please answer these one to me i have 1 week to finish
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 instrictor must be atisfied that your pricticum is 100N comect before you can move on to the next level and your answer will be checked against the solutions provided to the instrictors. 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 pieces together. Be prepared to be elated with success, disappointed from temporary setbacks and entertained as you leam from your mistakes and see the bigger picture. You are in good hands and 1 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 as we rarely have a second use for customized material. Recorded as inventory at the time of purchase are instructional booklets, as we can retum these materials or use them again. Inventory is not adjusted until year end. All staff is on contract and each has a GST number. We pay them and ourselves $400/ day plus mileage at $0.50/km beginning this month as they all travel to their teaching sites. We summarize their invoices for you on a spread sheet at the end of every month for immediate payment. All instructors' costs including when owners teach a class are included in Subcontract Expense and Travel Costs Expense. 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 31,20X Year End 5. Prepare financial statements at December 31 . Accounting software Courses 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 journal 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 insiructed. BALANCE SHEET 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 5200 5230 5260 5290 5320 5330 5340 5360 5370 5380 5450 Memberships Miscellaneous Occupancy Costs Professional Fees Repairs \& Maintenance Wage \& Benefits-Salaries Wage \& Benefits-CPP Expenses Wage \& Benefits-EI Expenses Wage \& Benefits-Holiday Pay Expenses Non-Operating Income \& Expenses Interest Income Gain/Loss on Disposal Income Taxes Expenses INFORMATION PAGE Record all of the following transactions in the general journal. MEMORANDUM TO: Bill Bugnay MEMOH 114 FROM: M. Lasker December 1,20XX We received a cheque from the lawyer for $1000000 that went into a 3% per annum 3 month term deposit for the sale of our building. Record the amount as a term deposit and as a gain/loss on disposal. The accountant said they will adjust at year end. The term deposit begins on December 1 , and matures at the end of February 20XX+1 A cheque was written to Hart Property Management for December totaling $12180 for the monthly office lease including the occupancy costs and the GST. (CHQ 2114) Record the expenses as Occupancy Costs and Separate out the GST. TO: ZARA INC. INVOICE 12-2 8 North Nook Red Deer, Alberta, December 1, 20XX 30 Sessions Scheduled for December Due this invoice G.S.T.$60,000.00$3,000.00$63.000.00 EAST WEST COLLEGE 388029 Street NE CALGARY, AIBERTA, T1Y6B6 TO: New Gen Limited INVOICE 12-3 4 Southview Street Atrdrie, Alberta, December 1,20XX Attention: I. MacFarlane 40 Sessions Scheduled for December G.S.T$80.000.00$4,000.00$84,000.00 TO: ACCUTAX TAX CONSULTANTS Training of Trainers Alberta TO: East West College 101 Beddington Ave 388029 Street NE Calgary, Alberta, CALGARY, ALBERTA, T1Y6B6 December 5, 20XX INVOICE 7888 10 Trainers@\$1,500 each Company Registration Due this Invoice $15,000.00$3,000.00$18,000.00G.S.T.S900.00$18,900.00 Membership Year September 1, 2020-August 31, 2021. A cheque has been written (H2115) for this and should all be recorded as membership fees-Arif C. Thank you for your business! Ask about eco renovations \& how they can help you save $ S!!! A cheque has been written (\#2116) for $39.500 and $90,000 should all be recorded as leasehold Improvements- Arif C TO: EAST WEST COLLEGE 388029 STREET NE December 5,20XX CALGARY, Alberta, T1Y6B6 INVOICE 3763 Course Manual SAGE 50 High Aretic Ine. 1000 Castleridge Manor Calgary, Alberta TO: EASTWEST COLLEGE 