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Basic Bookkeeping – Level 1 F I N A L E X A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Name: Student Number: Location: Date: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practical portion of the Final Exam. Use the following Journals, Ledgers, and Trial Balance sheets for all your entries. Pay close attention to the highlighted/shaded areas throughout the Answer Sheets because the Online Exam contains questions related specifically to these highlighted/shaded areas. All Answer Sheets must be completed prior to beginning the Online Exam. Follow the instructions in the Final Exam, and remember to check your work carefully. Basic Bookkeeping – Level 1 A nsw er Sheets-2 XY Consumer Products SALES JOURNAL SJ01 Date Cust. Acc Rec Sales PST GST Pay. General Ledger 2003 Customer No. Dr. Cr. Cr. Cr. Acc. # 1020 4000 2075 2081 Dr. Cr. TOTAL Exam Answ er Sheets A nsw er Sheets-3 XY Consumer Products PURCHASES JOURNAL PJ01 Date Vendor Acc Pay Purchases GST ITC Travel & Ent. Office Supplies General Ledger 2003 Vendor No. Cr. Dr. Dr. Dr. Dr. Acc. # Dr. Cr. 2010 5000 2080 6050 6060 TOTAL Basic Bookkeeping – Level 1 A nsw er Sheets-4 XY Consumer Products CASH DISBURSEMENTS JOURNAL CD01 Date Bank A/P Purchases Purchase Discounts GST Receiv. GST Payable General Ledger 2003 Cr. Dr. Dr. Cr. Dr. Cr. Vendor Name / Description Check No. Vendor No. 1010 2010 5000 5020 2080 2081 Acc. # Dr. Cr. TOTAL Exam Answ er Sheets A nsw er Sheets-5 XY Consumer Products CASH RECEIPTS JOURNAL CR01 Date Bank A/R Sales PST Payable GST Receiv. GST Payable Sales Discounts General Ledger 2003 Dr. Cr. Cr. Cr. Dr. Cr. Dr. Dr. Cr. Customer Name / Description of Receipt Cust. No. 1010 1020 4000 2075 2080 2081 4020 Acc. # TOTAL Basic Bookkeeping – Level 1 A nsw er Sheets-6 XY Consumer Products PAYROLL JOURNAL PRJ01 Gross Pay Deductions Net Pay Salaries and Wages Fed. Inc. Tax Prov. Inc. Tax CPP EI Health Care Total Payroll Clearing Dr. Cr. Cr. Cr. Cr. Cr. Cr. Date 2003 Employee Name Ee. # 6010 2060 2063 2055 2050 2068 2085 TOTAL Exam Answer Sheets Answers Sheets-7 XY Consumer Products PAYROLL LEDGER Employee: Phil Arnett Address: 26 Baker St. East EmpNo. : A001 Phone: (519) 667-3467 London, ON Cl.Code: 6 Start Date: 01/04/95 N6A 4U6 Perio.

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Basic Bookkeeping – Level 1 F I N A L E X A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Name: Student Number: Location: Date: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practical portion of the
Final Exam. Use the following Journals, Ledgers, and Trial Balance sheets for all your entries. Pay close attention to the highlighted/shaded areas throughout the Answer Sheets because the Online Exam contains questions related specifically to these highlighted/shaded areas. All Answer Sheets must be completed prior to beginning the Online Exam. Follow the instructions in the Final Exam, and remember to check your work carefully. Basic Bookkeeping – Level 1 A nsw er Sheets-2 XY Consumer Products SALES JOURNAL SJ01 Date Cust. Acc Rec Sales PST GST Pay. General Ledger 2003 Customer No. Dr. Cr. Cr. Cr. Acc. #
1020 4000 2075 2081 Dr. Cr. TOTAL Exam Answ er Sheets A nsw er Sheets-3 XY Consumer Products PURCHASES JOURNAL PJ01 Date Vendor Acc Pay Purchases GST ITC Travel & Ent.
Office Supplies General Ledger 2003 Vendor No. Cr. Dr. Dr. Dr. Dr. Acc. # Dr. Cr. 2010 5000 2080 6050 6060 TOTAL Basic Bookkeeping – Level 1 A nsw er Sheets-4 XY Consumer Products CASH DISBURSEMENTS JOURNAL CD01 Date Bank A/P Purchases Purchase Discounts GST Receiv.
