Review Activity for Chapters 4 and 5
This is a trial balance for C. Levesque’s business Habs Sports Ltd. as of Sept 30, 2011.
Bank
A/R – M. Lefebvre
A/R – Fellowes HS
Inventory
Supplies
A/P - Reebok
A/P - Staples
Bank Loan
C. Levesque, Capital
Fees Earned
Advertising Expense
Gas Expense
Rent Expense
Wages Expense
C. Levesque, Drawings
Habs Sports Ltd.
Trial Balance
September 30, 2011
46308
320
165
5322
1069
762
195
10050
21878
23660
578
100
583
2000
100
56545
56545
A. Set up ledger accounts using the figures in this trial balance. Then, make
changes to each account using the following transactions that occur during the
month of September.
Transactions
1. M. Lefebvre sends a cheque for $200.
2. Habs Sports Ltd. holds a clinic for Fellowes HS in the amount of $100 and
places the full amount on account.
3. An employee is paid $20 in gas mileage for running the clinic
4. $2000 of inventory is purchased using cash.
5. $500 is paid off of the bank loan.
6. An employee is given a paycheck for $650.
7. Habs Sports Ltd. holds a clinic for M. Lefebvre in the amount of $750.
$500 is paid in cash and the rest is placed on account.
8. $300 is paid to Reebok.
9. Habs Sports Ltd. has an ad placed in the newspaper for $75.
10. M. Lefebvre sends a cheque for $150.
B. Calculate your pin totals and account balances for each account in the ledger.
C. Perform a trial balance for 30 Sept, 2011.
D. Create an Income Statement to calculate Net Income.
E. Create a Balance Sheet with expanded equity.
*Print sheets and hand-in for formative marking*. Please do a print
preview before printing to minimize printing errors!