Amanda Singh was the first of her family born in Canada, her parent’s adopted country. Wanting Amanda to embrace her new culture, they enrolled her in ski lessons as soon as she could walk. She loved...

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Amanda Singh was the first of her family born in Canada, her parent’s adopted country. Wanting Amanda to embrace her new culture, they enrolled her in ski lessons as soon as she could walk. She loved the snow and took to skiing like a natural. Every weekend and any spare moments she headed to the snow covered peaks. By the time she was sixteen she was an accomplished competitor and a fully licensed instructor; however, her new passion was snow boarding. For her final year in high school she had a part-time job teaching children to ski and snow board. She was approached by the Canadian Olympic Committee to train with the national team, but found that the demands on her time would take her away from her real passion of teaching and coaching the sport she loved. Amanda was accepted into the kinesiology program at university, and paid for her studies by continuing to teach and coach for the local ski school. In her final year of studies, she took an entrepreneurship course as an elective. When she graduated, a new Canadian business was born. Although Amanda’s parents had insisted that she pay for her own education at her commencement ceremony, they presented her with a savings account for the full cost of her degree: $80,000. Amanda paid off the balance of her student loans for $30,000. She then opened a bank account in the name of her new ski/snow boarding school. Singh Ski School was born, when on September 1, 2019 Amanda deposited $40,000 into the new account.i Amanda has been so busy in the months of September and October, that she has had no time to set up an accounting system. She has asked you, a classmate from her entrepreneurship class to please get her accounting records set up, reconciled and for you to produce financial statements for her first two months of operations. She hands you a shoebox full of documents. First review the accounting cycle, then complete the steps for the transactions outlined below. We believe that Amanda’s fiscal year should start on October 1, 2019. Amanda negotiated a lease with the local ski resort for $800 per month, beginning September 1, 2019ii, She prepaid one year’s rent.iii She purchased new computer equipment worth $3,600iv, she expects that the computer will last three years. The little office space that she rented was in superior condition, but she wanted a new sign and hired a local shop to design and install it for $2,000, paying $1,000 depositv, the remainder due on installation, expected for September 5th, 2019.vi Although the ski lodge attracts many visitors who will ask for lessons, Amanda wants to expand her reach, and be able to book lessons well in advance. She takes an advertisement out in the newspaper in the nearest large city, paying $600vii. In addition, she hires a web designer to create a web site and an enterprise system that tracks her bookings, and clients. It is linked to her accounting system. The total cost for the software development is $1,500viii. September 1st Amanda purchases a cash register for $500ix, with an expected life of 5 years. She buys coffee supplies for $160 and postage for $40x. She negotiates with a reputable retailer to purchase $50,000xi worth of skies, snowboards, bindings, boots, helmets and poles. On September 1st, she pays $5,000 cash and signs a note payable for $45,000xii @ 5% for 3 years, with interest payments due October 1st and April 1st, with the balance of the loan due on August 31st , 2020. It is expected that the equipment will have a 3 year life. On September 15th a school group came to the school for lessons. She charged each of the 30 students $50xiii for one-hour group lessons, taking them out in groups of 6. September 23 she had four groups of 6 at $80xiv each for group lessons and on September 24 she gave two private clients lessons at $150/hourxv, and she’s coach a Canadian Olympic hopeful for $200 xvifor a two-hour session. She purchases office supplies worth $500,xvii for use over the next couple of months. The cash sales report for the month of September shows sales of (private lesson of $1,500 and group lessons of $2,100) $3,600xviii. She had paid cash delivery charges of 160xix. On October 3 the utilities bill of $325xx for September’s usage was received and paid on the due date of October 15th. Amanda’s website has done the trick, with many advanced bookings for October. She has received deposits of $10,000xxi for lessons to be given in October, and realizes that she will need some help with lessons on the weekends. She interviews and hires two young instructors, for part-time work on the weekendsxxii. They will begin work on Saturday, October 7 at $20 per hour. In addition, Amanda has had many requests to rent equipment for the lessons. Amanda withdraws $2,000 from the business account for personal use.xxiii On September 20th a physical count of office supplies reveals that there are $150 worth of supplies left. As September 30th is Amanda’s fiscal year end, all other required adjusting entries must be made, and proper form financial statements must be made. In addition, the books must be closed, in preparation for the new fiscal year commencing October 1st. i Document 1: Bank deposit slip for $40,000 ii Document 2: Lease $800/month September 1 to August 31, 2018 iii Document 3: Cheque for prepaid rent $9,600 iv Document 4: Cheque for computer equipment $3,600 v Document 5: Cheque for sign deposit vi Document 6: Installation of sign receipt and cheque for $1,000 dated October 5th vii Document 7: Cheque for advertising expense $600 viii Document 8: Cheque for software development $1,500 ix Document 9: Cheque for cash register $500 x Document 10: Cheque for coffee supplies ($160) and postage ($40) $200 xi Document 11: Purchase receipt $50,000 of ski equipment. xii Document 12: Note payable $45,000 5% for 3 years. xiii Document 13: Sales receipts 30 for $50 each for group lessons xiv Document 14: Sales receipts 6 for $80 each for group lessons xv Document 15: Sales receipts 2 for $150 each for private lessons xvi Document 16: Sales receipt for $200 for coaching xvii Document 17: Purchase receipt/cheque for office supplies $500 xviii Document 18: Sales report from cash register for $3,600 xix Document 19: Reimburse Amanda for cash delivery charges of $160xix. xx Document 20: Utilities bill for $325. xxi Document 21: Cash receipts of $10,000 for lessons to be provided in October xxii Document 22: Staff hiring memo xxiii Document 23: Cash withdrawal for Amanda $2,000
Answered Same DayFeb 16, 2021

Answer To: Amanda Singh was the first of her family born in Canada, her parent’s adopted country. Wanting...