GST Payable General Ledger 2003 Cr. Dr. Dr. Cr. Dr. Cr. Vendor Name / Description Check No. Vendor No. 1010 2010 5000 5020 2080 2081 Acc. # Dr. Cr. TOTAL
Exam Answ er Sheets A nsw er Sheets-5 XY Consumer Products CASH RECEIPTS JOURNAL CR01 Date Bank A/R Sales PST Payable GST Receiv. GST Payable Sales Discounts General Ledger
2003 Dr. Cr. Cr. Cr. Dr. Cr. Dr. Dr. Cr. Customer Name / Description of Receipt Cust. No. 1010 1020 4000 2075 2080 2081 4020 Acc. # TOTAL Basic Bookkeeping – Level 1 A nsw er Sheets-6
XY Consumer Products PAYROLL JOURNAL PRJ01 Gross Pay Deductions Net Pay Salaries and Wages Fed. Inc. Tax Prov. Inc. Tax CPP EI Health Care Total Payroll Clearing Dr. Cr. Cr. Cr. Cr. Cr. Cr. Date 2003 Employee Name Ee. # 6010 2060 2063 2055 2050 2068 2085 TOTAL
Exam Answer Sheets Answers Sheets-7 XY Consumer Products PAYROLL LEDGER Employee: Phil Arnett Address: 26 Baker St. East EmpNo. : A001 Phone: (519) 667-3467 London, ON Cl.Code: 6 Start Date: 01/04/95 N6A 4U6 Period: Weekly SIN: 234 568 458 Pay Ending Deductions 2003 Folio Gross Pay Fed. IT Prov. IT CPP EI Health Care Net Pay XY Consumer Products PAYROLL LEDGER Employee: Ken Rino Address: 16 Little Gray St. EmpNo. : A002 Phone: (519) 672-8893 London, ON Cl.Code: 1 Start Date: 01/04/95 N6C 5R7 Period: Weekly SIN: 638 967 348 Pay Ending Deductions
2003 Folio Gross Pay Fed. IT Prov. IT CPP EI Health Care Net Pay XY Consumer Products PAYROLL LEDGER Employee: Jean Trickett Address: 1007 Dundas St. E. EmpNo. : A003 Phone: (519) 433-1378 London, ON Cl.Code: 2 Start Date: 10/10/99 N6B 4T5 Period: Weekly SIN: 807 458 236 Pay Ending Deductions 2003 Folio Gross Pay Fed. IT Prov. IT CPP EI Health Care Net Pay Basic Bookkeeping – Level 1 A nsw er Sheets-8
XY Consumer Products GENERAL JOURNAL GJ01 Date General Ledger 2003 Description Acc # Debit Credit Mar. 31 Bank Charges & Interest Mar. 31 Employer’s Payroll Deductions Mar. 31 Bank Loans Exam Answ er Sheets
A nsw ers Sheets-9 XY Consumer Products GENERAL LEDGER 1010 Bank Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Dr. 14,536.00 Jan. 31 CR01 14,200.66 Dr. 28,736.66 Jan. 31 CD03 28,556.73 Dr. 179.93 Feb. 28 CD01 27,279.49 Cr. 27,099.56 Feb. 28 CR01 13,890.00 Cr. 13,209.56 Feb. 28 GJ01 150.00 Cr. 13,359.56 Feb. 28 GJ01 20,000.00 Dr. 6,640.44
Basic Bookkeeping – Level 1 A nsw er Sheets-10 XY Consumer Products GENERAL LEDGER 1020 Accounts Receivable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Dr. 13,890.00 Jan. 25 GJ01 908.50 Dr. 12,981.50 Jan. 31 SJ01 16,331.92 Dr. 29,313.42 Jan. 31 CR01 9,197.32 Dr. 20,116.10 Feb. 28 SJ01 30,733.75 Dr. 50,849.85
Feb. 28 CR01 13,890.00 Dr. 36,959.85 Exam Answ er Sheets A nsw ers Sheets-11 XY Consumer Products GENERAL LEDGER 2010 Accounts Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 19,961.00
Jan. 23 GJ01 323.55 Cr. 19,637.45 Jan. 31 PJ01 19,829.03 Cr. 39,466.48 Jan. 31 CD03 19,829.03 Cr. 19,637.45 Feb. 28 PJ01 8,560.00 Cr. 28,197.45 Feb. 28 CD01 25,311.00 Cr. 2,886.45 Basic Bookkeeping – Level 1 A nsw er Sheets-12 XY Consumer Products GENERAL LEDGER 2050 Employment Insurance Payable Date 2003 Item Folio Debit Credit Dr.
Cr. Balance Jan. 01 Balance forward Cr. 500.00 Jan. 31 GJ02 88.09 Cr. 588.09 Jan. 31 CD03 500.00 Cr. 88.09 Jan. 31 PRJ01 62.92 Cr. 151.01 Feb. 28 CD01 151.01 – Feb. 28 PRJ01 30.90 Cr. 30.90 Feb. 28 GJ01 43.26 Cr. 74.16 Exam Answ er Sheets A nsw ers Sheets-13
XY Consumer Products GENERAL LEDGER 2055 CPP Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 618.00 Jan. 31 GJ02 128.30 Cr. 746.30 Jan. 31 CD03 618.00 Cr. 128.30 Jan. 31 PRJ01 128.30 Cr. 256.60 Feb. 28 CD01 256.60 – Feb. 28 PRJ01 62.82 Cr. 62.82 Feb. 28 GJ01 62.82 Cr. 125.64
