ProjectAutomated
Sections
# of
Questions
Type
Marks
Journal
57
G/L Accounts
68
Trial Balance
20
Income Statement
13
Statement of Owners Equity
6
Balance Sheet
12
TOTAL
176
Name:
Once complete, submit as instructed.
Transfer the Opening entries from the Balance Sheet to the Ledger opening balances (ledger account add numbers as you go).
Using Accounting practices Learned – use the transactions below to: Create Journal Entries; Post from the Journal to the
Ledgers; Create a Trial Balance from the finished ledgers; create Financial Statements from the Trial Balance.
All date, Account, and Ledger number fields have dropdown menus.
1
The opening balances for the month of March are as follows:
Ditka Dental
Balance Sheet
As at February 28, 2020
Liabilities
Assets
$8,200 ACCOUNTS PAYABLE
$6,250 BANK LOAN
$2,500 LINE OF CREDIT
$80,000
Acc. Depreciation – DENTAL EQUIPMENT
($10,000) Total Liabilities
CASH in BANK
ACCOUNTS RECEIVABLE (INSURANCE)
PREPAID INSURANCE
DENTAL EQUIPMENT
$7,350
$2,800
$22,500
$32,650
Capital (Owners Equity)
$54,300
$86,950 Total Liabilities and Owners’ Equity
$86,950
Owner deposited personal cash into the business bank account
Owner borrowed cash for the business and deposited in bank
Bought Dental X-ray Machine from cash in bank
Deposit cash for Client services in Bank (from AR)
Paid rent for the month (wrote cheque from bank)
Paid salaries from bank account (wrote cheques)
Paid back a portion of the accounts payable (etransfer from bank)
Received interest on the bank account
Purchased supplies on account (expense them)
Deposited cash from customer to settle their account
Purchased gasoline for the company using line of credit
Sold services on account receivable (Insurance claims)
Car insurance used this period – (from prepaid)
Received an advertising bill that will be paid next month
Paid bank loan principle (from business account)
Paid line of credit (from business account)
Paid interest on the bank loan/line of credit (from business account)
Owner withdrew cash for personal use from bank
Recognized one month of depreciation
$5,200
$6,500
$10,000
$4,800
$2,850
$975
$1,000
$15
$250
$900
$750
$2,250
$600
$320
$350
$500
$375
$1,425
$475
Total Assets
Transactions for the month of March:
Mar 1
Mar 2
Mar 3
Mar 4
Mar 5
Mar 6
Mar 8
Mar 9
Mar 12
Mar 14
Mar 16
Mar 19
Mar 22
Mar 26
Mar 28
Mar 28
Mar 29
Mar 30
Mar 31
2
The Chart of Accounts (GL no.) is shown below:
Account Description
Account #
ASSETS – CATEGORY 1
CASH
101
ACCOUNTS RECEIVABLE (INSURANCE)
110
PREPAID CAR INSURANCE
112
DENTAL EQUIPMENT
120
Acc. Depreciation Dental Equipment
121
LIABILITIES – CATEGORY 2
ACCOUNTS PAYABLE
200
BANK LOAN
210
LINE OF CREDIT
220
OWNER’S EQUITY – CATEGORY 3
CAPITAL (Owners Equity)
DRAWINGS
300
310
Account Description
REVENUE – CATEGORY 4
REVENUE
INTEREST REVENUE
EXPENSES – CATEGORY 5
Account #
400
410
ADVERTISING
CAR INSURANCE
RENT
TELEPHONE
SALARY
SUPPLIES
GASOLINE
DEPRECIATION
INTEREST EXPENSE
505
510
520
530
540
545
550
560
570
Required:
a) Journalize the transactions (with dates and descriptions).
b) Post the transactions to the general ledger.
c) Prepare the financial statements in the worksheets provided.
General Journal
In the Journal Section, pick a date, the account, GL number from dropdowns – Debit and Credit amounts must be
typed in.
DATE
DESCRIPTION
GL NO.
