Unit 5 Comprehensive Assignment The Accounting Cycle Students will complete the first four steps in the accounting cycle including: recording transactions in a journal; posting to a ledger; taking off a trial balance and preparing financial statements Submit: - ONE MS Word or Google Doc file Completed journal ONE MS Excel or Google Sheet Completed ledger Trial balance Income statement month ending as of Sept 30. Balance Sheet as of Sept 30 Pat Schelling began a business called Royal City Engineering. Below is the Chart of Account 101 111 113 115 117 120 125 130 211 213 220 225 230 Royal City Engineering Chart of Account Bank 301 Pat Schelling, Capital A/R-L Pero 302 Pat Schelling Drawing A/R-K. Puna 401 Service Revenue A/R-Spectrum Co. 505 Automobile Expense A/R-W. J Thomson 510 Bank Charge Supplies 515 General Expense Equipment 520 Rent Expense Automobile 525 Telephone A/P-Imperial Garage 530 Wages Expense A/P- Home Hardware 535 Loss on Sale of Equipment HST Payable HST Recoverable Bank Loan September 1 2019 -Pat started his with Bank $7000, Supplies $1450, Equipment $14 732, Automobiles $28,957, and Bank loan $25000. Assume HST is 13%. Transactions are on Comprehensive assignment PDF Evaluation Criteria Mark Item Journal Evaluation Criteria Journal is complete, all transactions have been recorded correctly /10 Entries follow proper format 5 /5 PR are clearly shown for all entries /5 Work are clearly shown for all center Subtotal /25 Thinking /10 Ledger Ledger is complete, all transactions have been recorded correctly /5 Entries follow proper format /5 Entries are consistent with journal /5 PR are clearly shown for all entries /25 Subtotal Application /5 Follows proper form including heading Trial Balance Account balances and totals are correct /10 Subtotal Application /15 Income statement follows proper form /5 Financial Statement s Income statement are consistent with trial balance /5 Balance sheet follows proper form /5 Balance sheet figures are consistent with trial balance /5 Communication Subtotal Total /20 /85 TRANSACTIONS September 1 Cheque Copy To Rosewell Investments for the rent for the month, $2700.00 plus HST of $351.00, total $3051.00. 3 Purchase Invoice From Home Hardware for the purchase of supplies on account, $352.00 plus HST of $45.76, total $397.76. 5 Sales Invoice To W.J. Thomson for services rendered on account, $5000.00 plus HST of $650.00, total $5650.00. 5 Sales Invoice To L. Pero for services rendered on account, $3000.00 plus HST of $390.00, total $3390.00. 9 Cash Sales Slip Sold a piece of equipment for $500.00 cash. (This sale is not tax- able). This piece of equipment had originally cost $1200.00 and was included in the Equipment account at that figure. (Note: Although a sale has been made, this transaction does not affect the revenue account, which is used only for the normal revenue of the business.) Lo Sales Invoice To Spectrum Co. for services rendered on account, $1200.00 plus HST of $156.00, total $1356.00. 11 Cheque Copy To the owner for personal use, $1000.00. 12 Cheque Copy To Home Hardware on account, $397.76. 15 Purchase Invoice Received from Imperial Garage for repairs to the business automo- biles, $1513.00 plus HST of $196.69, total $1709.69. 16 Cheque Copy Issued to the Marketplace for the cash purchase of supplies, $247.50 plus HST of $32.18, total $279.68. 18 Cash Receipt Received a cheque from W.J. Thomson, in full payment of the account balance. 18 Cheque copy To the owner, reimbursement for out-of-pocket experience: postage, $22.00 plus HST of $2.86; courier, $26 plus HST of $3.38; and gaso- line and oil for business purposes, $177.00 plus HST of $23.01; total 19 Bank Debit Memo Received a memorandum from the bank stating that $125.00 had been deducted from the business bank account to pay for bank interest and charges. 19 Cheque Copy To an employee for part-time wages, $900.00. (For simplicity, par. roll deductions are not considered.) 19 Sales Invoice To K. Puna for services rendered on account, $900.00 plus HST of $117, total $1017.00. 22 Memorandum From the owner stating that the bank had acted on his instructions to reduce the bank loan by $2000.00 24. Cheque Copy To Cell Canada in payment of the phone bill, $185.00 plus HST of $ 24.05, tetal 209.05. 25 Cash Receipt Received a cheque from L Pero on account, $1500.00. 26 Sales Invoice To WI Thomson For services rendered on account, $600.00 plus HST OF$78.00, total $678.00. 26 Cheque copy To the owner for personal use, $1250.00. .29 Memorandum From the owner stating that he paid $190.00 plus HST of $24.70, total $214.70, out of his own pocket for supplies used for business purposes, and that his Drawings account is to be credited for the amount. 30 Cheque Copy To an employee for part-time wages, $850.00. 