Basic Bookkeeping – Level 1 A nsw er Sheets-14 XY Consumer Products GENERAL LEDGER 2060 Employees Federal Income Tax Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 3,560.00 Jan. 31 CD03 3,560.00 – Jan. 31 PRJ01 255.25 Cr. 255.25 Feb. 28 CD01 255.25 – Feb. 28 PRJ01 122.15 Cr. 122.15
Exam Answ er Sheets A nsw ers Sheets-15 XY Consumer Products GENERAL LEDGER 2063 Employees Provincial Income Tax Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 1,530.00 Jan. 31 CD03 1,530.00 – Jan. 31 PRJ01 96.60 Cr. 96.60 Feb. 28 CD01 96.60 – Feb. 28 PRJ01 46.35 Cr. 46.35
Basic Bookkeeping – Level 1 A nsw er Sheets-16 XY Consumer Products GENERAL LEDGER 2068 Employees Health Care Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 144.00 Jan. 31 CD03 144.00 – Jan. 31 PRJ01 36.00 Cr. 36.00 Feb. 28 CD01 36.00 – Feb. 28 PRJ01 36.00 Cr. 36.00
Exam Answ er Sheets A nsw ers Sheets-17 XY Consumer Products GENERAL LEDGER 2075 Provincial Sales Tax Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 25 GJ01 63.20 Dr. 63.20 Jan. 31 SJ01 1,136.13 Cr. 1,072.93 Jan. 31 CR01 1.60 Cr. 1,074.53 Feb. 28 SJ01 2,138.00 Cr. 3,212.53
Basic Bookkeeping – Level 1 A nsw er Sheets-18 XY Consumer Products GENERAL LEDGER 2080 GST Input Tax Credits Receivable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 23 GJ01 21.17 Cr. 21.17 Jan. 31 PJ01 1,269.46 Dr. 1,248.29 Jan. 31 CD03 3.22 Dr. 1,251.51 Feb. 28 PJ01 560.00 Dr. 1,811.51
Exam Answ er Sheets A nsw ers Sheets-19 XY Consumer Products GENERAL LEDGER 2081 GST Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 25 GJ01 55.30 Dr. 55.30 Jan. 31 SJ01 994.12 Cr. 938.82
Jan. 31 CR01 1.40 Cr. 940.22 Feb. 28 SJ01 1,870.75 Cr. 2,810.97 Basic Bookkeeping – Level 1 A nsw er Sheets-20 XY Consumer Products GENERAL LEDGER 2085 Payroll Clearing Date 2003 Item Folio Debit Credit Dr. Cr. Balance Feb. 28 CD01 413.95 Dr. 413.95 Feb. 28 CD01 378.54 Dr. 792.49
Feb. 28 CD01 380.53 Dr. 1,173.02 Feb. 28 PRJ01 1,173.02 – Exam Answ er Sheets A nsw ers Sheets-21 XY Consumer Products GENERAL LEDGER 2120 Bank Loans Date 2003 Item Folio Debit Credit Dr.
Cr. Balance Jan. 01 Balance forward Cr. 12,000.00 Feb. 28 20,000.00 Cr. 32,000.00 Basic Bookkeeping – Level 1 A nsw er Sheets-22 XY Consumer Products GENERAL LEDGER 4000 Sales Date 2003 Item Folio Debit Credit Dr. Cr. Balance
XY Consumer Products GENERAL LEDGER 4020 Sales Discounts Date 2003 Item Folio Debit Credit Dr. Cr. Balance Exam Answ er Sheets A nsw ers Sheets-23 XY Consumer Products
GENERAL LEDGER 5000 Purchases Date 2003 Item Folio Debit Credit Dr. Cr. Balance XY Consumer Products GENERAL LEDGER 6010 Salaries and Wages Date 2003 Item Folio Debit Credit Dr. Cr. Balance Basic Bookkeeping – Level 1 A
nsw er Sheets-24 XY Consumer Products GENERAL LEDGER 6020 Employer’s Payroll Deductions Date 2003 Item Folio Debit Credit Dr. Cr. Balance XY Consumer Products GENERAL LEDGER 6060 Office Supplies Date 2003 Item Folio Debit Credit Dr. Cr. Balance
Exam Answ er Sheets A nsw ers Sheets-25 XY Consumer Products GENERAL LEDGER 6070 Bank Charges & Interest Date 2003 Item Folio Debit Credit Dr. Cr. Balance Basic Bookkeeping – Level 1 Answer Sheets-26
XY Consumer Products ACCOUNTS PAYABLE LEDGER Vendor: Johnston Computer Supplies Address: Vend. #: JCS001 Phone: (519) 674-2355 Terms: n/30 Fax: (519) 674-2356 444 Oxford Road South Delaware, ON N0M 2J0 Date 2003 Item Folio Debit Credit Dr Cr. Balance Jan. 01 Balance forward Cr. 11,569.00 Jan. 12 PJ01 2,645.00 Cr. 14,214.00 Jan. 24 CD01 2,645.00 Cr. 11,569.00 Feb. 02 PJ01 3,210.00 Cr. 14,779.00 Feb. 25 CD01 11,569.00 Cr. 3,210.00