3
DR
CR
4
In the Ledgers; Pick a date using the dropdown in the date field, type in an account or explanation if you want,
type in your debit or credit amount and after the opening balance, the amount should self add or subtract. Check
the math and correct it if necessary. Then Choose DR or CR from the final dropdown to indicate either a Debit or
Credit Balance. Do not forget opening balances where appropriate.
5
Account:
Date
CASH
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Account:
Date
ACCOUNTS RECEIVABLE (INSURANCE)
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
$0
Account:
Date
PREPAID CAR INSURANCE
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
Account:
Date
DENTAL EQUIPMENT
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
6
Account:
Date
Acc. Depreciation Dental Equipment
DESCRIPTION
–
+
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
Account:
Date
ACCOUNTS PAYABLE
DESCRIPTION
–
+
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
$0
$0
Account:
BANK LOAN
Date
DESCRIPTION
–
+
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
$0
Account:
Date
LINE OF CREDIT
DESCRIPTION
–
+
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
$0
Account:
Date
CAPITAL
DESCRIPTION
–
+
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
7
Account:
DRAWINGS
Date
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
Opening Balance
$0
Account:
Date
REVENUE
DESCRIPTION
–
+
DR
CR
GL NO:
Balance
DR/CR
$0
$0
Account:
Date
INTEREST REVENUE
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
ADVERTISING
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
CAR INSURANCE
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
RENT
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
TELEPHONE
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
8
Account:
Date
SALARY
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
SUPPLIES
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
GASOLINE
DESCRIPTION
+
–
DR
CR
GL NO:
Balance
DR/CR
$0
Account:
Date
DEPRECIATION
DESCRIPTION
DR
Account:
Date
INTEREST EXPENSE
DESCRIPTION
+
–
DR
CR
CR
GL NO:
Balance (DR or CR)
$0
GL NO:
Balance
DR/CR
$0
In the Trial Balance, add the appropriate final values for each account as a debit or a credit,
and the totals at the bottom should be the same.
9
Trial Balance – Mar 31st 2020
ACCOUNT TITLES
DR
CASH
ACCOUNTS RECEIVABLE (INSURANCE CLAIMS)
PREPAID CAR INSURANCE
DENTAL EQUIPMENT
Acc. Depreciation: DENTAL EQUIP.
ACCOUNTS PAYABLE
BANK LOAN
LINE OF CREDIT
CAPITAL (OWNERS EQUITY)
DRAWINGS – DITKA
REVENUE
INTEREST REVENUE
ADVERTISING
CAR INSURANCE
RENT
TELEPHONE
SALARY
SUPPLIES
CR
GASOLINE
DEPRECIATION
INTEREST EXPENSE
$0
$0
Use the values from the Trial Balance to fill in the appropriate accounts in the three Financial
Statements. Remember the order in which they should be prepared to validate your data/work.
10
Ditka Dental
INCOME STATEMENT
Ditka Dental
BALANCE SHEET
AS AT MARCH 31, 2017
FOR THE MONTH ENDING MARCH 31, 2017
Revenue
Interest Revenue
Total Revenue
$0
Operating Expenses
Advertising
Car Insurance
Rent
Telephone
Salary
Supplies
Gasoline
Depreciation
Interest Exp
Total Operating Expenses
Net Income (Loss)
Assets
Cash
Accounts Receivable (Insurance Claims)
Prepaid Insurance
Dental Equipment
Accum. Depreciation (Dental Equip)
TOTAL ASSETS
Liabilities
Accounts Payable
Bank Loan
Line of Credit
$0
$0
Total Liabilities
$0
Owner’s Equity (Capital)
$0
TOTAL LIABILITIES + OWNERS EQUITY
$0
Ditka Dental
STATEMENT OF OWNERS EQUITY
31-Mar-17
Opening Equity (Capital)
Add
Investments
Net Income
Subtotal
Less
Drawings
Closing Equity (Capital
$0
$0
$0
$0
SUBMIT A SAVED COPY OF YOUR WORK WITH YOUR NAME IN THE FILE NAME AND ON PAGE 1, AS INSTRUCTED.
11
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