Business Finance
Carleton College Xue Chen 101129209 Financial Accounting Journal entry

Carleton College

Question Description

I’m working on a Accounting exercise and need support.

FINANCIAL ACCOUNTING

It is a simple assignment with very clear instructions steps. I already started with it entering some of the transactions then just needed help with it so I can get a full mark. I need to boost my final grade on this course.

I attached all the information needed for it. Please check it first before accepting my offer.

I even attached the exact final solution sample of what I want.

I will send you the QuickBooks website login when you accept my offer.


Thanks!

Unformatted Attachment Preview

Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Prepaid Rent Furniture and Fixtures Accumulated Depreciation Land Accounts Payable Other Payables Unearned Income Bank Loan Capital Stock Depreciation expense Wages and Salaries Expense Interest Bank Service Charges Rent Bad Debt Expense Income taxes Type Bank Accounts Receivable (A/R) Current Assets Current Assets Current Assets Current Assets Property, plant and Equipment Property, plant and Equipment Property, plant and Equipment Accounts Payable (A/P) Other Current Liabilities Other Current Liabilities Long-term Liabilities Equity Other Expense Expenses Expenses Expenses Expenses Expenses Expenses Detail Type Chequing Accounts Receivable (A/R) Allowance for bad debts inventory Prepaid Expenses Prepaid Expenses furniture and fixtures Accumulated Depreciation Other fixed assets Accounts Payable (A/P) Current Liabilities Current Liabilities Bank Loans Common Stock Depreciation Payroll Expenses Interest paid Bank Charges Rent or Lease of buildings Bad debts Taxes paid BUSI 1001/1004 – Financial Reporting QuickBooks Assignment and Instructions Your assignment submission must be in Excel and uploaded (one file only) to the assignment drobox before midnight March 23, 2020. Please note that this problem is an extension of ICP 3-3 KP Sports Inc. Detailed instructions on how to enter the journal entries and export reports from QuickBooks have been included in this document. It is now one year later; Karen and Pat did not prepare any of the journal entries for KP Sports Inc. during the year. The following transactions are the summarized transactions for the year ended December 31, 20x4. 1. Karen and Pat each purchased $10,000 of additional common shares, using their own money. 2. Pat and Karen purchased a piece of land during the year for $55,000. The land was purchased with cash. 3. The bank loan of $100,000 obtained on Feb 1, 20x3 is still outstanding. An additional $20,000 bank loan was taken out on Jan 1, 20x4. Interest payments are due on the 1st of the month. Annual interest rate is 9%. The loan terms were renegotiated and both loans are due on February 1, 20x6. 4. Inventory of $555,000 was purchased on account. 5. The outstanding insurance policy expired June 30, 20x4. The insurance policy was renewed for $4,200 cash. The policy takes effect on July 1, 20x4 and expires Dec 31, 20x5. 6. Sales for the year were as follows: Cash sales - $780,000 Sales on account - $405,000 7. A total of $425,000 of the sales made on account were collected. 1 8. Additional cash disbursements for the year were as follows: Wages and salaries Rent Advertising Miscellaneous expenses Dividends to shareholders Interest on bank loan Payments on other payables accounts Payments on account re: purchases of inventory $145,000 154,000 31,000 17,000 100,000 9,900 25,165 387,000 $869,065 9. (2 entries) The December 31, 20x3 bank statement showed a balance of $432,332. The following information is available for the December 31, 20x4 bank reconciliation: 1. Cheques amounting to $7,800 are outstanding at December 31 2. The December 31, 20x4 deposit of $3,300 had not been received by the bank in time to be included in the December bank statement. 3. Bank service charges amounted to $258. 4. A customer’s cheque in the amount of $545 was returned by the bank NSF 10. (2 entries) The Company calculates its allowance for doubtful accounts by aging the accounts receivable based on the following percentages: Days Past Invoice 0 - 30 31 - 60 61 - 90 91 + Percent Estimated to be Uncollectible 2% 10% 45% 80% Days Past Invoice at December 31 60,000 55,000 12,000 5,000 It was also determined that accounts totalling $2,500 need to be written off. The following adjustments at year-end must be made: 11. The furniture and fixtures are still expected to last a total of 10 years (9 years remaining) with no salvage value. The straight-line method is to be used. 12. The adjustment for insurance expense. 13. The interest payable on the bank loan. 14. An inventory count shows that a total of $90,000. 2 15. Customers placed orders for goods not yet delivered. These customers paid a total of $8,700 of deposits. These deposits have been included as part of the cash sales in part 6. 16. Invoices received but not yet paid amount to $7,100 for miscellaneous expenses. 17. Employees are owed a total of $6,200. 18. The adjustment for rent expense and prepaid rent. 19. The opening balance in unearned revenues of $5,600 was earned during the year. 20. The expected income tax rate is 30%. The opening balances as at December 31, 20x3 are as follows: ASSETS Current Assets Cash Accounts receivable Inventory Prepaid insurance Prepaid rent Noncurrent Assets Furniture and fixtures Less accumulated depreciation $111,900 55,000 86,000 1,200 14,000 268,100 25,000 2,500 22,500 $290,600 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable Other payables Unearned income Long-term debt Bank loan Shareholders’ Equity Capital stock Deficit $ 98,700 25,165 5,600 129,465 100,000 100,000 (38,865) 61,135 3 $290,600 Required – a. Prepare all journal entries and enter all the above transactions into QuickBooks. (23 entries in total - The opening balance entry (given) & 22 entries for 20x4) b. Export the following reports from QuickBooks (excel): Journal Trial Balance Profit and Loss Statement of Changes in Equity Balance Sheet Assets Cash 111,900 SFP Accounts Receivable 55,000 Inventory 86,000 Prepaid Insurance 1,200 Prepaid rent 14,000 Allowance for Doubtful Accounts Furniture & Fixtures 25,000 Accumulated Depreciation 2,500 Land Liabilities & Equity Accounts Payable 98,700 Unearned Revenues 5,600 Bank Loan 100,000 Other Payables 25,165 Capital Stock 100,000 Retained Earnings 38,865 4 Expenses INCOME STATEMENT Cost of Goods Sold Wages & Salaries Depreciation Advertising Miscellaneous Interest Rent Insurance Income Taxes Bank Service Charges Revenues Sales Bad Debt Expense 5 