388029 STREET NE December 5, 20XX CALGARY, Alberta, T1 Y6B6 INVOICE 201 Course Manual QuickBooks 1000 Manuals $18 each $18,000.00 GST $18,900,00$900,00 TO: Bill Bugnay MEMO \#117 FROM: Arif Chowdhury December 5,20XX A cheque (\#2117) was written to Mac Sporting Goods for $1,050 (including GST) for Mac Basketball Jerseys (Advertising \& Promotion). Thanks Arif C. \$ 3,000.00 CHQ 2119 Mercy Children's Hospital S1,000.00 CHQ 2120 Alberta Children's Christmas Fund MEMORANDUM TO: Bill Bugnay MEMOH 119 FROM: Arif Chowdhury December 15, 20XX Please pay and record the 13 . Contract Staff invoices (including mileages) that have been summarized for (details on an attached page) and record the 4 payroll cheques including holiday pay (details on an attached page), We are doing the payroll early as we are closing down early for the holidays. Manual Bookkeeping Record the employers EI and CPP liabilities Record the remittance of Payroll Liabilities to the receiver General for November \& December (separately) Simply Accounting/Quick Books Classes only Please remit all payroll deductions to date (November and December) but remit them separately. Cheque numbers 2138&2139 respectively. LIMERICK CORPORATION NO. 238 Eastbrook, Alberta. December 15,20XX PAY TO The ORDER OF EAST WEST COLLEGE $44,100.00 .........Forty-Four Thousand One Hundred- 00X BANK OF MONTREAL EASTERBROOK, ALBERTA, 12311 6:3321:6710 Deposited today (Dec 15) on slip (H02-12) Dee ZARA INC NO. 6866 Northlands, Alberta December 15,20XX PAY TO THE ORDER OF EAST WEST COLLEGE $63,000.00 SIXTY THREE THOUSAND OOLXX DOLLARS COLD BANK OF THE NORTH 99 North Next -To Justan Milos North NORTHLANDS, AIEBERTA, T2B WRM 123316:4432163118 Deposited today (Dee 15) on slip (1102-12) Dee SIeepweII BEDIING CUKP PAY TO THE ORDER OF East West College Eifty Two Thousand Five Hundred 00/XXDOLLARS$52,500.00 WEST BANK LIMITED 50 GoWest Walk WESTWORLD, ALBERTA, W84 MEE | 2911| 2:11111:33310 Deposited today (Dec 15) on slip (\#02-12) Dee Weatherton Golf Club Ltd. 1 Ground Gate Rlease pay immediately-drif ( 42140) Calgary, Alberta Per the accountant GST is not recoverable on Xmas golf TO: Arif C. and M. Lasker December 15,20XX INVOICE\# 532 Corporate Winter Golfing League GST $6,000.00$300.00$6,300.00 Barrio Fiesta Inc. Barrio Fiesta Inc. Please pay immediately-Dee (\#2141) Alberta per the accountant GST is 100% recoverable on Xmas meals TO: East West College INVOICE 68637 Alberta December 15,20X Attn: Arif C. and M. Lasker 65 Full Course Dinners@\$44/Plate Facility Fee \begin{tabular}{l} $2,860.00 \\ $1,400.00 \\ $4,260.00 \\ $213.00 \\ $4,473.00 \\ $4.000.00 \\ \hline 473.00 \end{tabular} ACCUTAX CONSULTANTS NO. PP 3322 675 Harbour Point Alberta, December 16,20XX PAY TO THE ORDER OF EAST WEST COLLEGE $8,400.00 Eight Thousand Four Hundred 00/XX DOLLARS TD BANK 777 HUNTERHORN ALBERTA, lona Jail I 666! 6:6666I:6616 Deposited today (Dec 18) on slip (H03-12) TECHSMART COMPUTING CORP 100 IT Lane CALGARY, Alberta. TO: EAST WEST COLLEGE INVOICE 12-18-22 December 18,20XX 1 COMPUTER SERVER GST $4,000.00$200.00$4,200,00 Please pay immediately - (i22142) ARIF. C. MEMORANDUM TO: Bill Bugnay MEMO\#121 FROM: M. I.ASKER December 18,20XX THERE WAS A BUSINESS MEETING AND WE HAD LUNCH TOGETHER Anyway, the restaurant bill was $200+ GST of $10+ a tip of $40. Please reimburse me $250.00 today (H2143), Note: GST recoverable is 50% Thanks Bea Please pay monthly Income Tax Instalment of $2000(12144) for December as Corporate Taxes Payable Thanks, M. Lasker MEMORANDUM NAME: 17 TO: Bill Bugnay FROM: M. Lasker Please make the GST Remittances (normally monthly) to the Receiver General for November (H2147) now as we will be closed until January 5,20XX+1. Eor Computer Software Applications: EAST WEST COLLEGE Ranb- Penconoiliation Bank Reconciliation December 20XX Balance per bank statement $256,001.00 Add Outstanding Deposits