1. Project 4

1.11. Page 3

Training Room 3

Training Room 3: Opening Accounts

 

Time to Practise

 

Let’s see how well you understand. In these practice activities, you will prepare a chart of accounts and then open these accounts into a general ledger. You are given a beginning balance sheet for each of these activities. You also need to have a drawing account and an income summary account in owner’s equity. Expense and revenue account titles are given in each practice activity. Check your answers when you have finished each one.

 

Chart of Accounts Rubric and Opening Accounts Rubric contain checklists that you can use for reference.

 

 

You may choose to do one of these practice activities or all three before you proceed to Time to Work, where you prepare an assignment for assessment.

 

Practice 1: Koch Moving and Storage

 

Open a new Chart of Accounts Template and a General Ledger Template for Koch Moving and Storage. Save these files in your FIN1015 Course Folder.

 

Note for Accounts Receivables, you may have the Account Title as A/R  J. Radick etc.

 

The Koch Moving and Storage Balance Sheet is given. Mr. Popov has also decided to include the following accounts: Sales, Advertising Expense, Truck Expense, Utilities Expense, and Miscellaneous Expense.

 

Complete the chart of accounts and open these accounts in his ledger.

 

 

Check your answers by viewing Koch Moving and Storage Chart of Accounts and Koch Moving and Storage General Ledger.

 

Practice 2: Fanci Foods Ltd.

 

Open a new Chart of Accounts Template and a General Ledger Template for Fanci Foods Ltd. Save these files in your FIN1015 Course Folder.

 

The Fanci Foods Ltd. Balance Sheet is given. Mr. Asadi has also decided to include the following accounts: Sales, Advertising Expense, Utilities Expense, and Miscellaneous Expense.

 

Complete the chart of accounts and open these accounts in his ledger.

 

 

Check your answers by viewing Fanci Foods Ltd. Chart of Accounts and Fanci Foods Ltd. General Ledger.

 

Practice 3: CHOO T.V.

 

Open a new Chart of Accounts Template and a General Ledger Template for CHOO T.V. Save these files in your FIN1015 Course Folder.

 

The CHOO T.V. Balance Sheet is given. Mr. Farrell has also decided to include the following accounts: Advertising Sales, Studio Expense, Equipment Expense, and Miscellaneous Expense.

 

Complete the chart of accounts and open these accounts in his ledger.

 

 

Check your answers by viewing CHOO T.V. Chart of Accounts and CHOO T.V. General Ledger.