Covered in this document: Setting up an account with QuickBooks ......................................................................................7 Entering transactions ..................................................................................................................13 Generating Reports ......................................................................................................................20 Editing journal entries.................................................................................................................34 Combining multiple excel documents ........................................................................................36 6 Setting up an account with QuickBooks 1. Paste the following link into your web browser: https://www.intuit.com/ca/partners/education-program/registration/students/quickbooks-online/ 2. Enter your information into the registration sheet. For the following boxes, enter the information as shown: • Email Address: Use your Carleton email (FirstnameLastname@cmail.carleton.ca) • Institution name: Carleton University • Name of course: Accounting • Software Required: QuickBooks Online 7 3. Click submit on the form. The web page should appear as follows: 4. You should receive an e-mail to your Carleton account. Keep this email as it contains the request number that will be used if there are any issues with registration. 8 5. You will receive an email when the registration is accepted. Click on the link under “Your Access Information”. 6. The link will open a new tab, on this page fill out the information required and click “Start Free Trial”. 9 7. QuickBooks should automatically launch. The software may prompt you with a few additional questions; fill them out as shown in the images below. 10 8. After initial set-up, you can access Quickbooks by using the same link from the initial email you received (Step 5). If you use this link to access QuickBooks, it will load the screen as shown below. Select “Continue to Trial” to enter QuickBooks. 11 12 In order to enter transactions into QuickBooks, follow these steps: 1. After you have logged in, on the left side of the screen there is a list of options. From the list, you want to select “Accounting”. 2. On the screen that opens select the arrow beside “New” in the top right corner and then select “Import”. (If a button labelled “Go to Chart of Accounts” or “See Chart of Accounts” appears, click on it in order to access this page.) 3. Select “Browse” and attach the excel file provided, titled “QuickBooks Import File”, which has all of the accounts needed listed in it, and then select “Next”. (Before you complete this step, you need to download the “QuickBooks Import File” from CuLearn.) 4. Ensure that the next screen appears as shown below and select “Next”. 13 5. The fields should automatically populate, similar to as shown below – then select “Import”. 14 6. To enter the opening trial balance you need to create a journal entry. In the top left corner select the “NEW” icon and select “Journal Entry” from the drop down menu. 7. In the top left, change the “Journal date” to 31/12/2013. 8. You need to enter the journal entry as shown below. (See instructions in Step 9) 15 Account Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Furniture and Fixtures Accumulated Depreciation Accounts Payable Other Payables Unearned Income Bank Loan Capital Stock Retained Earnings Debit 111,900.00 55,000.00 86,000.00 1,200.00 14,000.00 25,000.00 Credit 2,500.00 98,700.00 25,165.00 5,600.00 100,000.00 100,000.00 38,865.00 $331,965.00 $331,965.00 9. Under the column titled “account”, click the first line and select “Cash” from the drop down menu. Then, enter the corresponding amount of “111,900” in the debit column. After the cash has been entered click on the next line (# 2) and select “Accounts Receivable” from the dropdown menu. Once again, type in the corresponding amount of “55,000” in the debit column. Continue on the next lines entering the various accounts and their corresponding amounts in the debit and credits columns per the journal entry given above in Step 8. (When entering journal entries, the next line will automatically add a credit to match the debit you entered. You can ignore this number, as it will disappear when you enter another amount in the line.) 16 10. The accounts receivable requires that it is assigned to a customer. In the “Name” column and “Accounts Receivable” row, select the box (as shown below) and click on the arrow. Select “Add New” and under Name type in “Customer”. Under Type use the arrow and select customer in the drop down menu. Select “Save” in the open dialogue box. 11. Similarly, for the accounts payable select the Name box and click “Add New” and type in “Supplier” (“Type” should be set to Supplier) and select “Save” in the open dialogue box. 12. Once all accounts and balances have been entered at the bottom right of the screen select “Save”. To exit the journal entry click the “X” in the top right corner. 17 13. To confirm that this was entered correctly on the left menu select “Reports” and then “Balance sheet”. This will open the balance sheet; compare the balance sheet to the one below to ensure the entries were made correctly. (The balance sheet is the same as the one shown in the assignment) (If the report list does not show up when selected, first click “Dashboard” and then click “Reports”.) 14. The balance sheet will automatically display todays date. You want to view the balance sheet at the date you entered all of the transactions (31/12/2013). On the balance sheet in the top left, change the dates to “31/12/2013” and 31/12/2013” then click “Run Report”. 18 15. Continue entering the journal entries the same way that the first journal entry was made. As in step 6 select the “NEW” icon and select “Journal Entry” from the drop down menu. 19 16. 17. First journal entry of the assignment - In the # column on the first line select “Cash” from the dropdown menu and enter “20,000” in the debit column. In second line select “Capital Stock” from the dropdown menu and enter “20,000” in the credit column. 18. Be sure to change the date to 31/12/2014, as the additional transaction occurred in 20x4. After entering the first journal entry, you can select “Save and new” to start the next journal entry. 20 19. Second journal entry of the assignment - In the # column on the first line select “Land” from the dropdown menu and enter “55,000” in the debit column. In second line select “Cash” from the dropdown menu and enter “55,000” in the credit column. Then select “Save and new” in the bottom right corner to start the next journal entry. 