Copy the QuickBooks backup file called “Assign1Starter

Copy the QuickBooks backup file called “Assign1Starter 2019 (Backup)”

Restore this file from “Your Name” folder.

Open the “Sample Premier Hockey School Assign1 -” and the default date is Dec 31, 2020.

Part 1- Transactions. You will likely have to create new accounts to complete these transactions.

Record the following transactions dated on December 31, 2020.

1. Accrue a liability for “Federal Corp Income Tax Payable” (a new account) of $30,000 for “Taxes:Federal” for the year.

2. The October invoice from Murie and Day was incorrectly posted to the “Uncategorised Expense” account. It should have posted to the “Consulting Fees Expense.” Use a general journal entry to make this correction.

Hint: Go to the Vendor Centre by clicking on the Vendor link on the left side of the screen. Find the vendor – Murie and Day and click on the invoice to go into the details. View the subtotal, total and taxes – consider what amount you need to use to make the appropriate journal entry to satisfy the question above. Record a new journal entry.

3. Record depreciation expense for the year. All fixed assets are depreciated annually on a straight line basis over its useful life based on the yearend balance. (A full year’s depreciation is recorded in the year of acquisition.) The useful life for Computer Equipment and for Vehicles is four (4) years. The useful life for Computer Software is two (2) years. Residual values are zero. Memorize this transaction for next year’s entry.

(Ignore the message about tracking Fixed Assets. We will not use this feature.)

Hint 1: Explore the Chart of Accounts

Hint 2: Write out the entry prior to entering to ensure each fixed asset’s depreciation amount is recorded appropriately.

4. Make the appropriate entry to correct the Prepaid Insurance balance.

Hint: in the Balance Sheet or the Chart of Accounts , double-click the Prepaid Insurance account and review each bill from “Insurance Experts” by drilling down on them. You should be able to determine the expiry date of the insurance on each invoice.

5. Deposit the Canadian Dollar amounts in the “Undeposited Funds” account to the Chequing Account. (Remember this company has customers who pay in different currencies.)

6. Your boss went to Fisher Supplies and used the company’s Visa Credit Card to purchase Office Supplies (expense). The total amount, per the Visa slip, was $621.50 ($550 + $27.50 GST + $44.00 PST.) He tells you to record this transaction.

Hint: You may need to remove/override any information that populates when entering the credit card details

7. Dan’s Auto Emporium called to say that the vehicle was repaired. The cost of the “Vehicles: Maintenance and Repairs” was $339, including GST and PST. Prepare a “manual” check for Dan’s.

8. A physical inventory count showed that there were

0        Hockey Sticks: Hockey Sticks

84        Mini Lord Stulney Silver Cup

0        Replica Uniforms: Replica Uniforms

24       Replica Uniforms: Kitchener Blades

                        The adjustment should go to the “Cost of Goods Sold” account.

9. Sales Discount is shown as an Expense in the Profit and Loss Account. Make the appropriate correction.

Hint: Change the type

10. Accrue a payable of $250 for Phone expense for December. Make this a Reversing Entry.

Part 2 – Required:   Prepare one Excel file containing the following Reports and upload the excel file to the D2L Assignment Submission folder. (Note: you may need to run additional reports to answer 4b):

1. “Profit and Loss Account Standard” for the period “This Fiscal Year.”
2. “Profit and Loss Account Standard” for the period “December 31,020
3. “Balance Sheet Standard” as of “December 1, 2020”
4. Trial Balance at Jan 31, 2021, (Jan 1, 2021 to Jan 31, 2021.)

Name the Excel sheets “PandL”, “BalSheet”, “TB” and “Question” not “Sheet1” etc

Part 3 – Required:   ANSWER THE QUESTIONS IN ASSIGNMENT 1 ‘QUIZ’ AND ENSURE YOU SUBMIT YOUR FILE IN THE SUBMISSION FOLDER.

Submission:

Name your Excel file as “LastNameFirstNameAssign#” (example: SiviaGagan) then submit it to D2L Dropbox Assign1 folder.