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i just need help making the general ledger

1) The Point of Sales terminals (POS) will be used and connected to the Head Office computer system recording all sales, credit card processing, employee payroll, inventory tracking and replenishment. This will save a lot of time of the owner of the franchise and Carol will pay a service fee for the use of it.

2) Credit card processing fees 4% of total credit card sales, to deposit and process the credit card sales. The Credit Card sales will automatically be posted deposited to the stores Bank Account at the end of the week less the processing fees.

3) Payroll processing fees-2.X% of the gross payroll amount, to process all deductions, taxes, health tax, vacation pay, T4's, data input, and any other deductions. The ownership has changed in the middle of the two-week employee pay cycle, so existing employees will be getting two pay cheques, one for working for KickButt Coffee Shoppes from April 25^thto 30^thand the second paycheque for working for Carol from May 1^stto 8^th. These paycheques will be paid on May 15^th, the date of the employee's regular pay period. This system will also handle employee expense account payments and deductions. The second payroll for the employees working for Carol will be on May 29th for working hours from May 9^thto May 22.

4) The KickButt Coffee Shoppes automatic inventory replenishment system is amazing. It forecasts inventory requirements based on store's past and current sales and knows what has been used (it also calculates the Cost of Goods Sold) and will predict the number of stir sticks to be used in the next 5 days. Carol will have to do a physical inventory at the end of every month. The system will automatically order the required coffee supplies based on its estimates and the store will be invoiced when items are received, payable in 10 days after the receipt of the invoice. The inventory is tracked in three categories: coffee products, dairy products and supplies (including cups, lids, stir sticks), which make it easy to control and account for.

5) KickButt Coffee Shoppes monthly Royalty fee of 5.X% of gross sales to be paid on the first day of the following month during the term of the license,

6) KickButt Coffee Shoppes monthly Corporate Advertising levy of 2.X% and a monthly 2.X% Management fee, both based on gross sales for the month, to be paid on the first day of the following month during the term of the license,

7) Monthly Donation to the KickButt Charities of 5% of gross sales, to be paid on the first day of the following month for the term of the License to KickButt Coffee Shoppes.

8) The passing of the all inventory and store fixtures and equipment will be transferred at Book Value to Carol even though the market value for the fixtures and equipment are worth a lot more. The transfer of these assets will be charged against her line of credit.

9) KickButt Coffee Shoppes will do the legal work for Carol to set up her franchise as a corporation starting May 1st, set up the employer identification number, open all business bank accounts required, and obtain HST numbers. The legal work will be done free of charge by KickButt Coffee Shoppes' legal department and Carol will just have to pay the related fees of the above set-ups. These fees totaled $3,X00 and will be charged to the line of credit account.

10) Carol will be present for the inventory count the night of April 30^thand given the keys of the store once she agrees to the value of the inventory and the value of the equipment. An Invoice will be sent to Carol's company to transfer ownership and the amount will be charged to Carol's line of credit account.

11) Another invoice will be sent to Carol's company for any prepaid expenses that KickButt Coffee Shoppes' have prepaid for this location. Ownership of all prepaid items will be transferred to Carol's new company as of May 1^st. The value of these prepaid items will be charged to the Line of credit.

12) The location in the Food court has a 10-year lease dated December 1^stthree years ago and requires prepaying four months of rent on December, April and August. The rent for the locations is $2,X00 per month for the mall location.

13) The mall receives a 5% of gross sales to be paid the first day of the month for last month's sales as per the terms of the lease.

14). Carol purchasedher Computer and Printer from Best Buy 16 months ago on sale. The computer regular price was $1,X00.00 and the Printer was $6X0.00, the sale price was savings of $700.00 of the regular price if you purchased the two together. The Computer and Printer has an Economic Life of four years. This equipment will be given to the corporation at the book value for her equity in the company.

15). Carol'sCellphone Bell Canada $85.00 per month on a two-year contract, due the first of the month. The phone will be used for the business so that employees, and suppliers can contact her , the phone will be paid monthly on the billing date by the company.

16). In lieu of asalary Carol will be taking out a Monthly Dividend of $1,X00.00 which will be paid out at the end of the month. Dividends will be declared on the 15^thof the month. At the end of each fiscal year Carol will then take out a Dividend of 35% of after-tax profit the balance will then go back into Retained Earnings.

Transactions for the month of May.

May 1^st- Carol placed $X,000 of her own money into the bank account that was opened to start the business for 100% ownership of the Corporation.

May 1^st- received the following invoices from KickButt Coffee Shoppes charged to the Line of Credit. Invoice numbers 201912697, and 201912721 - details listed below

Invoice #1 for Transfer of Equipment and Supplies May 1^st:

Items & Inventory

Net Book Value

Remaining Economic Life

Market value

Coffee

$1,850.00

$1,850.00

Supplies Cups etc.

$565.00

$565.00

Dairy Products

$125.00

$125.00

Coffee Roaster

$3,200.00

32 months

$4,480.00

2 Point of Sale Registers

$4,400.00

44 months

$6,600.00

Corporation Fee for POS

$300.00

Coffee Grinder

$1,200.00

24 months

$2,160.00

Floor Safe

$2,200.00

44 months

$4,400.00

2 Scales

$200.00

40 months

$400.00

Cash (register float)

$200.00

$200.00

Total

$14,240.00

$20,780.00

Invoice #2 - for Prepaid items: Charged to the Line of Credit May 1^st.

