CSBA 1500: Individual Assignment

Phase 2: Instructions

Student Name ASTHA SACHDEVA

Student Number
Phase 2: Bookkeeper (15%)

Your Role: An employee of Kontur and Associates (The Bookeeper)

Required: You have been asked to compile the information requested
by the client. Based on the information provided in the client email
(your partners phase 1 submission), complete the following
information for Ms. Kontur’s review using the excel template provided.
Please round to whole numbers. All areas highlighted in yellow
require input by students!

Prepare the journal entries (JE's) to record all the transactions for the month
of May. Use the Chart of Accounts provided
Compile a trial balance (TB) from the journal entries.
Prepare the following financial statements for your client: a. Income
Statement (IS), b. Statement of Changes in Equity (SCE), c. Balance Sheet (BS)
Prepare an email to Ms. Kontur to submit with the file. Discuss the following:
As you are very ambitious and want to demonstrate your analytical skills,
provide your insight on the financial performance of your clients first month of
business. Assess the client’s profitability, solvency and liquidity.
After completing the financial statements, the client sent another email to you
(see Appendix A). Explain to Ms. Kontur how this new information would
change the financial statements you already prepared.

Ensure a copy of the client email is included in your submission.

Submissions without the partner’s phase 1 will be considered
incomplete and marked late.

Journal Entry
No. Trans Date Description Activity May-01 Cash 30,000
Type
1 May-01 Invested F Taylor, Capital 30,000
30,000
cash in the
business
2 May-01 Purchased I
equipment
for 6,000,
paid 3,000
for cash
and the
balance on
account
 3 May-03 Purchased I May-01 Equipment 6,000
office
furniture for
10,000 and
cleaning
supplies
1,300 on
account

4 May-05 Paid 1,200 O Cash 3,000

cash on 1
year
insurance
policy
5 May-10 Invested F Accounts Payable 3,000
10,000
cash again
6 May-12 Invoiced O
customers
2,500 for
cleaning
services
6 May-18 Paid 1,000 O May-03 Cleaning 1,300
cash for Supplies
the vehicle
and 800 on
cleaning
supplies

7 May-20 Paid 1,200 O Office 10,000

cash for Furniture
salaries
8 May-21 Collected O Accounts Payable 11,300
2,500 cash
from the
invoice last
May,12
9 May-25 Invoiced O
customers
3,000 for
cleaning
service
10 May-26 Purchased I
another
furniture for
the office
for 20,000
on cash

11 May-30 Paid gas O May-05 Prepaid 1,200

expense on Insurance
vehicle for
200
12 May-31 Withdrew F Cash 1,200
900 for
personal
usage

May-10 Cash 10,000

 Taylor, Capital 10,000

May-12 Account 2,500

Receivable
Cleaning Services 2,500
Revenue

May-18 Accounts 1,800

Payable
Cash 1,800

May-29 Cash 1,200

Salaries Expense 1,200

May-21 Cash 2,500

Accounts 2,500
Receivable

May-25 Account 3,000

Receivable
Cleaning Services 3,000
Revenue

May-26 Office 20,000

Furniture
Cash 20,000

May-30 Gas 200

Expense
Cash 200

May-31 Taylor, 900

Withdrawal
s
Cash 900

PHASE -2
Greetings, Mr. Kontour,

Attached here is the information you requested to assist us with our bookkeeping issues. Based on my own
analysis of our financial statements, I've noted that we've already achieved net income rather than loss, which is a
positive development. However, we have only a few transactions related to our services, as the majority of our
transactions in May have been related to investment and financing activities.

With this, I'm hoping that your advice and guidance can significantly assist us in enhancing our bookkeeping, as
well as our daily and overall transactions.
Sincerely,
Taylor Mitchells
Attached here is the information you requested to assist us with our bookkeeping issues. Based on my own
analysis of our financial statements, I've noted that we've already achieved net income rather than loss, which is a
positive development. However, we have only a few transactions related to our services, as the majority of our
transactions in May have been related to investment and financing activities.

With this, I'm hoping that your advice and guidance can significantly assist us in enhancing our bookkeeping, as
well as our daily and overall transactions.

