General ledger accounts

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Shoes Supreme used the perpetual inventory system. All of its credit sales have the terms 2/10, n/30. Shoes Supreme incurred the following November 2018 transactions:

Nov. 3: Issued invoice # 220 for $ 8,000 sales on account to Wilson Ltd. Cost of this inventory was $ 4,500.
Nov. 4: $ 20,000 Inventory was purchased on account from Dancing Shoes Ltd. The terms were 4/10, n/60.
Nov. 5: Received $ 2,000 cash for selling inventory. Cost of this inventory was $ 1,200.
Nov. 6: Purchased supplies for $ 3,300. It was paid by cheque # 330.
Nov. 8: Received $ 7,000 interest revenue.
Nov. 10: Issued invoice # 221 for $ 20,000 sales on account to Private Design Ltd. Cost of this inventory was $ 12,000.
Nov. 11: Purchased $ 2,800 office furniture. It was paid by cheque # 331.
Nov. 12: Received $ 7,840 from Wilson Ltd. in full settlement of its accounts receivable.
Nov. 13: Paid Dancing Shoes Ltd. with cheques # 332.
Nov. 15: Purchased $ 9,000 inventory on account from Laces Ltd. The terms were 2/10, n/60.
Nov. 16: Issued invoice # 222 for $ 9,000 sales on account to Children’s Wear Ltd. Cost of this inventory was $ 6,500.
Nov. 17: Issued credit memo to Children’s Wear Ltd. for $ 9,000 for merchandise sent by mistake and was returned to Shoes Supreme. Also accounted for receipt of the inventory.
Nov. 18: Issued invoice # 223 for $ 4,000 sales on account to Wilson Ltd. Cost of this inventory was $ 2,800.
Nov. 19: Received $ 19,600 from Private Design Ltd. in full settlement of its accounts receivable.
Nov. 20: Purchased $ 10,000 inventory on account from Jones Ltd. The terms were net 30.
Nov. 21: Purchased $ 22,000 brochures on account from Direct Printing Ltd. The terms were 2/10, n/60. Advertising Expense was debited.
Nov. 22: Paid Radio Ltd. $ 30,000 with cheques # 333 to place radio ads to air the last week in December. Prepaid Advertising was debited.
Nov. 23: Sold supplies to an employee for $ 100 cash, which was the cost of the supplies.
Nov. 25: Paid $ 300 telephone bill with cheques # 334.
Nov. 26: Purchased $ 15,000 inventory on account from Laces Ltd. The terms were 3/10, n/30.
Nov. 27: Returned defective inventory to Laces Ltd. Issued a debit memo for $ 2,000.
Nov. 28: Issued invoice # 224 for $ 7,000 sales on account to Private Design Ltd. Cost of this inventory was $ 5,400.
Nov. 28: Received $ 3,920 from Wilson Ltd. in full settlement of its accounts receivable.
Nov. 30: Paid $ 2,000 salary with cheques # 335.
Required:

Open Shoes Supreme’s general ledger accounts using the following chart of account numbers provided:
Open these accounts in the accounts receivable subsidiary ledger accounts: Private Design Ltd., Children’s Wear Ltd., and Wilson Ltd. Open these accounts in the accounts payable subsidiary ledger accounts: Dancing Shoes Ltd., Laces Ltd., and Jones Ltd.
Record the above November transactions in a sales journal (page 7), a cash receipts journal (page 4), a purchases journal (page 5), a cash payments journal (page 8), and a general journal (page 5). Ignore PST and GST.
Post daily to the accounts receivable and accounts payable subsidiary ledgers. Post the individual amounts to the general ledger accounts on the date recorded in the journals. Post column journal totals to the general ledger accounts on November 30.
Total the columns in the journals. Illustrate that the total debits equal the total credits in each journal.
Balance/reconcile the accounts receivable subsidiary ledgers and the accounts receivable in the general ledger. Balance/reconcile the accounts payable subsidiary ledgers and the accounts payable in the general ledger.
Cash

100

Sales Discounts

410

Accounts Receivable

110

Sales Returns & Allowances

420

Supplies

120

Interest Revenue

430

Prepaid Advertising

130

Cost of Goods Sold

500

Inventory

140

Salary Expense

510

Office Furniture

150

Advertising Expense

520

Accounts Payable

200

Telephone Expense

530

Sales Revenue

400

Sample Solution

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Profit-Sharing Plans

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What does substantial and recurring refer to with Profit-Sharing Plan contributions?
When are final employer contributions due for the year?
What is the three different way to allocate contributions to employees?
Which one of the three different ways to allocate contributions provide the most benefit to older people who are also owners of the company?
How is a New Comparability Plan different from the other profit-sharing plans? Who do comparability plans end up benefiting the most?
What does CODA stand for? What is the maximum level of employee contributions to these plans?
Chapter 5 – Profit-Sharing Plans Part 2

Who can establish a 401(k) plan?
Name at least three major differences between a Roth IRA and a Roth 401(k).
Describe which contributions to a retirement plan are subject to taxes.
Which plans have to pass the ACP & ADP nondiscrimination testing?
How is the ADP test calculated?
What has to happen if the ADP test is failed?
How can ADP/ACP tests be avoided?

Sample Solution

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Google classroom

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Create a goole classroom with two interactive documents.

https://docs.google.com/presentation/d/1NBoNSC4OmrO4NhTNPTx3F_-QLOmwznzpVcGKFZ3JyBw/edit#slide=id.g8263fb9b24_1_58

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C-terminal amino acids of GFP

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1- Similarly find the open reading frame (ORF) of GFP mRNA sequence which encodes the full-length protein.
To do this enter the mRNA entry for Aequorea Victoria green-fluorescent protein GFP (“L29345”) into ORF
finder program at NCBI (https://www.ncbi.nlm.nih.gov/orffinder/). (i) What is the longest open reading frame for
GFP? (ii) How many amino acids does it encode? (iii) What are the last 4 C-terminal amino acids of GFP? (iv)
What are the 4 corresponding nucleotide base pair codons? (hint: toggle the ORF display box to see the
nucleotide sequence) (v) How many nucleotides does the ORF of the GFP gene encode?
2- With all the genetic tools you have now developed, you are now able to study the function of the human
MCRS-CoV-8 receptor using overexpression and loss of function approaches in human lung cells and have obtained a better understanding of its function. You have also identified a drug commonly used clinically for another indication that appears to inhibit binding to the MCRS-CoV-8 receptor.
Before you can repurpose this drug and test it in human patients, you need to test whether the loss of function of the MCRS-CoV-8 receptor gene in vivo is toxic. In terms of pre-clinical testing, (i) which animal model would
you use, and (ii) what criteria would the animal model need to have to make it appropriate as a test model for
MCRS-CoV-8 receptor? (iii) Why not remove the MCRS-CoV-8 receptor gene directly in humans to make them resistant to the virus. What would the dangers be?

Sample Solution

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