Exam Answer Sheets Answer Sheets-27 XY Consumer Products ACCOUNTS PAYABLE LEDGER Vendor: Office Products Inc. Address: Vend. #: OPI001 Phone: (519) 426-5533 Terms: 2/10 n/30 Fax: (519) 426-5534 740 Chestnut Street London, ON N6A 5C7 Date 2003 Item Folio Debit Credit Dr Cr. Balance Jan. 10 PJ01 6,103.01 Cr. 6,103.01 Jan. 17 PJ01 4,146.13 Cr. 10,249.14 Jan. 24 CD01 6,103.01 Cr. 4,146.13
Jan. 24 CD01 4,146.13 – Jan. 23 GJ01 323.55 Dr. 323.55 Feb. 02 PJ01 5,350.00 Cr. 5,026.45 Feb. 21 CD01 5,350.00 Dr. 323.55 Basic Bookkeeping – Level 1 Answer Sheets-28 XY Consumer Products ACCOUNTS RECEIVABLE LEDGER Customer: Gerald Hemmings Address: 45 Conway Drive Cust. No.: GH0468 Phone: (519) 264-1784 Mount Bridges, ON Terms: 2/10 n/30 Fax: (519) 264-1785 N0L 1S0 Date 2003 Item Folio Debit Credit Dr Cr. Balance
Jan. 01 Balance forward Dr. 8,322.00 Jan. 12 SJ01 483.00 Dr. 8,805.00 Jan. 24 CR01 483.00 Dr. 8,322.00 Feb. 11 SJ01 28,750.00 Dr. 37,072.00 Feb. 21 CR01 8,322.00 Dr. 28,750.00 Exam Answer Sheets Answer Sheets-29 XY Consumer Products ACCOUNTS RECEIVABLE LEDGER Customer: Fred Milsom Address: 321 Laurentian Cres. Cust. No.: FM4568 Phone: (519) 542-4153 Sarnia, ON Terms: 2/10 n/30 Fax: (519) 542-4154 N7S 4W4 Date 2003 Item Folio Debit Credit
Dr Cr. Balance Jan. 17 SJ01 3,449.99 Dr. 3,449.99 Jan. 28 CR01 3,449.99 – XY Consumer Products ACCOUNTS RECEIVABLE LEDGER Customer: Mark Mower Address: 67 Dundas Street Cust. No.: MM0567 Phone: (519) 433-2356 London, ON Terms: 2/10 n/30 Fax: (519) 433-2357 N6H 3Y8 Date 2003 Item Folio Debit Credit Dr Cr. Balance Jan. 13 SJ01 333.49 Dr. 333.49 Jan. 21 CR01 333.49 – Feb. 14 SJ01 396.75 Dr. 396.75
Basic Bookkeeping – Level 1 Answer Sheets-30 XY Consumer Products TRIAL BALANCE, MARCH 31, 2003 GENERAL LEDGER Page 1 Account Name G/L Account Number Debit Credit Bank 1010 Accounts Receivable 1020 Inventory 1030 128,178.00 Prepaid Expenses 1040 3,164.24 Land 1110 245,000.00 Buildings 1115 150,000.00 Accumulated Depreciation-Buildings 1116 50,625.00
Equipment 1117 180,956.00 Accumulated Depreciation-Equipment 1118 42,349.26 Automotive 1130 23,900.00 Accumulated Depreciation-Automotive 1131 12,344.30 Accounts Payable 2010 Accrued Expenses 2020 1,960.00 Employment Insurance Payable 2050 CPP Payable 2055 Employees Federal Income Tax Payable 2060 Employees Provincial Income Tax Payable 2063 Employees Health Care Payable 2068 Balance forward Exam Answer Sheets Answer Sheets-31 XY Consumer Products TRIAL BALANCE, MARCH 31, 2003
GENERAL LEDGER Page 2 Account Name G/L Account Number Debit Credit Balance forward Provincial Sales Tax Payable 2075 GST Input Tax Credits Receivable 2080 GST Payable 2081 Payroll Clearing 2085 – Mortgages 2110 165,000.00 Bank Loans 2120 Jeff Smith, Capital 3010 463,017.23 Jeff Smith, Drawings 3020 – Sales 4000 Sales Returns & Allowances 4010 – Sales Discounts 4020 Interest Revenue 4100 – Purchases 5000 Purchase Returns & Allowances 5010 – Purchase Discounts 5020 –
Salaries and Wages 6010 Employer’s Payroll Deductions 6020 Rent 6030 – Balance forward Basic Bookkeeping – Level 1 Answer Sheets-32 XY Consumer Products TRIAL BALANCE, MARCH 31, 2003 GENERAL LEDGER Page 3 Account Name G/L Account Number Debit Credit Balance forward Repairs & Maintenance 6040 – Utilities 6045 – Travel & Entertainment 6050 – Office Supplies 6060 Leases-Equipment 6065 –
Bank Charges & Interest 6070 Professional Fees 6080 – Depreciation 6090 – Property Taxes 6100 – Insurance 6110 – Fees & Dues 6120 – TOTAL Academy OF LEARNING Exam - 1 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Basic Bookkeeping - Level 1 F I N A L E X A M V4.0 CU09-10-OCT09 This examination has two parts: the Practical Exam and the Online Exam. The total marks available for the Final Exam is 100. Good luck!
