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					                                      Simply Accounting 2004 Tutorial 1

                                  Assignment 1 – Taylor Personal Training

Jim Taylor, a local Barrie entrepreneur, has recently invested $30,000 of his own personal money and has
opened up a new personal training proprietorship. With his business knowledge and top-notch training
experience, Jim hopes to build a substantial client base within the Barrie area. As his friend, he has asked you
to apply some of the accounting knowledge you have gained and keep the accounting records up to date. With
this in mind, Jim would like all bookkeeping to be completed on accounting software. Please read all of the
following instructions before you begin:

       From the destination indicated by your teacher, open up the Simply Accounting file: Taylor Personal
        Training Assignment 1.sdb
       Ensure that the session date is 1/1/2005
       Click the Setup tab; navigate to System Settings and then to Company Information. Add your name
        in brackets to the information already placed in the Name field.
       Save a copy of this file to your Personal student drive.
       Familiarize yourself with the current Chart of Accounts. (Click the Reports tab, Lists, Chart of
       Complete the following transactions under the Simply Accounting General Journal.

       Jan 1   J. Taylor invested $30,000 from his own personal savings into his new personal training business
               (bank credit memo # CM367).

          2    J. Taylor secured a lease agreement with a local real estate firm ensuring a superb location. The
               rent for the space is $1,500 per month. J. Taylor paid for the first month’s rent as well as another
               $1,500 for a security deposit (cheque # 001).

          2    J. Taylor secured a bank loan for $20,000 (Credit Memo # CM698).

          3.   Purchased equipment from NPNG Equipment for $40,000. NPNG was paid $10,000 in cash
               with the balance to be paid at a later time. (Cheque # 002)

          4.   Purchased a new 2005 Ford Mustang for $38,000. Ford was paid 10,000 up front with the
               remaining portion to be collected by Ford Credit in monthly installments (the first installment is
               due in March, Cheque # 003).

          4.   Purchased office furniture and a computer for $5,000 (Cheque # 004).

          5.   Provided personal training services for J. Shockey. The amount billed was $500 and is to be
               collected by the end of the month (Sales Invoice 001).

          9    Provided personal training services for L. MacDonald. The amount billed was $250 and was
               paid immediately (Cash Sales Slip 0001).

          13   Purchased a water cooler from “Clear Blue Water” for $200. The amount is due by the end of
               the month (Purchase invoice 456)

          15   Received $100 partial payment from E. Manning for training services rendered. The amount
               billed was $350 (Cash Sales Slip 0002)
     17    Purchased office supplies for $200 (cheque # 005)

     18    Provided personal training services for P. Smith (you must create a new account for this client).
           The amount of the bill was $400 and will be paid at a later date (Sales Slip 0003).

     21    Purchased advertising to promote the business for $400 (cheque # 006).

     25    Received the remaining payment from J. Shockey and E.Manning for Sales Invoice 001 and
           Cash Sales     Slip 0002.

     27    A mistake has been detected! The office furniture and computer purchased on the 4th should be
           recorded as $6,000 (you will need to adjust the previously posted entry).

     31    Paid for the following monthly expenses: Insurance $200, Repairs and maintenance –
           Equipment $100, Telephone $50, Utilities $150, amount owed to Clear Blue Water. Use cheque
           # 007 for one compound entry.

   Print and submit the Trial Balance, Income Statement and the Balance Sheet to your teacher (ensure that
    the Trial Balance and Balance Sheet date is of 1/31/2005 and that the finishing date for the Income
    Statement is of 1/31/2005).

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