1. Project 4

1.7. Page 3

Training Room 2

Training Room 2: Chart of Accounts

 

Time to Practise

 

Practice 1

 

 

Based on what you have learned in the preceding steps, now it is your turn to complete Gurpreet’s Chart of Accounts. Open up a Chart of Accounts Template, and save it in your FIN1015 Course Folder.

 

Refer to the preceding steps and complete Gurpreet Singh’s chart of accounts.

 

 

You may also wish to refer to the Chart of Accounts Rubric for a guide to completing your work. This rubric is available for you in the Toolkit to access in the future.


 

Save your work when you have finished.

 

 

Check Chart of Accounts Exemplar when you have completed Practice 1.


Practice 2

 

 

Open a Chart of Accounts Template, and save it in your FIN1015 Course Folder.

 

Prepare a chart of accounts for Clear View Window Cleaners, owned by Emil Jolini. Number the accounts consecutively within each classification (e.g., assets, liabilities, owner’s equity). Allow a few numbers in between. Use a four-digit accounting system.

 

Assets: cash; accounts receivable, D. Thurston; accounts receivable, Triad Café; accounts receivable, Harry’s Eatery; equipment, truck

 

Liabilities: bank loan; accounts payable, A-1 Rentals; accounts payable, Super Supplies

 

Owner’s Equity: ?, capital; ?, drawing, income summary. (Who is the owner? Replace the ? with the owner’s name.)

 

Revenue: vending machine sales; service fees

 

Expenses: rent expense, truck expense, utilities expense

 

 

Check Clear View Window Cleaners Chart of Accounts when you have completed Practice 2.

 

Practice 3

 

 

Open Chart of Accounts Template, and save it in your FIN1015.

 

Prepare a chart of accounts for High Tech Company, owned by Trina Aslanba. Number the accounts consecutively within each classification (e.g., assets, liabilities, owner’s equity). Allow a few numbers in between. Use a four-digit accounting system.

 

Assets: cash; accounts receivable; equipment; automobile

 

Liabilities: bank loan; accounts payable, Computer Software Co.; accounts payable, Equipment Repairs Co.

 

Owner’s Equity: ?, capital; ?, drawing, income summary (Who is the owner? Replace the ? with the owner’s name.)

 

Revenue: sales

 

Expenses: automobile expense, rent expense, miscellaneous expense

 

 

Check High Tech Company Chart of Accounts when you have completed Practice 2.