Part 1 – Practical Exam Please complete the Practical Exam questions by showing your entries in the appropriate Journals, Ledgers, and Trial Balance on the Practical Exam Answer Sheets provided by your Facilitator. The Practical Exam must be completed before beginning the Online Exam. There are a total of 60 available marks for questions in the Online Exam that are based solely on the information you will enter on the Practical Exam Answer Sheets. Your Facilitator will confirm that you have fully completed the Practical Exam Answer Sheets and then return them so you may complete the Online Exam. Your Facilitator does not mark the Practical Exam Answer Sheets. Part 2 – Online Exam The Online Exam is a computer-based testing program comprised of 50 multiple choice and/or True or False questions. Your Facilitator will give you access to the Online Exam and provide instructions on how to use it. During the Online Exam, you will select your response to a question from a list of multiple choice answers, or select a response of True or False. Online Exam questions are based on information contained in your Student workbook, as well as information you entered on the Practical Exam Answer Sheets. You will need to refer to your completed
Practical Exam Answer Sheets to respond to some of the Online Exam questions. Once you have completed the Online Exam, your Final Exam results will be provided, as well as a summary of suggested study areas for any questions you may have answered incorrectly. You must submit the Practical Exam and Practical Exam Answer Sheets to your Facilitator upon completion of your Online Exam. Be sure to write your name on page one of the Answer Sheets before submitting it to your Facilitator. Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-2 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. PART 1 – P R A C T I C A L E X A M The total available number of marks for this section is 60 marks. Steps Make all entries in the appropriate Journals, Ledgers, and Trial Balance in the
Practical Exam Answer Sheets provided by your Facilitator. For this examination, you will need a sharp pencil, a calculator, an eraser (to correct errors), and some blank paper to make rough calculations of your work. If you do not have this equipment with you, ask your Facilitator for help. This exam will test your knowledge on how a manual bookkeeping system works and how to use Journals, Ledgers, and other reports necessary to produce monthly financial statements. You will continue with the company, XY Consumer Products, for the month of March. The necessary Journals, selected General Ledger, Payroll Ledger, Accounts Receivable Ledger, and Accounts Payable Ledger sheets have been supplied for you, as well as a partially completed Trial Balance for the month ended March 31, 2003. Follow the instructions below to complete the Journals, Ledgers, and Trial Balance at March 31, 2003. (Please note that, because you are not being provided with a complete set of Accounts Payable and Accounts Receivable Ledger sheets for the Practical Exam, you will not be able to confirm that the Ledgers balance with their respective G/L control accounts.)
Final Exam Academy OF LEARNING Exam-3 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps 1. The following sales on account occurred in March, 2003. Enter this information in the correct journal. XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 678 Customer No. GH0468 Sold To: Gerald Hemmings Ship To: same 45 Conway Drive Mount Bridges, ON N0L 1S0 Ship Via: UPS F.O.B. Date: March 11, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 3 3 Pentium Notebooks $ 5,000.00 $ 15,000.00 Subtotal $ 15,000.00 PST 1,200.00 GST 1,050.00
Total $ 17,250.00 BN 12123 4698 RT XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 679 Customer No. FM4568 Sold To: Fred Milsom Ship To: same 321 Laurentian Cres. Sarnia, ON N7S 4W4 Ship Via: Purolator F.O.B. Date: March 12, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 1 1 UJE Computer $1,380.00 $ 1,380.00 Subtotal $ 1,380.00 PST 110.40 GST 96.60 Total $ 1,587.00 BN 12123 4698 RT Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-4 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc.
Steps XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 680 Customer No. MM0567 Sold To: Mark Mower Ship To: same 67 Dundas Street London, ON N6H 3Y8 Ship Via: Pick up Date: March 17, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 2 2 Cabinet – small $ 159.00 $ 318.00 Subtotal $ 318.00 PST 25.44 GST 22.26 Total $ 365.70 BN 12123 4698 RT 2. The following purchases on account were made during March, 2003. Enter this information in the proper journal. Note: The first invoice is for the purchase of office supplies. The second invoice is
for products that will be resold by XY Consumer Products and therefore are PST exempt. Vendor numbers are listed in Step 3. Final Exam Academy OF LEARNING Exam-5 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps Office Products Inc. SOLD TO: 740 Chestnut Street XY Consumer Products London, ON 687 Nottingham Park Drive N6A 5C7 London, ON N6A 4V8 Date: 03/04/03 BN 18795 4568 RT Invoice No. PO 99-29 Terms 2/10 n/30 Customer No. 6789-2 DATE QTY ITEMS PRICE TOTAL Mar. 03 Office Supplies $ 2,297.54 $ 2,297.54 SUBTOTAL $ 2,297.54