30. Cheque Copy To Imperial Garage, paying $500.00 on account 30 Cheque Copy Purchased a new computer and printer for the office; $1795.00 plus HST of $233.35, total $2028.35. General Journal page 2 Date Particulars P.R Debit Credit Unit 5 Comprehensive Assignment The Accounting Cycle Students will complete the first four steps in the accounting cycle including: recording transactions in a journal; posting to a ledger; taking off a trial balance and preparing financial statements Submit: - ONE MS Word or Google Doc file Completed journal ONE MS Excel or Google Sheet Completed ledger Trial balance Income statement month ending as of Sept 30. Balance Sheet as of Sept 30 Pat Schelling began a business called Royal City Engineering. Below is the Chart of Account 101 111 113 115 117 120 125 130 211 213 220 225 230 Royal City Engineering Chart of Account Bank 301 Pat Schelling, Capital A/R-L Pero 302 Pat Schelling Drawing A/R-K. Puna 401 Service Revenue A/R-Spectrum Co. 505 Automobile Expense A/R-W. J Thomson 510 Bank Charge Supplies 515 General Expense Equipment 520 Rent Expense Automobile 525 Telephone A/P-Imperial Garage 530 Wages Expense A/P- Home Hardware 535 Loss on Sale of Equipment HST Payable HST Recoverable Bank Loan September 1 2019 -Pat started his with Bank $7000, Supplies $1450, Equipment $14 732, Automobiles $28,957, and Bank loan $25000. Assume HST is 13%. Transactions are on Comprehensive assignment PDF Evaluation Criteria Mark Item Journal Evaluation Criteria Journal is complete, all transactions have been recorded correctly /10 Entries follow proper format 5 /5 PR are clearly shown for all entries /5 Work are clearly shown for all center Subtotal /25 Thinking /10 Ledger Ledger is complete, all transactions have been recorded correctly /5 Entries follow proper format /5 Entries are consistent with journal /5 PR are clearly shown for all entries /25 Subtotal Application /5 Follows proper form including heading Trial Balance Account balances and totals are correct /10 Subtotal Application /15 Income statement follows proper form /5 Financial Statement s Income statement are consistent with trial balance /5 Balance sheet follows proper form /5 Balance sheet figures are consistent with trial balance /5 Communication Subtotal Total /20 /85 TRANSACTIONS September 1 Cheque Copy To Rosewell Investments for the rent for the month, $2700.00 plus HST of $351.00, total $3051.00. 3 Purchase Invoice From Home Hardware for the purchase of supplies on account, $352.00 plus HST of $45.76, total $397.76. 5 Sales Invoice To W.J. Thomson for services rendered on account, $5000.00 plus HST of $650.00, total $5650.00. 5 Sales Invoice To L. Pero for services rendered on account, $3000.00 plus HST of $390.00, total $3390.00. 9 Cash Sales Slip Sold a piece of equipment for $500.00 cash. (This sale is not tax- able). This piece of equipment had originally cost $1200.00 and was included in the Equipment account at that figure. (Note: Although a sale has been made, this transaction does not affect the revenue account, which is used only for the normal revenue of the business.) Lo Sales Invoice To Spectrum Co. for services rendered on account, $1200.00 plus HST of $156.00, total $1356.00. 11 Cheque Copy To the owner for personal use, $1000.00. 12 Cheque Copy To Home Hardware on account, $397.76. 15 Purchase Invoice Received from Imperial Garage for repairs to the business automo- biles, $1513.00 plus HST of $196.69, total $1709.69. 16 Cheque Copy Issued to the Marketplace for the cash purchase of supplies, $247.50 plus HST of $32.18, total $279.68. 18 Cash Receipt Received a cheque from W.J. Thomson, in full payment of the account balance. 18 Cheque copy To the owner, reimbursement for out-of-pocket experience: postage, $22.00 plus HST of $2.86; courier, $26 plus HST of $3.38; and gaso- line and oil for business purposes, $177.00 plus HST of $23.01; total 19 Bank Debit Memo Received a memorandum from the bank stating that $125.00 had been deducted from the business bank account to pay for bank interest and charges. 19 Cheque Copy To an employee for part-time wages, $900.00. (For simplicity, par. roll deductions are not considered.) 19 Sales Invoice To K. Puna for services rendered on account, $900.00 plus HST of $117, total $1017.00. 22 Memorandum From the owner stating that the bank had acted on his instructions to reduce the bank loan by $2000.00 24. Cheque Copy To Cell Canada in payment of the phone bill, $185.00 plus HST of $ 24.05, tetal 209.05. 25 Cash Receipt Received a cheque from L Pero on account, $1500.00. 26 Sales Invoice To WI Thomson For services rendered on account, $600.00 plus HST OF$78.00, total $678.00. 26 Cheque copy To the owner for personal use, $1250.00. .29 Memorandum From the owner stating that he paid $190.00 plus HST of $24.70, total $214.70, out of his own pocket for supplies used for business purposes, and that his Drawings account is to be credited for the amount. 30 Cheque Copy To an employee for part-time wages, $850.00. 30. Cheque Copy To Imperial Garage, paying $500.00 on account 30 Cheque Copy Purchased a new computer and printer for the office; $1795.00 plus HST of $233.35, total $2028.35. General Journal page 2 Date Particulars P.R Debit Credit