Sincerely,
Taylor Mitchells
Owner of MCS
PHASE 1:
Good day, Mr. Kontour,

I am Taylor Mitchells, the business owner of Mitchells Cleaning Services. MCS is a company that specializes in professional cl
which was founded to provide thorough cleaning of homes and even business structures. We are committed to offering qua
cleaning services while maintaining a strong commitment to customer satisfaction because we believe that customer satisfa
the core of strong business foundations. Furthermore, we assure that our skilled cleaning professionals arrive at cleaning sit
all necessary materials that will ensure the place looks its best.

To support you in assisting us with our bookkeeping, here are our transactions for the month of May.

No.Trans DateDescriptionActivity Type1May-01Invested 30,000 cash in the businessF2May-01Purchased equipmen

6,000, paid 3,000 for cash and the balance on accountI3May-03Purchased office furniture for 10,000 and cleaning
supplies 1,300 on accountI4May-05Paid 1,200 cash on 1 year insurance policyO5May-10Invested 10,000 cash
againF6May-12Invoiced customers 2,500 for cleaning servicesO6May-18Paid 1,000 cash for the vehicle and 800 on
cleaning suppliesO7May-20Paid 1,200 cash for salariesO8May-21Collected 2,500 cash from the invoice last
May,12O9May-25Invoiced customers 3,000 for cleaning serviceO10May-26Purchased another furniture for the offi
20,000 on cashI11May-30Paid gas expense on vehicle for 200O12May-31Withdrew 900 for personal usageF
If you need further help, I am always available. Please contact me in this same e-mail or call me in our company's telephone
(320-7765).

Thank you for your help.

Sincerely,
Taylor Mitchells
Owner of MCS

trial balance Balance Sheet

Mitchells Cleaning Services Mitchells Cleaning Services

Balance Sheet
Trial Balance

At the end of May 20XX

At the end of May 20XX

 Debit Credit Assets

Cash 14,200 Cash

Office Furniture 30,000 Cleaning Supplies

Equipment 6,000 Prepaid Insurance

Cleaning Supplies 1,300 Accounts Receivable

Prepaid Insurance 1,200 Equipment

Accounts Receivable 3,000 Office Furniture

Accounts Payable 12,500 Total Assets

Taylor, Capital 40,000 Liabilities

Cleaning Service Revenue 5,500 Accounts Payable

Salaries Expense 1,200 Total Liabilities

Gas Expense 200 Equity

Taylor, Withdrawal 900 Gracie, Capital
 58,000 58,000
Total Liabilities and Equity

C. INCOME STATEMENT

Mitchells Cleaning Services

Income Statement
At the end of May 20XX
Revenues
Cleaning Service Revenue 5,500
Total Revenues 5,500

Expenses

Salaries Expense 1,200

Gas Expense 200

Total Expenses 1,400

Net Income 4,100

D. STATEMENT OF CHANGES IN EQUITY

Mitchells Cleaning Services

Statement of Changes in Equity

At the end of May 20XX

Taylor, Capital May prior month end 40,000

Add: Net Income 4,100
44,100
Less: Withdrawals by owner 900

Taylor, Capital May current month end 43,200

es. Based on my own

e rather than loss, which is a
s, as the majority of our

cing our bookkeeping, as

es. Based on my own
e rather than loss, which is a
s, as the majority of our

cing our bookkeeping, as

 specializes in professional cleaning
e committed to offering quality
believe that customer satisfaction is
sionals arrive at cleaning sites with

May.

ay-01Purchased equipment for

re for 10,000 and cleaning
Invested 10,000 cash
for the vehicle and 800 on
om the invoice last
nother furniture for the office for
for personal usageF
in our company's telephone number

Cleaning Services

heet

d of May 20XX
 14,200

1,300

1,200

Receivable 3,000

6,000

30,000

55,700

12,500

12,500

43,200
lities and Equity 55,700
CSBA 1500: Individual Assignment
Phase 2: Chart of Accounts

Use the following Chart of Accounts to help you prepare your journal entries, trial balance and financial statements. Do
not add new accounts. Use the best fit account instead.