PST 183.80 GST 160.83 TOTAL $ 2,642.17 Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-6 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps Johnston Computer Supplies BN 15679 8764 RT SOLD TO: 444 Oxford Road South XY Consumer Products Delaware, ON 687 Nottingham Park Drive N0M 2J0 London, ON N6A 4V8 DATE 03/19/03 TERMS Net 30 INVOICE NO. 662143 CUSTOMER NO. FFG567 DATE QTY ITEMS PRICE TOTAL Mar. 18 1 Gateway 700X Computer
$ 2,471.96 $ 2,471.96 1 Gateway Plasma Display system $ 3,126.95 $ 3,126.95 SUBTOTAL $ 5,598.91 PST Exempt GST 391.92 TOTAL $ 5,990.83 3. The following cash disbursements on account were made during March. Enter these disbursements in the proper journal. Date 2003 Check No. Vendor Name Vendor No. Amount of Check Mar. 10 1075 Johnston Computer Supplies JCS001 3,210.00 Mar. 28 1076 Office Products Inc. OPI001 2,318.62
4. The following cash was received during March for invoices from the previous month. Enter these receipts on account in the proper journal. Date 2003 Customer Name Customer Account Number Amount of Cash Received Mar. 14 Mark Mower MM0567 396.75 Mar. 25 Gerald Hemmings GH0468 28,750.00 Final Exam Academy OF LEARNING Exam-7 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps 5. Mark Mower paid Invoice Number 680 on March 26. Enter the receipt on account
in the proper journal. Note: Be sure to record the Sales Discount. 6. Record the following employees’ salaries in the Payroll Journal and the Payroll Ledger for the week ended March 7, 2003. Check No. Employee Ee. No. Gross Pay FIT PIT CPP EI Health Care P825 Phil Arnett A001 493.24 25.70 10.15 21.08 10.36 12.00 P826 Ken Rino A002 553.00 59.05 22.20 24.04 11.61 12.00 P827 Jean Trickett A003 488.00 46.90 17.50 20.82 10.25 12.00 7. Post the journal entries from steps 1 through 6 to the subsidiary ledgers. 8. Then, pay the employees on March 10, 2003 from the Cash Disbursements Journal. 9. Using March 31, 2003 as the journal entry date, enter the following items in the
General Journal. Bank charges and interest $275.00 bank interest was automatically deducted from XY Consumer Products’ bank account this month. Employer’s Payroll Deductions Record XY Consumer Products’ share of CPP and EI deductions based on the payroll in Step 7. (Calculate for only the one week of salary.) Calculation Note: EI deductions are multiplied by 1.4 Payment on Bank Loan $2,500.00 from outstanding bank loans was automatically deducted from XY Consumer Products’ bank account this month. 10. Add and balance all the journals. 11. Post the journals to the General Ledger (using March 31 as the entry date). Note: Only selected accounts from the ledgers are provided for you. 12. Complete the Trial Balance as at March 31, 2003 by filling in the shaded areas on
the Trial Balance in the Answer Sheets section and balance the Trial Balance. Please check your work carefully. If your Trial Balance does not balance, you have made an error. Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-8 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Congratulations! You are now finished Part 1 of the Final Exam. Please make sure you have answered all the Practical Exam questions before handing your Answer Sheets section to your Facilitator. Once your Facilitator has reviewed your Answer Sheets, they will be returned to you so you can complete the Online Exam. You are now ready to begin Part 2 of the Final Exam. Your Facilitator will provide you with access to the Online Exam, where you will select answers from a series of questions based on information in your Student Workbook, as well as information entered on your Practical Exam Answer Sheets.
Basic Bookkeeping – Level 1 F I N A L E X A M V4.0 CU07.docx

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  • 1. Basic Bookkeeping – Level 1 F I N A L E X A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Name: Student Number: Location: Date: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practical portion of the
  • 2. Final Exam. Use the following Journals, Ledgers, and Trial Balance sheets for all your entries. Pay close attention to the highlighted/shaded areas throughout the Answer Sheets because the Online Exam contains questions related specifically to these highlighted/shaded areas. All Answer Sheets must be completed prior to beginning the Online Exam. Follow the instructions in the Final Exam, and remember to check your work carefully. Basic Bookkeeping – Level 1 A nsw er Sheets-2 XY Consumer Products SALES JOURNAL SJ01 Date Cust. Acc Rec Sales PST GST Pay. General Ledger 2003 Customer No. Dr. Cr. Cr. Cr. Acc. #
  • 3. 1020 4000 2075 2081 Dr. Cr. TOTAL Exam Answ er Sheets A nsw er Sheets-3 XY Consumer Products PURCHASES JOURNAL PJ01 Date Vendor Acc Pay Purchases GST ITC Travel & Ent.
  • 4. Office Supplies General Ledger 2003 Vendor No. Cr. Dr. Dr. Dr. Dr. Acc. # Dr. Cr. 2010 5000 2080 6050 6060 TOTAL Basic Bookkeeping – Level 1 A nsw er Sheets-4 XY Consumer Products CASH DISBURSEMENTS JOURNAL CD01 Date Bank A/P Purchases Purchase Discounts GST Receiv.
