Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd
Upload
17 views

CPT Accounting

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

Uploaded by

ron233606
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
17 views

CPT Accounting

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

Uploaded by

ron233606
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 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)

You might also like