60.1K

Verified Solution

Link Copied!

-general ledger-assets: bank, pretty cash, account receivable, allowance for bad and doubtful debts, inventory, stationery on hand, prepaid rent, prepaid insurance, equipment, accum dep- equip, vehiclle, accum dep- vehiclle,

-general ledger- liabilities: account payable control, internet and telephone expenses payable, office supplies owing, wages expenses payable, gst, big 4 bank mortage loan(5yr),

-gen ledger- income: sales income(400),

-gen ledger-expenses: purchase- account number 500

-gen ledger- equity: capital- minnie armin

-subsidiary legers- receivable: unplugged limited, the charity store, developing naturally, hotels united,

-subsi ledgers- payable: get connect limited, reduce reuse get rich, flooded industries

Styles graph You have been provided with an 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. You will need to complete this task by entering the relevant information into the excel spreadsheet provided To set up Minnie's new system, enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts provided in the excel file. Min Arts Chart of Accounts at 1 July 2020 3860 210 13585 I 462 3090 130 090 091 610 611 111 113 115 116 140 141 150 151 160 161 800 205 210 220 299 820 Bank Petty Cash Accounts Receivable Control Allowance for Bad and Doubtful Debts Inventory Stationery on Hand Prepaid Insurance Prepaid Rent Equipment Ace. Depreciation - Equipment Premises Accumulated Depreciation - Premises Vehicle Ace Depreciation - Vehicle Accounts Payable Control Office Supplies Owing Internet and Telephone Expenses Payable Wages Expense Payable Big 4 Bank Mortgage Loan (5-year) GST Capital - Minnie Armin 1800 10000 6400 1460 140000 21000 23000 229 7887 186 481 862 123000 950 45558 900 Additional Notes Schedule of Accounts Receivable As at 1 July 2020 Acc No. 61001 61000 61005 61007 Unplugged Limited The Charity Stores Developing Naturally Hotels United 726 2010 4455 6094 13,585 180 80001 80009 80005 Schedule of Accounts Payable as at I July 2010 Get Connected Limited Reduce, Reuse, Get Rich 1,760 Flooded Laduste 1.947 7,887 You will need to enter this information into the appropriate subsidiary ledger accounts. Practical Completion Point 1 Minnie Armim runs a business Min Armim Wasteage that specialises in energy saving products and advice. She has contacted you for some assistance in setting up a new accounting system. Minnie has managed to collect enough information to create a chart of accounts for you to work from. This completion point comprises two tasks. Setting up a new system by completing an opening entry and any other relevant journal entries then posting these appropriately; and entering a set of transactions into the general journal and then recording these in the relevant ledgers. After completing these tasks, you will need to review your work and submit. Task 1 You have been provided with an 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. You will need to complete this task by entering the relevant information into the excel spreadsheet provided. To set up Minnie's new system, enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts provided in the excel file. Min Armim Wasteage - Chart of Accounts as at 1 July 2020 090 091 610 611 111 113 115 116 140 141 150 151 160 161 800 205 210 220 299 820 900 Bank Petty Cash Accounts Receivable Control Allowance for Bad and Doubtful Debts Inventory Stationery on Hand Prepaid Insurance Prepaid Rent Equipment Acc. Depreciation - Equipment Premises Accumulated Depreciation - Premises Vehicle Acc. Depreciation - Vehicle Accounts Payable Control Office Supplies Owing Internet and Telephone Expenses Payable Wages Expense Payable Big 4 Bank Mortgage Loan (5-year) GST Capital - Minnie Armin 3860 210 13585 462 3090 130 1800 10000 6400 1460 140000 21000 23000 229 7887 186 481 862 123000 950 45558 Additional Notes Schedule of Accounts Receivable as at 1 July 2020 Acc. No. 61001 61003 61005 61007 Unplugged Limited 726 The Charity Stores 2,310 Developing Naturally 4,455 Hotels United 6,094 13,585 Schedule of Accounts Payable as at 1 July 2020 Get Connected Limited 4,180 Reduce, Reuse, Get Rich 1,760 Flooded Industries 1,947 7,887 80001 80003 80005 You will need to enter this information into the appropriate subsidiary ledger accounts. 