Basic Bookkeeping Assignment

You are required to execute previous unit activities related to the accounting cycle for this company, On the Go Pizza and incorporate new material up to the end of unit 6.  (50 marks)



Ron Taylor is the owner of On the Go Pizza.  The company had the following account balances at December 31, 2010 (assume all account balances are normal; i.e. all assets are debit, liabilities are credit, capital is credit):


Cash                                                                                                      $150,000


Account Receivable                                                                             5,000


Supplies Inventory                                                                             15,000


Prepaid Rent                                                                                         36,000


Equipment                                                                                             60,000


Delivery Vehicles                                                                                80,000


Wages Payable                                                                                      4,000


Ron Taylor, Capital                                                                           342,000



During 2011, the following transactions occurred:


1)  Sales of pizza for cash $480,000; Sales of pizza on account $50,000

2)  Purchase of ingredients for the pizza and other supplies (supplies inventory) $220,000.  All of these items were paid for.

3)  During 2011, supplies inventory valued at $215,000 was used

4)  During 2011, the company paid $75,000 in wages

5)  During 2011, $52,000 was used for other expenses

6)  Collected $52,000 on the accounts receivable

7)  At the end if 2011, the Taylor withdrew $10,000 for his own use.


Adjusting Entries:

8)  Wages owned to employees at the end of the year were $2,000

9)  By the end of 2011, half the prepaid rent had been used

10)  The equipment has a useful life of 8 years.  At the date we bought the equipment, we estimated it would have no residual value at the end of the 8 year period Record amortization

11)  The delivery vehicles had a useful life of 5 years.  At the date we bought the delivery vehicles, we estimated they would have $5,000 residual value at the end of the 5 year period.  Record amortization


Questions Required:

  1. Prepare journal entries for all of the transactions 1 – 7 inclusive. Create any new accounts you need.  Use the number associated with each transaction instead of a date to make the journal entries.
  2. Create “T” accounts and post the opening balances, as well as your journal entries from part (a) into them. Since transaction dates are not provided, postings should refer to transactions by number
  3. Prepare a trial balance
  4. Prepare the adjusting entries and post them to the “T” accounts. Since transaction dates are not provided, postings should refer to transactions by number
  5. Prepare an adjusted trial balance
  6. Prepare an income statement and Statement of Owners’ Equity in good form for 2011
  7. Prepare a balance sheet at December 31, 2011
  8. Prepare a post closing trial balance at December 31, 2011


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