Company Name
Chart of Accounts
Assets Liabilities Equity Revenues Expenses
Acct No. Name Acct No. Name Acct No. Name Acct No. Name Acct No. Name
100 Cash 300 Accounts Payables 500 Common Shares / Capital 600 Sales 700 Salaries and Wages
105 Short Term Investments 310 Salaries and Wages Payables 505 Equity (for non corporati 610 Cost of Goods Sold 710 Supplies Expense
110 Accounts Receivables 320 Interest Payable 510 Retained Earnings 720 Advertising and Marketing Expense
120 Inventory 330 Taxes Payable 520 Dividends Declared 730 Rent Expense
130 Supplies 340 Unearned Revenue 740 Sales and Marketing Expense
140 Prepaid Expenses 400 Loan Payable 750 Insurance Expense
200 Property, Plant and Equipment (PPE) 760 Interest Expense
201 Accumulated Depreciation - PPE 770 Income Tax Expense
CSBA 1500: Individual Assignment
Phase 2: Journal Entries
Use the following worksheet to input journal entries for each accounting transactions described by the client. Note the fol
> Include descriptions for each entry.
> Round all transaction amounts to the nearest dollar.
If the check box at the end of the table is red please recheck your debits equal your credits!

General Ledger
General Ledger
Trans Trans
No. Date Dr / Cr Acct No. Acct. Name Dr. Amount
Total -

Check
described by the client. Note the following:

dits!

Ledger

Cr. Amount Description

-

-
CSBA 1500: Individual Assignment
Phase 2: Trial Balance

Use the following to create a trial balance. You may need to use T-Accounts to help you post the correct amounts
balances!

Company Name
Trial Balance
Month Ended May, 30th, XXX

Account No. Account Name Debit Credit

100 Cash
105 Short Term Investments
110 Accounts Receivables
120 Inventory
130 Supplies
140 Prepaid Expenses
200 Property, Plant and Equipment (PPE)
201 Accumulated Depreciation - PPE
300 Accounts Payables
310 Salaries and Wages Payables
320 Interest Payable
330 Taxes Payable
340 Unearned Revenue
400 Loan Payable
500 Common Shares / Capital
505 Equity (for non corporations)
510 Retained Earnings
520 Dividends Declared
600 Sales
610 Cost of Goods Sold
700 Salaries and Wages
710 Supplies Expense
720 Advertising and Marketing Expense
730 Rent Expense
740 Sales and Marketing Expense
750 Insurance Expense
760 Interest Expense
770 Income Tax Expense
Total - -

Check -
post the correct amounts. Make sure your trial balance it

Account Financial
Mapping Statement
Current Assets Balance Sheet
Current Assets Balance Sheet
Current Assets Balance Sheet
Current Assets Balance Sheet
Current Assets Balance Sheet
Current Assets Balance Sheet
Long Term Assets Balance Sheet
Long Term Assets Balance Sheet
Current Liabilities Balance Sheet
Current Liabilities Balance Sheet
Current Liabilities Balance Sheet
Current Liabilities Balance Sheet
Current Liabilities Balance Sheet
LT Liabilities Balance Sheet
Equity Statement of Change in Equity
Equity Statement of Change in Equity
Equity Statement of Change in Equity
Equity Statement of Change in Equity
Revenues Income Statement
Revenues Income Statement
Expenses Income Statement
Expenses Income Statement
Expenses Income Statement
Expenses Income Statement
Expenses Income Statement
Expenses Income Statement
Expenses Income Statement
Expenses Income Statement
CSBA 1500: Individual Assignment
Phase 2: Income Statement

Company Name
Income Statement
Month Ended May 30th, XXX
Revenues

Net Revenues -

Operating Expenses

Total Expenses -
Net Income -
CSBA 1500: Individual Assignment
Phase 2: Statement of Changes in Equity

Company Name
Statement of Financial Position
Month Ended May 30th, XXX

Opening Balance, May 1

Balance, May 30
CSBA 1500: Individual Assignment
Phase 2: Balance Sheet

Company Name
Balance Sheet
As at May 30th, XXX
Assets
Current Assets

LT Assets

Total Assets

Liabilities and Shareholder's Equity

Curent Liabilities

LT Liabilities

Total Liabilities
Equity
Total Liabilities & Equity
CSBA 1500: Individual Assignment
Phase 2: Bookkeeper Email to Ms. Kontur

Document your response to question 4a and 4b in the space provided below.