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    CPT Accounting

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    ron233606
    This document contains instructions for a school assignment to create an accounting record for a fictional business. The student is asked to create a partnership cooking class business called L&R's Foodie Academy. The student provides details on the business such as its location, date founded, and description of services offered. The student is then asked to generate 7 transactions for the business for the month of March 2024. Two of the transactions involve source documents such as a cash receipt or invoice. The next part of the assignment asks the student to record an opening entry, journalize the transactions, post the entries to a ledger, and take a trial balance. Marks will be awarded for accuracy of the opening entry, journal entries

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    CPT Accounting

    Uploaded by

    ron233606
    9 views2 pages
    This document contains instructions for a school assignment to create an accounting record for a fictional business. The student is asked to create a partnership cooking class business called L&R's Foodie Academy. The student provides details on the business such as its location, date founded, and description of services offered. The student is then asked to generate 7 transactions for the business for the month of March 2024. Two of the transactions involve source documents such as a cash receipt or invoice. The next part of the assignment asks the student to record an opening entry, journalize the transactions, post the entries to a ledger, and take a trial balance. Marks will be awarded for accuracy of the opening entry, journal entries

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    This document contains instructions for a school assignment to create an accounting record for a fictional business. The student is asked to create a partnership cooking class business called L&R's Foodie Academy. The student provides details on the business such as its location, date founded, and description of services offered. The student is then asked to generate 7 transactions for the business for the month of March 2024. Two of the transactions involve source documents such as a cash receipt or invoice. The next part of the assignment asks the student to record an opening entry, journalize the transactions, post the entries to a ledger, and take a trial balance. Marks will be awarded for accuracy of the opening entry, journal entries

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    9 views2 pages

    CPT Accounting

    Uploaded by

    ron233606
    This document contains instructions for a school assignment to create an accounting record for a fictional business. The student is asked to create a partnership cooking class business called L&R's Foodie Academy. The student provides details on the business such as its location, date founded, and description of services offered. The student is then asked to generate 7 transactions for the business for the month of March 2024. Two of the transactions involve source documents such as a cash receipt or invoice. The next part of the assignment asks the student to record an opening entry, journalize the transactions, post the entries to a ledger, and take a trial balance. Marks will be awarded for accuracy of the opening entry, journal entries

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    PART ONE - DUE: Thursday, November 30, 2023

    1. Create a company of your choice. This business must sell a school-appropriate legal
    service (NOT PRODUCT). Include a name, type of ownership, and a brief description of
    your business.

    Business: Cooking Classes

    Company Name: L & R’s Foodie Academy

    Type of Ownership: Partnership

    Founded: Our company was founded on April 3rd, 2023.

    Opening Date: Our company finally opened on October 16th, 2023

    Location: Our company is located in 9390 Woodbine Ave, Markham, ON L6C 0M5

    Description: Our partnership cooking class business, run by Ronald Alo and Lucas Kwan. A
    place for beginners who want to learn how to enhance their cooking skills. Our 1 month program
    teaches/trains anyone on the basics of knife skills, presentation skills, and simple food recipes.
    We will be exploring a variety of food concepts, creating a different menu and dessert throughout
    every week. Our goal is to share our experience and skills with our members in order to kickstart
    a culinary career and enhance the cooking skills.

    2. It is November 2023. Create 7 transactions for your company for the month of March. You
    must have at least 2 transactions that deal with 2 source documents (cash sales slip, sales invoice,
    purchase invoice, cheque copy, cash receipt, bank debit/credit advice). Look through your notes,
    homework questions, etc. for examples of transactions.

    Transactions(November 2023 - March 2024):


    1. March 1: Purchased $200 worth of supplies from Walmart on account.

    2. March 2: Received $500 cash from E. Musk for services performed.

    3. March 3 Issued a cheque for $750 for an advertisement on a billboard and newspaper.

    4. March 4: X. Mitsuri requested a private cooking session in order to learn how to make a cake.
    A $100 payment fee will be deposited later.

    5. March 5: M. Loid sent out a bill of $1000 for the monthly rent of the building. The bill is due
    in 15 days.

    6. March 7: R. Alo and L. Kwan invested $100,000 more into the business.

    7. March 8: $500 Donation from St Roberts Catholic School for a cooking program service.
    PART TWO - DUE: Tuesday December 12, 2023
    1. Journalize the following opening entry should be included:
    - Bank $11,000
    - Supplies $6,000
    - Bank Loan $1,000
    - Capital ___________________
    2. Journalize the rest of your transactions for your company using sheets (that you created in
    part 1).
    3. Post your entries in a ledger using sheets.
    4. Take off a trial balance on sheets.
    41 Marks
    - Opening Entry is recorded. Capital is calculated (4 Marks)
    - All transactions are recorded correctly (15 Marks)
    - Formatting is accurate and correct (2 Marks)
    - Ledger is correct with proper formatting (15 Marks)
    - Trial Balance is correct with proper formatting (5 Marks)

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