Khushboo answered on Feb 17 2021
146 Votes
Transactions
    Document List
    Document    Type    For    Amount
    1    Deposit slip    Investment    40,000.00
    2    Lease    Rent    800.00    per month
    3    Cheque    Rent    3,600.00
    4    Cheque    Computer Equipment    3,600.00
    5    Cheque    Sign deposit    1,000.00
    6    Cheque    Sign installation    1,000.00
    7    Cheque    Advertising    600.00
    8    Cheque    Software development    1,500.00
    9    Cheque    Cash register    500.00
    10    Cheque    Coffee & Postage    200.00
    11    Purchase receipt    
Ski equipment    50,000.00
    12    Note payable    for equipment in 21    45,000.00
    13    Sales receipt    30 for group lessons    1,500.00
    14    Sales receipt    6 for group lessons    480.00
    15    Sales receipt    2 for private lessons    300.00
    16    Sales receipts     Coaching    200.00
    17    Cheque    Office Supplies    500.00
    18    Sales report    Lessons    3,600.00
    19    Cheque    Cash delivery charges    160.00
    20    Bill    Utilities    325.00
    21    Cash receipts    Lessons for October    10,000.00
    22    Memo    Staff hiring    - 0
    23    Cash withdrawal    Amandan withdraws $2,000 for personal use    2,000.00
Add Info
    On September 30th, a count of the office supplies revealed that there were $150 worth of office supplies on hand.
    Since October 1st is the beginning of the new fiscal year for Singh Ski School, all necessary adjusting entries need to be completed, on September 30th.
Analyze
    Document    Date    Description    Economic Transaction?    Accounts Affected    Increase/Decrease    Debit/Credit    Amount
    1    1-Sep-19    Amanda opens account    Y    Cash    Increase    Debit    40,000.00
                    Capital, A.Singh    Increase    Credit    40,000.00
    2    1-Sep-19    Signed lease    N
    3    1-Sep-19    Prepaid rent for 1 year    Y    Prepaid rent    Increase    Debit    9,600.00
                    Cash    Decrease    Credit    9,600.00
    4    1-Sep-19    Purchased computer equipment    Y    Equipment    Increase    Debit    3,600.00
                    Cash    Decrease    Credit    3,600.00
    5    1-Sep-19    Deposit for signage expenses    Y    Signage expenses    Increase    Debit    1,000.00
                    Cash    Decrease    Credit    1,000.00
    6    1-Sep-19    Signage expenses paid    Y    Signage expenses    Increase    Debit    1,000.00
                    Cash    Decrease    Credit    1,000.00
    7    1-Sep-19    Advertisment exp paid    Y    Advertisment expenses    Increase    Debit    600.00
                    Cash    Decrease    Credit    600.00
    8    1-Sep-19    Software development    Y    Software development exp    Increase    Debit    1,500.00
                    Cash    Decrease    Credit    1,500.00
    9    1-Sep-19    Cash register purchased    Y    Cash register exp    Increase    Debit    500.00
                    Cash    Decrease    Credit    500.00
    10    1-Sep-19    Purchase of coffee supplies    Y    Coffee supplies    Increase    Debit    160.00
                    Postage    Increase    Debit    40.00
                    Cash    Decrease    Credit    200.00
    11    1-Sep-19    Purchase of sky Equipment    Y    Sky Equipment    Increase    Debit    50,000.00
    12    1-Sep-19    Notes issued    Y    Notes payable     Increase    Credit    45,000.00
                    Cash    Decrease    Credit    5,000.00
    13    15-Sep-19    Revenue for lessons    Y    Accounts receivable    Increase    Debit    1,500.00
                    Sales revenue    Increase    Credit    1,500.00
    14    23-Sep-19    Revenue for lessons    Y    Accounts receivable    Increase    Debit    480.00
                    Sales revenue    Increase    Credit    480.00
    15    24-Sep-19    Revenue for lessons    Y    Accounts receivable    Increase    Debit    300.00
                    Sales revenue    Increase    Credit    300.00
    16    24-Sep-19    Revenue for lessons    Y    Accounts receivable    Increase    Debit    200.00
                    Sales revenue    Increase    Credit    200.00
    17    24-Sep-19    Purchase of office supplies    Y    Office supplies    Increase    Debit    500.00
                    Cash    Decrease    Credit    500.00
    18    30-Sep-19    Revenue for lessons    Y    Cash    Increase    Debit    3,600.00
                    Sales revenue    Increase    Credit    1,500.00
                    Sales revenue    Increase    Credit    2,100.00
    19    30-Sep-19    Delivery exp paid    Y    Delivery expenses    Increase    Debit    160.00
                    Cash    Decrease    Credit    160.00
    20    30-Sep-19    Utility bill received    Y    Utilities expense    Increase    Debit    325.00
                    Accrued expenses payable    Increase    Credit    325.00
    21    30-Sep-19    Unearned revenue    Y    Cash    Increase    Debit    10,000.00
                    Unearned sales revenue    Increase    Credit    10,000.00
    22    30-Sep-19    Memo for hiring staff    N
    23    30-Sep-19    Withdrawal for personal use    Y    Drawings, A.Singh    Decrease    Debit    2,000.00
                    Cash    Decrease    Credit    2,000.00
Journalize
    Singh Ski School
    General Journal
    August & September 2017
    Date    Particulars    Folio    Debit    Credit
    1-Sep    Cash        40,000.00
        Capital, A.Singh            40,000.00
        To record A.Singh's initial investment
    1-Sep    Prepaid rent        9,600.00
        Cash            9,600.00
        To record prepaid...
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