20. Third journal entry of the assignment - In the # column on the first line select “Cash” from the dropdown menu and enter “20,000” in the debit column. In second line select “Bank Loan” from the dropdown menu and enter “20,000” in the credit column. Then select “Save” in the bottom right corner. 21. We are now going to view the various reports in order to verify that the transactions have been entered properly. You can open the reports at any time to see how the journal entries have affected your financial statements. From the left menu select “Reports”, on this page there is a search bar labelled “Find report by name”. This will allow you to access any of the reports that you need. In QuickBooks the names of the various reports are as follows: • Journal • Trial Balance • Balance Sheet • Profit and Loss 21 • Statement of Changes in Equity 22. First type in “Journal” and select it from the dropdown. 23. In order to view the journal entries you need to adjust the dates based on the dates that the journals were entered. At the top left, change the dates to “01/01/2014” and “31/12/2014”. (Use the start date 31/12/2013 to also view the opening balance entry) Once the journals have updated compare to the image below. If you click on any of the journal entries, it will re-open that particular entry. Opening the journal from here will allow you to edit the entry and save it. 22 24. On the left menu select “Reports” and then in the “Find the report by name” search bar type in “Trial balance”. 25. This time change the dates to “01/01/2014” and “31/12/2014” and then click “Run Report”. Make sure that the date on the report is December 31, 2014. Once the balances have updated compare your trial balance to the image below 23 26. From the left menu select “Reports”, on this page there is a search bar labelled “Find report by name”. Type in “Balance Sheet” and select it from the dropdown menu. 27. At the top left, change the dates to “01/01/2014” and “31/12/2014” and click “Run Report”. Once the balances have updated compare your balance sheet to the image below. 24 28. From the left menu select “Reports”, on this page there is a search bar labelled “Find report by name”. Type in “Profit and loss” and select it from the dropdown menu. 25 29. At the top left, change the dates to “01/01/2014” and “31/12/2014” and click “Run Report”. At this point, the profit and loss statement should have no data as we have not entered any revenue or expenses. 30. On the left menu select “Reports” and then in the “Find the report by name” search bar type in “Statement of Changes in Equity” and select the corresponding report. 31. In this case change the dates to “01/01/2014” and “01/01/2015” and then click “Run Report”. We want the dates after year-end so that all of the income statement accounts close out to retained earnings. Then at the top right select “Customize”. 26 32. Expand the dropdown menu for “Rows/Columns” and check the box for “Previous Year (PY) and then click “Run Report” in the bottom right. There should now be two columns showing in the report. 33. Once the balances have updated compare your Statement of Retained Earnings to the image below. 27 34. Continue entering the remainder of the journal entries. (Don’t worry if you make a mistake, instructions on editing journal entries will follow below) Whenever you use the accounts payable or accounts receivable accounts you will need to assign them to the supplier or customer that you created in Step 10 & 11. 28 To generate the reports needed for the assignment do the following: Simple exporting instructions: Open the report; update the dates and any parameters needed. Within each report, select the export icon in the top right and click “Export to excel”. Export each of the five reports needed and combine them in one excel document. Detailed exporting instructions: 1. Once all of the journal entries have been entered into QuickBooks you need to generate the reports required for the assignment. First we will generate the report with the journal entries; on the left side select “Reports” and then in the “Find the report by name” search bar type in “Journal”. 2. At the top left, change the dates to “31/12/2013” and “31/12/2014”. Once the journals have updated check to make sure that they are all showing up. Then at the top right select the third icon (export icon) and from the dropdown select “Export to Excel”. 29 3. The next report we will generate is the trial balance. On the left menu select “Reports” and then in the “Find the report by name” search bar type in “Trial balance”. 4. This time change the dates to “01/01/2014” and “31/12/2014” and then click “Run Report”. Make sure that the date on the report is December 31, 2014. Then at the top right select the third icon (export icon) and from the dropdown select “Export to Excel”. 5. The next report we will generate is the balance sheet. On the left menu select “Reports” and then in the “Find the report by name” search bar type in “Balance Sheet”. 30 6. Once again change the dates to “01/01/2014” and “31/12/2014” and then click “Run Report”. Make sure that the date on the report is December 31, 2014. Then at the top right select the third icon (export icon) and from the dropdown select “Export to Excel”. 7. The next report we will generate is the income statements. On the left menu select “Reports” and then in the “Find the report by name” search bar type in “Income Statement” and select the corresponding report. 8. Once again change the dates to “01/01/2014” and “31/12/2014” and then click “Run Report”. Make sure that the date on the report is December 31, 2014. Then at the top right select the third icon (export icon) and from the dropdown select “Export to Excel”. 31 9. The next report we will generate is the changes in equity. On the left menu select “Reports” and then in the “Find the report by name” search bar type in “Statement of Changes in Equity” and select the corresponding report. 10. In this case change the dates to “01/01/2014” and “01/01/2015” and then click “Run Report”. We want the dates after year-end so that all of the income statement accounts close out to retained earnings. Then at the top right select “Customize”. 11. Expand the dropdown menu for “Rows/Columns” and check the box for “Previous Year (PY) and then click “Run Report” in the bottom right. There should now be two columns showing in the report. 32 12. Then at the top right in the report select the third icon (export icon) and from the dropdown s ...
Purchase answer to see full attachment
Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.

