OA 2430
Simply Accounting
C8 Maple Leaf
 
 

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C8 Maple Leaf

Ch 8 Advanced A/P and A/R
Maple Leaf Rags

 

This chapter covers advanced techniques in Accounts Receivable and Accounts Payable.  

 

When the program opens Maple Leaf Rags’ data file, make sure the date is in month/day/year format (June 30, 2008).

 

The Source Documents start on page 246; the instructions start on 253. 

 

After the last entry on Aug 30 (page 251), write, “STOP HERE!”

 

Make sure you follow the instructions as you do the entries!

 

Change the company name so it starts with your initials.  

     - Setup / System Settings / Company Information / Name

 

Also, add your initials to the beginning of the descriptions.

 

Memo #51
Here you are paying off your liability to the Provincial Minister of Finance. 

Reduced the liability, PST Payable, by the amount owed on September 30, $719.60.  Liabilities reduce with a Debit.

Increase the Sales Tax Compensation account by $23.75

Reduce the Bank: Chequing Account

 
Memo #52
Here you are entering the adjusting entries, as supplied by the accountant.
 
Office Supplies Used         
Internet & Web Site Expenses
Office Rent
Advert & Publicity
          Office Supplies
          Prepaid Expenses		    280
   135
2,400
   642



   280
3,177
 
 

Memo #55
Here you are recording the interest expense on two loans.
 
Interest Expense 4,200  
          Bank:  Chequing Acct   4,200
 
 

Memo #58 and Memo #59 and Memo #60
Skip
 

Chapter Work &  Evaluation

A key is provided for the chapter work (pages 246 to 251). 

To help you learn:

1.       do the entry

2.       then check the key

3.       then post it! 

 

When you finish the last entry, on September 30, print the reports requested below.

 

Hand in the following, stapled into one package:

  1. General Ledger, all accounts (double check), show corrections, for the full time span (at top of package)
     
  2. "All" Journal, for the full time span, show corrections, (at bottom of package)

  • This chapter is worth approximately 4% of OA2430

  • -10% if all the posted accounts are not in the ledger

  • -10% each for Journal Entry Errors

  • -10% for initials not on specified entries--or assignment nor accepted

  • -10% each for wrong report, additional report, or report submitted out-of-order

  • -10% for not handing in work stapled in the correct order
     

  • Assignments due on last scheduled day of chapter

  • Late assignments accepted if in Evans' hands before marking is completed

  • Trays in the classroom are used to return work, not hand work in