Credit F Debit - Inter-Office Memo 5 X Date: October 31, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement ay) in the month Please prepare a cheque to pay the Toronto Power bill received on October 21. Thanks, Carrie Ford r BetaCo only. Note that s he transactions in Pal Credit F Debit 8,080 8,080 x X Inter-Office Memo 6 X x X Date: October 31, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement e month Please prepare a cheque to pay dividends of $0.37 per share to shareholders of record on today's date. Thanks, Carrie Ford 1 ote that s actions in Pa Credit Debit 8,080 8,080 25 25 Inter-Office Memo 6 X Date: October 31, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement e month Please prepare a cheque to pay dividends of $0.37 per share to shareholders of record on today's date. Thanks, Carrie Ford 1 ote that s actions in Pal Credit Debit gnon meron not Root 5040 4014 SSS RecomCare's Diner a 215 Interior dem wice 5141 Rom 5041 In Onemo I. 5142 Wer Oromo Recei 6042 a) Analyze each of the preceding source documents and prepare journal entries using this information only. Note that some source documents may not require an entry. Also, all bills are recorded in the joumal on the day they are rootived. Enter on appropriate description when entering the transactions in the journal Dates must be entered in the format ddimnim ( January 15 would be 15/Jan) Paoa cu Out Credit 25.000 25.000 General Journal Abcur Explanation Dane DOE plannen 1/Oct cas Share Capital Dobit Page 2 Crede 21/Oct moa 8.000 13.200 BBS 16,000 suresi 10 Machinery + Cash Purchase equipment 10 Prepaid in 156200 25 7.200 25 7200 12.120 cash record Nod Food and Drinks Cash Paid for inter 140d Accounts forval Corting Race and one on CCOUNT oa AReceivate Consulting Revenue Eamed service done 4.800 Pay for insurance for 12 tomto 2 Cash Unimed Consulting Recent af www.ced service to be Idono Oct Machinery Acorts Payat HD porc 12120 12.120 12.120 13.200 13.200 Accomplinton Paje de FDCrede Dana Accantor Page Debit Credit TO 28 Oct a Barce DOO Part 1 [70 points) Elife Consulting Inc. is a small computer consulting business. The company is organized as a corporation and provides consulting services computer system installations, and custom program development Ete Contulting in showed the following alphabetized posting trial balance at September 30, 2014 Account Barce Accounts payable 34,500 Accounts receivable 99.500 Accurate depreciation building 4.500 Building 39,000 Cach 177 000 Rataned eaming 160.000 Share capital 136.500 Note . There were 10.000 shares oued and outstanding on September 30, 2014 Depreciation on the bulding is $1.350 per month Elite Consulting in salaries expenses a total of 5650 per day for each work day (Monday Friday in the month for simlicy, please ignore all statutory holidaya) The following source documents are from October Osipoverorce Memo 2 et 5043 Weronem Pure 2015 Harta 233 Boronto Power Comment for 2 Oh Mamat Motomans One 210 Office Memo 35 wo 0141 Hent5041 We Orte amo ww5042 Dronto Mano Recept 5649 as Analyze each of the preceding source documents and prepare journal entries using this information only Note that some source documents may not regare a untry Also, a biliare recorded in the oumal on the day they are received. Cheras appropriate description when entering the transactions in the journal Dates must be entered in the format od mom de January 15 would be 15Jan) -- nay me mom X Deposit slip (October 1) SouthCo 5326 62 Street Toronto, Ontario FOU 4P5 at for BetaCo Date: October 1, 2014 Account No.: 5558 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 on only. Note that s the transactions in Cash Pa Cheques (re: 18,000 shares issued today) $25,000 F Debit Total Deposits $25,000 8,080 25 25 12,120 arned 12,120 ne more............ EESE X Purchase Order 2619 x Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 1, 2014 PO No.: 2619 etaCo Vendor: Kent's Machinery 12060 Franklin Place Toronto, Ontario 17M 9G9 Ship To: Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 306 1 Ordered Description Total ly. Note that s ransactions in Item No. Unit Price MAC597 1 $13,200 $13,200 Machinery Estimated useful life : 10 years. Estimated residual value: $1,080. Pa F Debit 8,080 Sub- Total: $13,200 25 25 12,120 TLT Inter-Office Memo 1 X Date: October 1, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement Please write a cheque to TrexCo in the amount of $7,200. This will pay for insurance for the next 12 months. Thanks, Carrie Ford IS id Pa 25 12,120 me mom Receipt 5040 X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 2, 2014 Receipt No.: 5040 Co Customer: WestCo 10543 Exchange Street Toronto, Ontario LOS 155 Rep: Tracy Regis Hote that s Qty Unit Price Total sactions in 4 Description Ongoing consulting regarding security, per month. To begin immediately and end January 31, 2015. $1,200 $4,800 Pa Debit 8,080 Total: $4,800 Paid: $4,800 Balance Due: $0 25 25 12,120 12,120 12,120 12,120 TITOTTI Invoice 4944 X Kent's Machinery 12060 Franklin Place Toronto, Ontario 17M 9G9 Date: October 4, 2014 Invoice No.: 4944 Customer Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Rep: Carrie Ford PO No.: 2619 e that s Qty Description Total tions in Unit Price $13,200 $13,200 1 Machinery as ordered on October 1, 2014. Estimated useful life : 10 years. Estimated residual value : $1,080. Pa bit Sub- Total: $13,200 080 Freight: 0 25 25 120 12,120 y7 i e mom Inter-Office Memo 2 X Date: October 4, 2014 From: Carrie Ford Office Assistant Subject: New Hire To: BetaCo Avery Wilson has accepted our job offer and will begin employment with us on November 1. Please get everything ready for that date. Thanks, hly. Note that s Carrie Ford transactions in Pa F Debit 8,080 25 25 2120 TITUC TOTTIE Receipt from Carrie's Diner taCo Carrie's Diner 12559 40 Street Toronto, Ontario 341-0390 Check #: 482283 Server: Tracy Table: 34 Date: October 8, 2014 Time: 12:57 . Note that s 1 Coffee ansactions in 1 Pop 1 Beef dip 1 Caesar salad with chicken 3.00 3.00 8.00 11.00 Total: $25.00 Cash Received: $25.00 Pa F Debit Thank you for dining with us! 8,080 25 25 12,120 12,120 12.120 TE THIOTTO Invoice 5141 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 14, 2014 Invoice No.: 5141 Customer: BetaCo 2110 Franklin Place Toronto, Ontario N3G 8X2 Rep: Susan Montgomery PO No.: Verbal ote that s Qty Description Total actions in Unit Price 120 Training on new computer software, per hour $101 $12,120 Pa Debit Sub- Total: $12,120 8,080 Freight: 0 Total: $12,120 25 25 2.120 12.120 2,120 12.120 TOTTU Invoice 5141 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 14, 2014 Invoice No.: 5141 Customer BetaCo 2110 Franklin Place Toronto, Ontario N3G 8X2 Rep: Susan Montgomery PO No.: Verbal ce that s Qty ctions in Description Total Unit Price 120 Training on new computer software, per hour $101 $12,120 Pa Debit Sub- Total: $12,120 Freight: 0 Total: $12,120 3,080 25 25 -.120 12,120 120 Invoice 5142 X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 306 Date: October 18, 2014 Invoice No.: 5142 Customer: Decker Co 11235 77 Avenue Toronto, Ontario SOT 9P3 Rep: Susan West PO No.: Verbal that s Qty Description cions in Total Unit Price $101 $2,424 24 Initial consultation to determine new program requirements, per hour 64 System wide testing on new program, Pa $101 $6,464 bit per hour 32 Training on new computer software, per hour $101 $3,232 80 25 25 20 12,120 9 day me monu Receipt 5043 X X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 19, 2014 Receipt No.: 5043 or BetaCo Customer: Decker Co 11235 77 Avenue Toronto, Ontario SOT 9P3 Rep: Susan West only. Note that sl Qty he transactions in Unit Price Total $0 Description Balance forward Invoice #5142 (on October 18, 2014) 1 $12,120 $12,120 Pa Debit F Total: $12,120 Paid: $12,120 Balance Due: $0 8,080 25 25 12,120 ned 12,120 12,120 o Toronto Power Bill X Toronto Power Customer Name: Elite Consulting Inc. 4715 42 Avenue Account No.: 5085777 Toronto, Ontario R5S 8F4 Service Period: 01/Oct - 21/Oct Invoice Date: October 21, 2014 Previous Charges e month Previous balance forward $1,050 Payment on September 30 $-1,050 Total previous charges ! $0 