General Ledger and Journal Assignment
Read instruction and complete the worksheet
Loud Harbours Restaurant & Grill Accounting Assignment #1 Prepared by: David Cleary Prepared for: George Brown College Course: HOSF*1277 Loud Harbours Restaurant and Grill Introduction You are the Owner and General Manager of one of Toronto’s most reputed restaurants, Loud Harbours Restaurant & Grill (LH). The date is January 7th, 2018 and you have just returned from a 10 day long vacation in the Caribbean. While you were away you left the daily operations and accounting of the restaurant in the hands of your Assistant General Manager and Chef. When you first arrived back at the restaurant January 8th, you realise that none of the accounting duties have been completed for the previous week, which makes you feel frustrated. After you run your service you begin to collect receipts and invoices so that you can begin this years accounting cycle. In the office you find: 1. The share agreement with your friend whom purchased $100,000.00 worth of shares on January 1st. 2. Invoices showing the purchases of $26,650.98 worth of food inventory and $14,400.98 worth of bar inventory, both of which have been paid on January 2nd and 6th respectively. 3. An bill for new light fixtures for your dining room totalling $8,426.00 which has been paid in cash on January 6th. 4. A receipt from the landlord showing that you have paid $15,500.89 in rent for January on January 1st. 5. A notice from Ceridian (your payroll company) stating you incurred: $12,000.45 in salaries and $10,525.8 in wages on January 3rd. 6. Sales slips showing food sales in cash of: $15,509.23, $17,356.45, $18,746.48, $19,896.15, $22,561.87, $25,559.12, $15,689.48 on January 1st through 7th respectively. 7. Sales slips showing beverage sales in cash of: $4,560.55, $5,129.87, $5,532.98, $6,231.48, $7,500.49, $8,225.48, $4,562.48 on January 1st through 7th respectively. 8. Cost of goods sold is showing $15,560.79 in cost of food sold for the week. 9. You paid a utility bill of 122.66 on January 5th. 10. You receive an invoice for linen services for $52.21 on January 4th. 11. You receive a cash payment for a $1500 catering event to be held in the future. 12. You completed a catering event contracted at $12,832 and have not received payment from the customer. Instructions 1. Use the above transactional information and the double entry accounting method to fill in the general journal and ledger for the week in accordance with GAAPs. With reference numbers, dates and descriptions. 2. Use the general ledger and accounts to create a trial balance for the previous week in accordance with GAAPs.