1 General ledgers D A De Date Dale Date Dale General ledger -ities Dates Bate Det Date De General ledger-expense Date GET Dale Dale De General ledger - Date Dute General leder-income Det Det Subsidiary ledger receivable Date Data be The Chart Det Date Det Bee Subsidiary ledger-payable A D Dale Det Amount Styles graph You have been provided with an 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. You will need to complete this task by entering the relevant information into the excel spreadsheet provided To set up Minnie's new system, enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts provided in the excel file. Min Arts Chart of Accounts at 1 July 2020 3860 210 13585 I 462 3090 130 090 091 610 611 111 113 115 116 140 141 150 151 160 161 800 205 210 220 299 820 Bank Petty Cash Accounts Receivable Control Allowance for Bad and Doubtful Debts Inventory Stationery on Hand Prepaid Insurance Prepaid Rent Equipment Ace. Depreciation - Equipment Premises Accumulated Depreciation - Premises Vehicle Ace Depreciation - Vehicle Accounts Payable Control Office Supplies Owing Internet and Telephone Expenses Payable Wages Expense Payable Big 4 Bank Mortgage Loan (5-year) GST Capital - Minnie Armin 1800 10000 6400 1460 140000 21000 23000 229 7887 186 481 862 123000 950 45558 900 Additional Notes Schedule of Accounts Receivable As at 1 July 2020 Acc No. 61001 61000 61005 61007 Unplugged Limited The Charity Stores Developing Naturally Hotels United 726 2010 4455 6094 13,585 180 80001 80009 80005 Schedule of Accounts Payable as at I July 2010 Get Connected Limited Reduce, Reuse, Get Rich 1,760 Flooded Laduste 1.947 7,887 You will need to enter this information into the appropriate subsidiary ledger accounts. Practical Completion Point 1 Minnie Armim runs a business Min Armim Wasteage that specialises in energy saving products and advice. She has contacted you for some assistance in setting up a new accounting system. Minnie has managed to collect enough information to create a chart of accounts for you to work from. This completion point comprises two tasks. Setting up a new system by completing an opening entry and any other relevant journal entries then posting these appropriately; and entering a set of transactions into the general journal and then recording these in the relevant ledgers. After completing these tasks, you will need to review your work and submit. Task 1 You have been provided with an 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. You will need to complete this task by entering the relevant information into the excel spreadsheet provided. To set up Minnie's new system, enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts provided in the excel file. Min Armim Wasteage - Chart of Accounts as at 1 July 2020 090 091 610 611 111 113 115 116 140 141 150 151 160 161 800 205 210 220 299 820 900 Bank Petty Cash Accounts Receivable Control Allowance for Bad and Doubtful Debts Inventory Stationery on Hand Prepaid Insurance Prepaid Rent Equipment Acc. Depreciation - Equipment Premises Accumulated Depreciation - Premises Vehicle Acc. Depreciation - Vehicle Accounts Payable Control Office Supplies Owing Internet and Telephone Expenses Payable Wages Expense Payable Big 4 Bank Mortgage Loan (5-year) GST Capital - Minnie Armin 3860 210 13585 462 3090 130 1800 10000 6400 1460 140000 21000 23000 229 7887 186 481 862 123000 950 45558 Additional Notes Schedule of Accounts Receivable as at 1 July 2020 Acc. No. 61001 61003 61005 61007 Unplugged Limited 726 The Charity Stores 2,310 Developing Naturally 4,455 Hotels United 6,094 13,585 Schedule of Accounts Payable as at 1 July 2020 Get Connected Limited 4,180 Reduce, Reuse, Get Rich 1,760 Flooded Industries 1,947 7,887 80001 80003 80005 You will need to enter this information into the appropriate subsidiary ledger accounts. 1 General ledgers D A De Date Dale Date Dale General ledger -ities Dates Bate Det Date De General ledger-expense Date GET Dale Dale De General ledger - Date Dute General leder-income Det Det Subsidiary ledger receivable Date Data be The Chart Det Date Det Bee Subsidiary ledger-payable A D Dale Det Amount

Answer & Explanation Solved by verified expert

See Answer