Prepaid Expenses

Amount

Number of Remaining Months

Insurance

$2,100.00

6

Phone Bell Canada

$75.00

1

Internet Bell Canada

$35.00

1

Mall Association Membership

$60.00

6

Mall Rent

$2,X00 times 3

3

May 3 - Recording of Sales from May 1 to May 3. Total sales $10,640.00, with the following breakdown: Cash sales of $ 4,256.00, Credit Card sales of $6,384.00.

May 4^th- Artwork and Flyers with coupons - 1,000 sheets printed with no expiry dates, paid in cash $X50.00

May 4^th- Mall signage - 2 sandwich board signs, one to be placed just outside of the store and another one is used to reserve tables in the Food Court of the mall for KickButt Coffee customers, $X00 for each sign and will have to be replaced in two years. This was paid in full by cash.

May 5^th- The Coffee Roasters Carol received with the handover of the business was for low volume, so Carol decided to buy new ones. Purchased on account fromSmall Batch Coffee Roasters, and received two Coffee Roasters $6,X00 each, 10 years' economic life with zero salvage value, full balance due in 30 days.

May 6^th- Received automatic shipment of supplies from KickButt Coffee Shoppes: Coffee $1,305.00, Dairy $679.00, Supplies $286.00. Total amount of $2,270.00 to be paid in full 10 days.

May 10^th- Recorded Sales from May 4 to May 10. Total sales $21,785.60, with the following breakdown: Cash sales of $ 8,714.24, Credit Card sales of $13,071.36.

May 11^th- Received automatic shipment of supplies from KickButt Coffee Shoppes: Coffee $1,465.00, Dairy $785.00, Supplies $318.00. The total amount of $2,568.00 to be paid in full 10 days.

May 15^th- Paid payroll expense for employee wages for May 1 to May 8 of $4,7X0.00 plus the processing fee.

May 15^th- KickButt Coffee Shoppes Crowfoot Crossings pays $8X0 to sponsor Carol's younger sister Jennifer's soccer team. Carol wrote a cheque to the soccer club and the club agrees to place Carol's store logo on the teams Jersey.

May 16^thReceived automatic shipment of supplies: Coffee $1,629.00, Dairy $882.00, Supplies $349.00, total $2,860.00 to be paid full in 10 days.

May 17^thRecord Sales from May 11 to May 17. Total sales $21,985.40, with the following breakdown: Cash sales of $ 8,794.16, Credit Card sales of $13,191.24.

May 20^thsent out 400 sheets of the flyers - Carol give $1X5 Cash for her bother to deliver them in the neighborhood homes around the Crowfoot Crossing Mall. All are distributed by May 31^st.

May 21^stReceived automatic shipment of supplies from KickButt Coffee Shoppes: Coffee $1,589.00, Dairy $868.00, Supplies $385.00, total of $2,842.00 to be paid full in 10 days.

May 24^thRecorded Sales from May 18 to May 24. Total sales $23,413.50, with the following breakdown: Cash sales of $ 9,365.40, Credit Card sales of $14,048.10.

May 25^thCorporation announces that a $1,X00.00 Dividend will be paid on May 31, 2019 to be divided evenly to all of its shareholders on record May 29^th, 2019.

May 28^th- Received automatic shipment of supplies from KickButt Coffee Shoppes: Coffee $1,753.00, Dairy $804.00, Supplies $409.00, total of $2,966.00 to be paid full in 10 days.

May 28^thReceived from the city of Calgary one bill for Water and electricity for May for $2X5.00 to be paid in 15 days.

May 29^thCarol makes payment of student loan for University $X50.00 from her personnel bank account.

May 29^thPaid payroll expense for May 9 to May 22 for $7,8X0.00 plus the processing fee.

May 31^stReceived an invoice from the Crowfoot Crossings Mall Association for one-year membership for $120.00, payment due June 15^th2019.

May 31^stRecord Sales from May 25 to May 31. Total sales $22,846.30, with the following breakdown: Cash sales of $ 9,138.52, Credit Card sales of $13,707.78.

May 31^streceived June telephone bill for $75.00 and internet services for $35.00 from Bell Canada. Payment due June 14^th.

May 31^stafter closing the store while Carol is at home, she received an email detailing the Cost of Goods Sold from Kick Butt Coffee Shoppes Automatic reordering system and wages to employees to be paid from May 23 to May 31^st.

May 31^stmade payment to Line of Credit account of $2,X00.00 Interest for the Line of Credit for the month of May was $7X.56.

May 31^stadditional information - inventory was accounted for at midnight - email

Purchase Category

Cost of Goods Sold

Coffee Products

$8,116.00

Dairy Products

$4,133.00

Supplies

$1,787.00

Total

$14,036.00

Email was sent from KickButt Coffee Shoppes stating the amount of the accrual Payroll, employee wages from May 23 to May 31 to be paid June 11. $5,2X0.00, plus the processing fee.

All bills - Invoices have been paid on time, Carol knows that is was bad not to pay local business on time since the Calgary North-West Business Community knows everything of what is happening and doesn't want to affect her parent's reputation.

On the morning of June 1^stCarol gave to her accountant all of the invoices, receipts, deposit slips and all other information she has to her accountant. While talking to the accountant Carol said that she voided cheque number 2.