  • 5. GST Payable General Ledger 2003 Cr. Dr. Dr. Cr. Dr. Cr. Vendor Name / Description Check No. Vendor No. 1010 2010 5000 5020 2080 2081 Acc. # Dr. Cr. TOTAL
  • 6. Exam Answ er Sheets A nsw er Sheets-5 XY Consumer Products CASH RECEIPTS JOURNAL CR01 Date Bank A/R Sales PST Payable GST Receiv. GST Payable Sales Discounts General Ledger
  • 7. 2003 Dr. Cr. Cr. Cr. Dr. Cr. Dr. Dr. Cr. Customer Name / Description of Receipt Cust. No. 1010 1020 4000 2075 2080 2081 4020 Acc. # TOTAL Basic Bookkeeping – Level 1 A nsw er Sheets-6
  • 8. XY Consumer Products PAYROLL JOURNAL PRJ01 Gross Pay Deductions Net Pay Salaries and Wages Fed. Inc. Tax Prov. Inc. Tax CPP EI Health Care Total Payroll Clearing Dr. Cr. Cr. Cr. Cr. Cr. Cr. Date 2003 Employee Name Ee. # 6010 2060 2063 2055 2050 2068 2085 TOTAL
  • 9. Exam Answer Sheets Answers Sheets-7 XY Consumer Products PAYROLL LEDGER Employee: Phil Arnett Address: 26 Baker St. East EmpNo. : A001 Phone: (519) 667-3467 London, ON Cl.Code: 6 Start Date: 01/04/95 N6A 4U6 Period: Weekly SIN: 234 568 458 Pay Ending Deductions 2003 Folio Gross Pay Fed. IT Prov. IT CPP EI Health Care Net Pay XY Consumer Products PAYROLL LEDGER Employee: Ken Rino Address: 16 Little Gray St. EmpNo. : A002 Phone: (519) 672-8893 London, ON Cl.Code: 1 Start Date: 01/04/95 N6C 5R7 Period: Weekly SIN: 638 967 348 Pay Ending Deductions
  • 10. 2003 Folio Gross Pay Fed. IT Prov. IT CPP EI Health Care Net Pay XY Consumer Products PAYROLL LEDGER Employee: Jean Trickett Address: 1007 Dundas St. E. EmpNo. : A003 Phone: (519) 433-1378 London, ON Cl.Code: 2 Start Date: 10/10/99 N6B 4T5 Period: Weekly SIN: 807 458 236 Pay Ending Deductions 2003 Folio Gross Pay Fed. IT Prov. IT CPP EI Health Care Net Pay Basic Bookkeeping – Level 1 A nsw er Sheets-8
  • 11. XY Consumer Products GENERAL JOURNAL GJ01 Date General Ledger 2003 Description Acc # Debit Credit Mar. 31 Bank Charges & Interest Mar. 31 Employer’s Payroll Deductions Mar. 31 Bank Loans Exam Answ er Sheets
  • 12. A nsw ers Sheets-9 XY Consumer Products GENERAL LEDGER 1010 Bank Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Dr. 14,536.00 Jan. 31 CR01 14,200.66 Dr. 28,736.66 Jan. 31 CD03 28,556.73 Dr. 179.93 Feb. 28 CD01 27,279.49 Cr. 27,099.56 Feb. 28 CR01 13,890.00 Cr. 13,209.56 Feb. 28 GJ01 150.00 Cr. 13,359.56 Feb. 28 GJ01 20,000.00 Dr. 6,640.44
  • 13. Basic Bookkeeping – Level 1 A nsw er Sheets-10 XY Consumer Products GENERAL LEDGER 1020 Accounts Receivable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Dr. 13,890.00 Jan. 25 GJ01 908.50 Dr. 12,981.50 Jan. 31 SJ01 16,331.92 Dr. 29,313.42 Jan. 31 CR01 9,197.32 Dr. 20,116.10 Feb. 28 SJ01 30,733.75 Dr. 50,849.85
  • 14. Feb. 28 CR01 13,890.00 Dr. 36,959.85 Exam Answ er Sheets A nsw ers Sheets-11 XY Consumer Products GENERAL LEDGER 2010 Accounts Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 19,961.00
  • 15. Jan. 23 GJ01 323.55 Cr. 19,637.45 Jan. 31 PJ01 19,829.03 Cr. 39,466.48 Jan. 31 CD03 19,829.03 Cr. 19,637.45 Feb. 28 PJ01 8,560.00 Cr. 28,197.45 Feb. 28 CD01 25,311.00 Cr. 2,886.45 Basic Bookkeeping – Level 1 A nsw er Sheets-12 XY Consumer Products GENERAL LEDGER 2050 Employment Insurance Payable Date 2003 Item Folio Debit Credit Dr.
  • 16. Cr. Balance Jan. 01 Balance forward Cr. 500.00 Jan. 31 GJ02 88.09 Cr. 588.09 Jan. 31 CD03 500.00 Cr. 88.09 Jan. 31 PRJ01 62.92 Cr. 151.01 Feb. 28 CD01 151.01 – Feb. 28 PRJ01 30.90 Cr. 30.90 Feb. 28 GJ01 43.26 Cr. 74.16 Exam Answ er Sheets A nsw ers Sheets-13
  • 17. XY Consumer Products GENERAL LEDGER 2055 CPP Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 618.00 Jan. 31 GJ02 128.30 Cr. 746.30 Jan. 31 CD03 618.00 Cr. 128.30 Jan. 31 PRJ01 128.30 Cr. 256.60 Feb. 28 CD01 256.60 – Feb. 28 PRJ01 62.82 Cr. 62.82 Feb. 28 GJ01 62.82 Cr. 125.64
  • 18. Basic Bookkeeping – Level 1 A nsw er Sheets-14 XY Consumer Products GENERAL LEDGER 2060 Employees Federal Income Tax Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 3,560.00 Jan. 31 CD03 3,560.00 – Jan. 31 PRJ01 255.25 Cr. 255.25 Feb. 28 CD01 255.25 – Feb. 28 PRJ01 122.15 Cr. 122.15
