Simulation $1$

Narrative:

You have been hired as a Junior Accountant to work for Plants from Paradise $($Plants$)$ a garden centre in the city of Victoria, BC$.$ Your role reports directly to Plants' Controller Miranda Cornell. Each week you are emailed a series of tasks that are Miranda has aligned to match your current accounting class schedule. Each week tasks are laid out for you to assist Miranda in both operations and accounting decision making. Miranda is hoping to help you see the broader application that accounting has on operating a business and hopes that the weekly tasks help to identify how accounting impacts operations.

Plants from Paradise reports under ASPE, and has a December $31,2021,$ year end. All work that you are preparing is for their financial statements dated as such.

Additional Information:

This week Miranda has been busy running around watering the plants as the greenhouses have been quite warm. She thanks you for your patience as your onboarding must be self directed as there are several customers that require attention.

Miranda mentioned there is a list of tasks she is hoping you can assist with and that all the information you need to complete the tasks should be in this weeks folder!

Tasks List:

$1.$ Reconcile the Bank Balance $-$ Appendix A $(29$ marks$)$

Appendix A: Bank Reconciliation

Tasks:

$1)$ Please prepare the bank reconciliation based on the following information $(20$ marks$)$

$2)$ Please prepare any related journal entries $(9$ marks$)$

Bank Balance, December $31,2021$: $$10,288$

Book Balance, December $31,2021$: $$11,255$

Notes:

$1)$ The bank statement included a charge $($debit memo$)$ of $$150$ for the monthly bank services

$2)$ The bank missed one $$50$ bill when processing a deposit.

$3)$ Outstanding cheques as of December $31,2021,$ were $$688\mathrm{.}00.$

$4)$ Deposits in transit as of December $31,2021,$ were $$2,550.$

$5)$ The bank statement included an NSF charge of $$405\mathrm{.}00$ for a cheque received from a customer.

$6)$ A note receivable worth $$1,500$ was received into the company$$s bank account on December $31,2021,$ from a customer on account that was not yet recorded.

Plants from Paradise

Bank Reconciliation

December $31,2021$

Add:

Less:

Add:

Less:

Journal Entry Template:

Entry # Date Account Name Debit or Credit AmountSimulation $1$

Narrative:

You have been hired as a Junior Accountant to work for Plants from Paradise $($Plants$)$ a garden centre in the city of Victoria, BC$.$ Your role reports directly to Plants' Controller Miranda Cornell. Each week you are emailed a series of tasks that are Miranda has aligned to match your current accounting class schedule. Each week tasks are laid out for you to assist Miranda in both operations and accounting decision making. Miranda is hoping to help you see the broader application that accounting has on operating a business and hopes that the weekly tasks help to identify how accounting impacts operations.

Plants from Paradise reports under ASPE, and has a December $31,2021,$ year end. All work that you are preparing is for their financial statements dated as such.

Additional Information:

This week Miranda has been busy running around watering the plants as the greenhouses have been quite warm. She thanks you for your patience as your onboarding must be self directed as there are several customers that require attention.

Miranda mentioned there is a list of tasks she is hoping you can assist with and that all the information you need to complete the tasks should be in this weeks folder!

Tasks List:

$1.$ Reconcile the Bank Balance $-$ Appendix A $(29$ marks$)$

Appendix A: Bank Reconciliation

Tasks:

$1)$ Please prepare the bank reconciliation based on the following information $(20$ marks$)$

$2)$ Please prepare any related journal entries $(9$ marks$)$

Bank Balance, December $31,2021$: $$10,288$

Book Balance, December $31,2021$: $$11,255$

Notes:

$1)$ The bank statement included a charge $($debit memo$)$ of $$150$ for the monthly bank services

$2)$ The bank missed one $$50$ bill when processing a deposit.

$3)$ Outstanding cheques as of December $31,2021,$ were $$688\mathrm{.}00.$

$4)$ Deposits in transit as of December $31,2021,$ were $$2,550.$

$5)$ The bank statement included an NSF charge of $$405\mathrm{.}00$ for a cheque received from a customer.

$6)$ A note receivable worth $$1,500$ was received into the company$$s bank account on December $31,2021,$ from a customer on account that was not yet recorded.

Plants from Paradise

Bank Reconciliation

December $31,2021$

Add:

Less:

Add:

Less:

Journal Entry Template:

Entry # Date Account Name Debit or Credit Amount