Richard Otten is a plumber and has contacted you for some assistance in setting up a new accounting system. Richard has managed to collect enough information to create a chart of accounts for you to work from.

Task 1

You have the option to either work electronically or print off a hard copy of the Excel File which contains the General Journal and Ledger Accounts. The necessary accounts as well as blank accounts to be used if needed have been included.

Enter the information below from the chart of accounts and schedules in order to set up Richards new system as an Opening Entry into General Journal and post the relevant information to the General Ledger Accounts provided in the excel file.

Task 2

Using the excel file you have already been working on (electronically or in hard copy) to enter the six transactions below into the General Journal and then update the Ledger accounts as required.

post sloution using pictures of the exel file on the screen, Create sloutions using Excel. set up and answer Richards new system as an Opening Entry into General Journal and post the relevant information to the General Ledger Accounts.

1- general journal

2- general ledger - Assets

3- general ledger - liabilities

4- general ledger - income

5- general ledger - expenses

6- general ledger - equity

7- subsidiary ledgers - receivable

8- subsidiar ledger - payable

R. Otten Plumbing Chart of Accounts as at l July 2016 603 Petty Cash 150.00 607 Accounts Receivable Control 609 Allowance for Bad and Doubtful Debts28700 61I Inventory on Hand Stationery on Hand 12.408.00 130.00 613 enses 653 Premiseswgt 619 Repairs Revenue not yet Received 653Premises 655 Accumulated Depreciation Premises73,500 00 33.000 00 12,957.00 657Vehicle 659 Acc. Depreciation Vehicle 661 Plumbing Equipment 663 Accumulated Depreciation Plumbing Equip 699 GST Receivable 703 Accounts Payable Control 707 Sundry Creditor Delta Plumbing 709 Accrued Telephone Expense 711 Rent Expense Payable 799 GST Payable 753 Another Bank Mortgage Loan (7-year) 503 Capital Ricahrd Otten 2.460 00 2,000 00 6:049 00 3.686.00 611:00 75000 4.950.00 45,000.00 295.199:00