Accounting Cycle Culminating Activity: Complete Guide

School: Western University - Course: MOS 1020 - Subject: Accounting

BAF 3M1CULMINATING ACTIVITY WORTH 30%L. Mattina 2020 INSTRUCTIONS: Students have been provided with aPersonalizedIndividual Culminating Activity. Student will complete the assignment that has beenpersonally assigned to themas their culminating activityworth 30%. Student will complete the assignment usingExceland submit the assignment in the Dropbox entitled Culminating Activity. Students will be provided with the Trial Balance of their company dated May 31, 2020 and the transactions that occurred during the month of June. In this assignment students will perform all of the steps involved in the accounting cycle for their company endingJune 30, 2020. STUDENT ARE REQUIRED TO COMPLETE THE FOLLOWING ITEMS: 1.General Journal (Total 80 Marks) Opening Entries -10 Marks Transactions with Source Documents and appropriate HST Taxes-50 Marks Closing Entries-20 Marks 2.Ledger from Chapter 7 (NOT T-ACCOUNTS)(Total 85 Marks) Opening Entries -10 Marks Transactions with Source Documents and appropriate HST Taxes-50 Marks Closing Entries-(Income Summary Account 600)-25 Marks 3.Trial Balance -10 Marks 4.Worksheet -25 Marks (Chapter 8) 5.Income Statement -10 Marks 6.Classified Balance Sheet with Ratios -15 Marks 7.Post-Closing Trial Balance -10 Marks

BAF 3M1CULMINATING ACTIVITY WORTH 30%L. Mattina 2020 Trial Balance Sheet Fortino's Estate TRIAL BALANCE May 31, 2020 No.ACCOUNTSDEBITCREDIT 101Bank$30,569.00 105A/R T. Fabio10,135.00 110A/R T. Fisher5,780.00 115A/R T. Flint 120A/R T. Fright13,850.00 125Real Estate Sign Supplies45,000.00 130Office Equipment36,500.00 135Estate Automobiles85,490.00 140Real Estate Offices245,900.00 145Real Estate Land1,589,330.00 200A/P Lowland Surveyors$33,900.00 205A/P Dover Developers 210A/P Marshal Lawyers45,800.00 215HST Payable89,000.00 220HST Recoverable7,157.00 225Canada Trust Bank Loans10,000.00 230Bank of Nova Scotia Mortgage Payable690,000.00 235Canada Trust Mortgage Payable778,000.00 300YOUR NAME, Capital 305YOUR NAME, Drawings 400Rental Estates 405Sales of Estates 444Gain on the Sale of Asset 500Advertising Expense 505Auction Expenses 510Bank Charges Expense 515Bank Loan Interest Expense 520Donation to Homeless Shelters 525Maintenance Expense on Properties 530Mortgage Interest Expenses 535Utilities Expense 540Employee Wages Expense 555Loss on the Sale of Asset TOTAL$2,069,711.00$2,069,711.00