ACC2310 Assignment 1 - Hayd coppaway

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Centennial College *

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ENG1U

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Accounting

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Feb 20, 2024

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ACC2310 PRACTICAL APPLICATI0N: ASSIGNMENT #1 INSTRUCTIONS This assignment should be completed using this word document. Assignments need to be submitted on or before the due date specified by the instructor. Consult the course calendar for assignment due dates. Upload your assignment via the gradebook. Your assignment grade and the marked file With Feedback will be available for your review through the Gradebook once it has been marked. Scroll past the grade to the individual questions to see comments and corrections. This assignment is worth 10% of your final grade and is out of 73 marks. Grading Rubric Criteria Exceeds Requirements Meets Requirements Meets Requirements but Needs Work Does Not Meet Requirements Grade Financial Statements Accurately Pepares 100% of the Income Statement, Statement of Equity and Balance Sheet (29) Prepares a minimum of the Income Statement, Statement of Equity and Balance Sheet (21-28) Prepares a minimum of 50-69% of the Income Statement, Statement of Equity and Balance Sheet (16-20) Prepares less than 50 of the Income Statement, Statement of Equity and Balance Sheet (0-15) Journal Entries, Posting to T accounts and Preparing a Trial Balance Accurately prepares 100% of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (44) Accurately prepares a minimum of 70% of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (31-43) Accurately prepares a 50- 69 of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (21-30) Accurately prepares less than 50% of the Journal Entries Posts correctly to all T accounts and accurately prepared the Trial Balance (0-22) Comments Use complete account names, if it is an expense, payable, prepaid – you must use these in the account name in the entries. Marks will be deducted if you do not. Total /73

Weighted Average /10 Question 1: 29 marks The following is a trial balance from Suzies Sparkle Bead Shop at April 30, 2011 Suzies Sparkle Bead Shop Trial Balance For the Year Ended April 30, 2011 Account Dr. Cr. Cash 15,000 Accounts Rec. 12,000 Inventory 20,000 Prepaid Rent 3,000 Furniture 10,000 Accumulated Amortization- Furniture 4,000 Accounts Payable 15,000 Salary Payable 5,000 Unearned Revenue 4,000 Suzies, Capital 11,000 Suzies, Withdrawals 5.000 Revenue 115,000 REvenue Discounts 5,000 Revenue Returns and Allowances 2,000 Materials Expense 35,000 Salary Expense 26,000 Rent Expense 13,000 Utilities Expense 8,000 154,000 154,000 Required: Prepare an Income Statement, Statement of Equity and a Balance Sheet, all in good form.

A) Prepare an Income Statement in good form as demonstrated in the lesson content and in the text: 11 marks Revenue Amount Sales Revenue $115,000 Revenue Discounts $5,000 Revenue Returns and Allowances $2,000 Total Revenue: $108,000 B) Prepare a Statement of Equity in good form as demonstrated in the lesson content and in the text: 5 marks Suzie’s capital – Beginning $11,000 Add: Net income $26,000 Less: Withdrawals $5,000 Suzie’s Capital – Ending $32,000 Expenses Amount Materials Expense $35,000 Salary Expense $26,000 Rent Expense $13,000 Utilities Expenses $8,000 Total Expenses: $82,000 Net Income: $26,000

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C) Prepare a Balance Sheet in good form as demonstrated in the lesson content and in the text: 13 marks Assets Amount Cash $15,000 Accounts Receivable $12,000 Inventory $20,000 Prepaid Rent $3,000 Furniture $10,000 Totals Assets $60,000 Questions 2: 44 marks Jenny Jackson Event Planning Co. had the following transactions relate to the month May business: May 1 To begin the business Jenny invested $20,000 cash and $5,000 of furniture. May 2 Jenny paid $6,000 rent for 6 month in advance. Liabilities Amount Accounts payable $15,000 Salary payable $5,000 Unearned revenue $4,000 Total Liabilities $24,000 Equity Amount Suzie’s Capital $32,000 Total Equity $32,000 Total Liabilities and Equity $56,000

May 5 Purchased $3,000 furniture on account. May 6 Bought supplies of $250 paying cash. May 9 Collected $6,000 for a wedding reception party . May 12 Jenny paid his $100 home utility bill using a company cheque. May 20 Billed John Smith $2,000 for office party event completed. May 23 Received a bill for advertising in the local paper, $300. Will pay in June. May 26 Paid Salaries, $1,500 to employees. May 30 Paid $1,800 of the amount owed for the furniture. May 31Paid telephone bill of company, $50. A) Prepare the journal entries to record these transactions. 22 marks Date Account Title Debit Credit May 1 Cash $20,000 Furniture $5,000 Jenny Jackson Capital $25,000 May 2 Prepaid Rent $6,000 Cash $6,000 May 5 Furniture $3,000 Accounts Payable $3,000 May 6 Supplies $250 Cash $250 May 9 Cash $6,000 Unearned Revenue $6,000 May 12 Utilities Expense $100 Cash $100 May 20 Accounts Receivable (John Smith) $2,000 Revenue $2,000 May 23 Advertising Expense $300 Accounts Payable $300

May 26 Salary Expense $1,500 Cash $1,500 May 30 Accounts Payable (Furniture) $1,500 Cash $1,500 May 31 Telephone Expense $50 Cash $50 B) Post the Journal Entries to T accounts 14 marks accounts 14 marks .5 for each post and total on multiples Jenny Jacksons Event Planning Co. T-Accounts For the Month Ended May 31, 2011 C ASH Date: May 1-31 Dr Cr $20,000 $13,000 Subtotals: $20,000 $13,000 Total: $6,2000 Debit A CCOUNTS R ECEIVABLE Date: May 20-31 Dr Cr $2,000 $0 Subtotals: $2,000 Total: $2,000 Debit S UPPLIES

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Date: May 20-31 Dr Cr $2,000 $0 Subtotals: $2,000 Total: $2,000 Debit P REPAID R ENT Date: May 2-31 Dr Cr $6,000 $0 Subtotals: $6,000 Total: $6,000 Debit F URNITURE Date: May 5-31 Dr Cr $1,800 $3,000 Subtotals: $1,800 $1,800 Total: $1,200 Credit A CCOUNTS P AYABLE Date: May 5-30 Dr Cr $3,000 $1,800 Subtotals: $3,000 $1,800 Total $1,200 Debit J ACKSON , D RAWINGS Date: May Dr Cr Subtotals: Total: J ACKSON , C APITAL Date: Dr Cr May 1 $25,000 May 20 $2,000 Subtotals: $25,000

Total: $23,000 Debit R EVENUE Date: May 20 Dr Cr $2,000 $2,000 Subtotals: $2,000 $2,000 Total: $2,000 Debit S ALARY E XPENSE Date: May 26 Dr Cr $1,500 $0 Subtotals: $1,500 Total: $1,500 Debit T ELEPHONE E XPENSE Date: May 31 Dr Cr $50 $0 Subtotals: $50 $50 Total: $50 Debit A DVERTISING E XPENSE Date: May 23 Dr Cr $300 $0 Subtotals: $300 $300 Total: $300 Debit

C) 8 marks Trial Balance Jenny Jacksons Event Planning Co. Trial Balance May 31, 2011 Account Title Debit Credit Cash $6,200 Accounts Receivable $2,000 Prepaid Rent $6,000 Supplies $250 Furniture $1,200 Accounts Payable $1,200 Jenny Jackson Capital $23,000 Jenny Jackson, Withdrawals Sales Revenue $2,000 Salary Expense $1,500 Rent Expense Advertising Expense $300 Telephone Expense $50 Total: $40,300 $1,200

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