NAME: 18 Less Outstanding cheques Balance per General Ledger CIBC BANK EAST WEST COLLEGE \begin{tabular}{|l|l|l|l|l|l|} \hline Dec 17 & (#2141) & & 473.00 & CR & 314,286.00 \\ \hline Dec 18 & (#0312) & 8,400.00 & & CR & 322,686.00 \\ \hline Dec 18 & (#2123) & & 2225.00 & CR & 320,461.00 \\ \hline Dec 18 & (#2128) & & 2155.00 & CR & 318,306.00 \\ \hline Dec 18 & (#2131) & & 2130.00 & CR & 316,176.00 \\ \hline Dec 18 & (#2127) & & 1844.00 & CR & 314,332.00 \\ \hline Dec 18 & (#2122) & & 3007.00 & CR & 311,325.00 \\ \hline Dec 18 & (#2130) & & 1784.00 & CR & 309,541.00 \\ \hline Dec 18 & (#2124) & 1743.00 & CR & 307,798.00 \\ \hline Dec 18 & (#2145) & & 12600.00 & CR & 295,198.00 \\ \hline Dec 18 & (#2132) & & 3690.00 & CR & 291,508.00 \\ \hline Dec 18 & (#2147) & & 12050.00 & CR & 279,458.00 \\ \hline Dec 18 & (#2133) & 1712.00 & CR & 277,746.00 \\ \hline Dec 18 & (#2135) & 1600.00 & CR & 276,146.00 \\ \hline Dec 18 & (#2146) & & 320.00 & CR & 275,826.00 \\ \hline Dec 18 & (#2136) & & 6155.00 & CR & 269,671.00 \\ \hline Dec 18 & (#2139) & 5245.00 & CR & 264,426.00 \\ \hline Dec 20 & (#2144) & 2000.00 & CR & 262,426.00 \\ \hline Dec 20 & (#2140) & 6300.00 & CR & 256.126 .00 \\ \hline Dec 31 & S/C'S & & 125.00 & CR & 256,001.00 \\ \hline \end{tabular} ACCOUNTS RECEIVABLE SUSIDIARY LEDGER ACCOUNTS PAYABLE SUSIDIARY LEDGER ACCOUNTING Below is review of the books and records at December 31 for East West College. The review has identified the matters that may need addressing. Record any adjustments required to complete the year end on General Journal. Additional documents are on the next page. \begin{tabular}{|l|l|} \hline Deferred Revenue & Recordthedeferredrevenueforclassespaidbutuntaught(seePages15and16).Seecurrentinvoicingforpricing \\ \hline Corporate Taxes & Move $200 late fee to bank charges \& interest \\ \hline Income Taxes & Record $79,300 for taxes for the current year \\ \hline \end{tabular} Accounting TO: EAST WEST COLLEGE Alberta, FOLIO: 1130200 November 30,20XX STATEMENT OF ADJUSMENTS STOCK BROKER ALBERTA TO: EAST WEST COLLEGE Alberta, Proceeds from Sale of Investment STATEMENT OF ADJUSTMENTS Less: Brokerage Costs (Preferred Rate) Including GST Balance from Trust Balance -Cheque Attached $54,200.00 $4,200.00 $50,000.00 SERVING UTOPLA FOR OVER SO YEARS MEMORANDUM TO: BILL BUGNAY FROM: ARIF CHOWDHURY MEMO #125 December 18,20XX Estimated Professional fees (complete the accounting \& do the tax return) are $2,000 - Thanks Dee EAST WEST COLLEGE INCOME STATEMENT For the year ending December 31,20XX Training Income Customized General Total Income Cost of Service Provided Instructional Materials Contract Instructors Travel Total Cost of Services Provided Gross Margin Expenses Advertising \& Promotion Amortization Bad Debts Bank Charges \& Interest Donations Insurance Interest on L/T Debt Meals \& Entertainment Memberships Occupancy Costs Professional Fees Repairs \& Maintenance Wages and Benefits Total Expenses Net income from operations Non-Operating Income Interest income Gain/Loss on Disposal Total Non-Operating Income Net Income before Income Taxes Income Taxes Net Income for the year EAST WEST COLLEGE BAL ANCE SHEET As of December 31,20XX Assets: Current Cash \& Equivalents Accounting receivable & accrued Less: Allowance for doubtful Inventory Prepaid Amounts Total Current Assets Fixed: Furniture \& Equipment Less: Amortization Leasehold Improvements Less: Amortization Leasehold Improvements Less: Amortization Total Fixed Assets Liabilities: Current Accounts payable Deferred Revenue Shareholder Loans Total Current Liabilities Shareholders' Equity Share Capital Common Preferred Total Share Capital Retained Earnings Beginning of Period Add: Net Income Less: Dividends Fnd if Dariol Total Share Capital Retained Earnings Beginting of Period Add: Net Income Less: Dividends End of Period Total Shareholders' Equity