Current Charges Water and sewage Natural Gas Electricity Total current charges $550 $150 $200 $900 ote that s actions in Amount Due: $900 Pa Credit Debit 8,080 8,080 25 Receipt 215 X Kent's Repair Services 8799 75 Avenue Toronto, Ontario A5B 8U8 Date: October 21, 2014 Receipt No.: 215 Customer: ay) in the month Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Rep: Carrie Ford I BetaCo Qty Unit Price Total Description Repairs to building 1 $900 $900 Total: $900 Paid: $900 only. Note that s e transactions in Balance Due: $0 Pa Credit F Debit Receipt 5041 Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 22, 2014 Receipt No.: 5041 Customer ay-Friday) in the month ABC Co Rep: Bonnie Northrup 7829 32 Avenue Toronto, Ontario Invoice No.: Verbal Q6B 7C5 mo 4 Qty ment for BetaCo Description Unit Price Total mo 5 4 Instructional seminar, per hour $68 $272 mo 6 Total: $272 Paid: $272 mation only. Note that s ering the transactions in Balance Due: $0 rnal ation Pal Credit F Debit 8,080 8,080 nse 25 25 Inter-Office Memo 3 X Date: October 25, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement month Please prepare a cheque for salaries owed to employees for the period October 1 to October 25. Thanks, Carrie Ford 1 that si tions in bit Pa Credit 080 8,080 25 25 Inter-Office Memo 4 Date: October 26, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement riday) in the month Please prepare a cheque to Kent's Machinery in the amount of $13,200. This will pay for the invoice received on October 4. Thanks, Carrie Ford for BetaCo on only. Note that s the transactions in Pd F Debit Credit 8,080 8,080 25 Customer Statement for BetaCo X Elite Consulting Inc. 5264 Franklin Crescent Toronto, Ontario A8H 3U6 Date: October 31, 2014 Customer: y-Friday) in the month BetaCo 2110 Franklin Place Toronto, Ontario N3G 8X2 1 04 nent for BetaCo Date Description 05 October 1 Balance forward 106 October 14 Invoice #5141 Amount Balance $0 $12,120 $12,120 mation only. Note that s ring the transactions in Amount Due: $12,120 hal on Pa Credit F Debit - Inter-Office Memo 5 X Date: October 31, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement ay) in the month Please prepare a cheque to pay the Toronto Power bill received on October 21. Thanks, Carrie Ford r BetaCo only. Note that s he transactions in Pal Credit F Debit 8,080 8,080 x X Inter-Office Memo 6 X x X Date: October 31, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement e month Please prepare a cheque to pay dividends of $0.37 per share to shareholders of record on today's date. Thanks, Carrie Ford 1 ote that s actions in Pa Credit Debit 8,080 8,080 25 25 Inter-Office Memo 6 X Date: October 31, 2014 From: Carrie Ford To: Office Assistant Subject: Cash Disbursement e month Please prepare a cheque to pay dividends of $0.37 per share to shareholders of record on today's date. Thanks, Carrie Ford 1 ote that s actions in Pal Credit Debit gnon meron not Root 5040 4014 SSS RecomCare's Diner a 215 Interior dem wice 5141 Rom 5041 In Onemo I. 5142 Wer Oromo Recei 6042 a) Analyze each of the preceding source documents and prepare journal entries using this information only. Note that some source documents may not require an entry. Also, all bills are recorded in the joumal on the day they are rootived. Enter on appropriate description when entering the transactions in the journal Dates must be entered in the format ddimnim ( January 15 would be 15/Jan) Paoa cu Out Credit 25.000 25.000 General Journal Abcur Explanation Dane DOE plannen 1/Oct cas Share Capital Dobit Page 2 Crede 21/Oct moa 8.000 13.200 BBS 16,000 suresi 10 Machinery + Cash Purchase equipment 10 Prepaid in 156200 25 7.200 25 7200 12.120 cash record Nod Food and Drinks Cash Paid for inter 140d Accounts forval Corting Race and one on CCOUNT oa AReceivate Consulting Revenue Eamed service done 4.800 Pay for insurance for 12 tomto 2 Cash Unimed Consulting Recent af www.ced service to be Idono Oct Machinery Acorts Payat HD porc 12120 12.120 12.120 13.200 13.200 Accomplinton Paje de FDCrede Dana Accantor Page Debit Credit TO 28 Oct a Barce DOO