Xue Chen 101129209
Journal entry
January-december 2014

#
Date
31/12/2014

Transaction type
Journal entry

Name
2

31/12/2014

Journal entry

3

31/12/2014

Journal entry

4

31/12/2014

Journal entry

5

31/12/2014

Journal entry

6

31/12/2014

Journal entry

7

31/12/2024

Journal entry

8

31/12/2014

Journal entry

9

Description

31/12/2014

Journal entry

10

31/12/2014

Journal entry

11

31/12/2014

Journal entry

12

31/12/2014

Journal entry

13

31/12/2014

Journal entry

14

31/12/2014

Journal entry

15

31/12/2014

Journal entry

16

31/12/2014

Journal entry

17

31/12/2010

Journal entry

18

31/12/2014

Journal entry

19

31/1/2014

Journal entry

20

31/12/2014

Journal entry

21

Chen 101129209
ournal entry
ry-december 2014

Account
cash
capital

Debit

Credit
20.000,00

$20.000,00
Land
Cash

$55.000,00
$55.000,00

Cash
Bank loan

1.185.000,00
$1.185.000,00

425.000,00
$425.000,00

Advertising
wages and salaries expense
Miscellaneous
Interest expense
Other payables
Accounts payable
Retained earnings
Rent
Cash

420...

Rice University

Anonymous
The tutor managed to follow the requirements for my assignment and helped me understand the concepts on it.

Anonymous
The tutor was knowledgeable, will be using the service again.

Anonymous
Awesome quality of the tutor. They were helpful and accommodating given my needs.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
Similar Questions
Related Tags