Question 2
How to put information from the journal onto the general ledger
ACCT1008 SP2 2021 Assignment Part A (Protected View) - Microsoft Word X File Home Insert Page Layout References Mailings Review View " ? 1 Protected View This file originated from an Internet location and might be unsafe. Click for more details. Enable Editing X QUESTION 2: General Ledger posting (10 marks) Cash at Bank (CAB) "Shiny Whites" is a dental practice owned and operated by Dr. Phil McCavity. The journal entries listed July 1 Balance 66 946 below for the month of July 2020 have already been completed Post the General Journals recorded below to the selected General Ledger accounts provided on the following pages. Remember to foot (balance) each ledger to determine the closing balance (refer to hints below). Date Details Debit ($) Credit ($ 1 July Cash at Bank 43 000 Office Equipment 7 000 Capital -P. McCavity 50 000 (The owner, P. McCavity, contributed office equipment costing $7 000 and cash of Accounts Receivable (A/R) $43 000) July 1 Balance 13 040 5 July Dental Equipment 134 000 Cash at Bank 134 000 (The business purchased dental equipment for $134 000 in cash) 11 July Drawings 2 000 Cash at Bank 2 000 (The owner, P. McCavity, paid his daughters orthodontist an instalment for his braces using the business bank account) Dental Equipment 15 July Loan 5 700 July 1 Balance 40 275 Cash at Bank 5 700 (The business repaid $5 700 of their loan balance) 25 July Cash at Bank 13 000 Accounts Receivable 13 000 (The business received payment $13 000 for credit sales made in June) Office Equipment 31 July Cash at Bank 20 00 |Accounts Receivable 17 000 July 1 Balance 96 000 Sales 37 000 (Dental procedures for the month - $20 000 in cash and the remaining balance to be collected from customers) Hints to assist in completing the ledgers: . Do not delete the opening balances given. The ledgers are formatted using tables; therefore, it is best to navigate through the ledgers using the Loan July 1 tab' function. Balance 118 800 . When using tables, it is often easier to click on the "1" function so you are able to see the formatting It is acceptable to shorten some account names in descriptions i.e. Cash at Bank = CAB Marks will be awarded for recording the amount on the correct side, with the correct posting reference and providing the correct closing balance. Not all the ledgers for the business have been provided - only the ones you need to update. Page: 7 of 15 |Words: 2,271 1 80% W e X a 1:35 PM 1/04/2021ACCT1008 SP2 2021 Assignment Part A (Protected View) - Microsoft Word Q X File Home Insert Page Layout References Mailings Review View " ? 1 Protected View This file originated from an Internet location and might be unsafe. Click for more details. Enable Editing X Sales QUESTION 3: Basic Financial Statement Preparation (16 marks) July Balance 464 952 You have been so helpful to Phil that he has recommended you to another dentist friend of his, Dr. Ginger Vitus. Ginger set up a dental practice called 'Dazzling Smile" on 1 June 2020 and completed a basic bookkeeping course before she commenced her business. Ginger has been running her business now for one month and has been able to prepare her business's accounting information up to the point of the trial balance. However, she requires your assistance in preparing the financial statements. Ginger also doesn't think that the Trial Balance she has provided is in the correct order. Capital - P McCavity Required: July 1 Balance 193 062 Prepare the following financial statements using the information provided in the Trial Balance provided below. Income Statement (Statement of Financial Performance) Statement of Changes in Equity; and Balance Sheet (Statement of Financial Position) Dazzling Smile Trial Balance Drawings - P McCavity for the month ended 30 June 2020 July 1 Balance 60 600 Debit ($) Credit ($) Loan Payable 133,280 Supplies on Hand 8,326 Fuel Expense 15,876 Capital, G. Vitus 390,000 Equipment 35,280 Cash at Bank 90,508 Telephone Expense 4,900 Warehouse $92,000 Sales 76,632 Accounts Payable 6,076 Rent Expense 1,176 Accounts Receivable 47,922 Totals 605,988 605,988 Add any additional pages required to complete the required statements. Page: 7 of 15 | Words: 2,271 1 80% W e X 1:36 PM 1/04/2021
