Question

Using the Journal Entry form, prepare the journal entries for each of the source documents provided below

1. To: YOUR NAME Corporation Date: October 1, 2018 Various people paid YOUR NAME Corporation $10,000 cash in exchange for Common Shares

2.To: YOUR NAME Corporation Date: October 8, 2018 Hired four employees to begin work on Monday, October 15, 2018. Each employee will receive a weekly salary of $500 for a five-day work week (Monday - Friday), payable every two weeks, the first payment will be made Friday, October 26, 2018

3. To: YOUR NAME Corporation Date: October 26, 2018 Payroll was completed paying biweekly salaries to four employees for the period October 15 - 26

4. To: YOUR NAME Corporation Date: October 29, 2018 The Board of Directors declared a dividend to shareholders on record of $500

5. To: YOUR NAME Corporation Date: October 2, 2018 Receipt for monthly rent for the month of October 2018; amount is $900.00

6. FOCUS EQUIPMENT Invoice # INV728 1234-98 Avenue Date October 1, 2018 Edmonton, AB T2J 1B2 To: YOUR NAME Corporation YOUR ADDRESS Calgary, AB T2X 1X1 Details: Purchase of equipment to be used in your daily operations which is estimated to have a 5-year life. $5,000.00 Payment received in full Thank you for your business

7. Aero Supply Company Invoice # 5544 72 Gladstone Way Date October 9, 2018 Calgary, AB T3B 4F6 To: YOUR NAME Corporation YOUR ADDRESS Calgary, AB T2X 1X1 Details: Office supplies 2,500.00 Payment due in 30 days

8. Date: October 1, 2018 Re: Loan Dear Customer: We are pleased to provide you a $5,000 loan with an interest rate of 6% per annum. The terms of the loan are to be paid in full on or before January 1, 2019 (3 months) interest and principle. Sincerely, ScotiaBank

9. ABC Insurance Company Invoice # 1298 83 Sunset Blvd Date: October 5, 2018 Calgary, AB T2M 3M3 To: YOUR NAME Corporation YOUR ADDRESS Calgary, AB T2X 1X1 Insurance Policy: Effective for the period October 1, 2018 to September 30, 2019 Total Payment required $ 600.00 Payment received in full

10. YOUR NAME Corporation Invoice # 0001 YOUR ADDRESS Date October 15, 2018 Calgary, AB T2X 1X1 TO: Copa Ltd 998 Simpson Way Calgary, AB T2K 4M9 Provided Advertising Services 20,000.00 Payment due in 30 days Thank you for your business.

11. YOUR NAME Corporation Scotiabank YOUR ADDRESS Calgary, AB Calgary, AB T2X 1X1 Cheque Number 1000 Date: October 22, 2018 Pay to the order Aero Supply Company $1,000.00 --------------------------One thousand ----------------------------------------- dollars Partial pmt for Inv 5544 your signature.

12. YOUR NAME Corporation Scotiabank YOUR ADDRESS Calgary, AB Calgary, AB T2X 1X1 Cheque Number 1001 Date: October 30, 2018 Pay to the order Canada Revenue Agency $1,800.00 ----------------One thousand eight hundred ----------------------------------------- dollars Income Tax Instalment payment your signature.

13. Copa Ltd Royal Bank 998 Simpson Way Calgary, AB Calgary, AB T2K 4M9 Cheque Number 2468 Date: October 30, 2018 Pay to the order YOUR NAME Corporation $9,000.00 -------------------------------------Nine thousand ----------------------------------------- dollars Partial pmt for Inv 0001 Copa Ltd signature.

14. Knox Ltd CIBC 43 Happy Lane Calgary, AB Calgary, AB T2K 4M9 Cheque Number 0001391 Date: October 19, 2018 Pay to the order YOUR NAME Corporation $1,200.00 -----------------------------One thousand two hundred------------------------------- dollars Advanced payment for work in November 2018 Knox Ltd signature.

4. Memos and other source documents been provided to you to help you prepare the monthly adjusting journal entries required. Prepare and post the adjusting journal entries using the forms provided. Please note, not all of the information to complete the adjusting journal entries is provided so you must review the accounts in the Unadjusted Trial Balance. 5. Using the Trial Balance form, prepare the Adjusted Trial Balance

15. To: YOUR NAME Corporation Date: October 31, 2018 A count of office supplies was conducted and it is determined $1,500 worth of supplies was used during the month

16. To: YOUR NAME Corporation Date: October 31, 2018 It was determined that $400 of the $1,200 received from Knox Ltd has been earned during the month

17. YOUR NAME Corporation Invoice # 0003 YOUR ADDRESS Date October 31, 2018 Calgary, AB T2X 1X1 TO: New Customer New Address Calgary, AB T1L 3H9 Provided Advertising Services during October 2018 200.00 Payment due in 30 days Thank you for your business

6. Using the Financial Statement forms, prepare the: a. Income Statement b. Statement of Changes in Equity c. Balance Sheet / Statement of Financial Position For the first month of operations for YOUR NAME Corporation. Prepare a T- account for the journal entries.

Answer 1

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