  • 19. Exam Answ er Sheets A nsw ers Sheets-15 XY Consumer Products GENERAL LEDGER 2063 Employees Provincial Income Tax Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 1,530.00 Jan. 31 CD03 1,530.00 – Jan. 31 PRJ01 96.60 Cr. 96.60 Feb. 28 CD01 96.60 – Feb. 28 PRJ01 46.35 Cr. 46.35
  • 20. Basic Bookkeeping – Level 1 A nsw er Sheets-16 XY Consumer Products GENERAL LEDGER 2068 Employees Health Care Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 01 Balance forward Cr. 144.00 Jan. 31 CD03 144.00 – Jan. 31 PRJ01 36.00 Cr. 36.00 Feb. 28 CD01 36.00 – Feb. 28 PRJ01 36.00 Cr. 36.00
  • 21. Exam Answ er Sheets A nsw ers Sheets-17 XY Consumer Products GENERAL LEDGER 2075 Provincial Sales Tax Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 25 GJ01 63.20 Dr. 63.20 Jan. 31 SJ01 1,136.13 Cr. 1,072.93 Jan. 31 CR01 1.60 Cr. 1,074.53 Feb. 28 SJ01 2,138.00 Cr. 3,212.53
  • 22. Basic Bookkeeping – Level 1 A nsw er Sheets-18 XY Consumer Products GENERAL LEDGER 2080 GST Input Tax Credits Receivable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 23 GJ01 21.17 Cr. 21.17 Jan. 31 PJ01 1,269.46 Dr. 1,248.29 Jan. 31 CD03 3.22 Dr. 1,251.51 Feb. 28 PJ01 560.00 Dr. 1,811.51
  • 23. Exam Answ er Sheets A nsw ers Sheets-19 XY Consumer Products GENERAL LEDGER 2081 GST Payable Date 2003 Item Folio Debit Credit Dr. Cr. Balance Jan. 25 GJ01 55.30 Dr. 55.30 Jan. 31 SJ01 994.12 Cr. 938.82
  • 24. Jan. 31 CR01 1.40 Cr. 940.22 Feb. 28 SJ01 1,870.75 Cr. 2,810.97 Basic Bookkeeping – Level 1 A nsw er Sheets-20 XY Consumer Products GENERAL LEDGER 2085 Payroll Clearing Date 2003 Item Folio Debit Credit Dr. Cr. Balance Feb. 28 CD01 413.95 Dr. 413.95 Feb. 28 CD01 378.54 Dr. 792.49
  • 25. Feb. 28 CD01 380.53 Dr. 1,173.02 Feb. 28 PRJ01 1,173.02 – Exam Answ er Sheets A nsw ers Sheets-21 XY Consumer Products GENERAL LEDGER 2120 Bank Loans Date 2003 Item Folio Debit Credit Dr.
  • 26. Cr. Balance Jan. 01 Balance forward Cr. 12,000.00 Feb. 28 20,000.00 Cr. 32,000.00 Basic Bookkeeping – Level 1 A nsw er Sheets-22 XY Consumer Products GENERAL LEDGER 4000 Sales Date 2003 Item Folio Debit Credit Dr. Cr. Balance
  • 27. XY Consumer Products GENERAL LEDGER 4020 Sales Discounts Date 2003 Item Folio Debit Credit Dr. Cr. Balance Exam Answ er Sheets A nsw ers Sheets-23 XY Consumer Products
  • 28. GENERAL LEDGER 5000 Purchases Date 2003 Item Folio Debit Credit Dr. Cr. Balance XY Consumer Products GENERAL LEDGER 6010 Salaries and Wages Date 2003 Item Folio Debit Credit Dr. Cr. Balance Basic Bookkeeping – Level 1 A
  • 29. nsw er Sheets-24 XY Consumer Products GENERAL LEDGER 6020 Employer’s Payroll Deductions Date 2003 Item Folio Debit Credit Dr. Cr. Balance XY Consumer Products GENERAL LEDGER 6060 Office Supplies Date 2003 Item Folio Debit Credit Dr. Cr. Balance
  • 30. Exam Answ er Sheets A nsw ers Sheets-25 XY Consumer Products GENERAL LEDGER 6070 Bank Charges & Interest Date 2003 Item Folio Debit Credit Dr. Cr. Balance Basic Bookkeeping – Level 1 Answer Sheets-26
  • 31. XY Consumer Products ACCOUNTS PAYABLE LEDGER Vendor: Johnston Computer Supplies Address: Vend. #: JCS001 Phone: (519) 674-2355 Terms: n/30 Fax: (519) 674-2356 444 Oxford Road South Delaware, ON N0M 2J0 Date 2003 Item Folio Debit Credit Dr Cr. Balance Jan. 01 Balance forward Cr. 11,569.00 Jan. 12 PJ01 2,645.00 Cr. 14,214.00 Jan. 24 CD01 2,645.00 Cr. 11,569.00 Feb. 02 PJ01 3,210.00 Cr. 14,779.00 Feb. 25 CD01 11,569.00 Cr. 3,210.00
  • 32. Exam Answer Sheets Answer Sheets-27 XY Consumer Products ACCOUNTS PAYABLE LEDGER Vendor: Office Products Inc. Address: Vend. #: OPI001 Phone: (519) 426-5533 Terms: 2/10 n/30 Fax: (519) 426-5534 740 Chestnut Street London, ON N6A 5C7 Date 2003 Item Folio Debit Credit Dr Cr. Balance Jan. 10 PJ01 6,103.01 Cr. 6,103.01 Jan. 17 PJ01 4,146.13 Cr. 10,249.14 Jan. 24 CD01 6,103.01 Cr. 4,146.13
  • 33. Jan. 24 CD01 4,146.13 – Jan. 23 GJ01 323.55 Dr. 323.55 Feb. 02 PJ01 5,350.00 Cr. 5,026.45 Feb. 21 CD01 5,350.00 Dr. 323.55 Basic Bookkeeping – Level 1 Answer Sheets-28 XY Consumer Products ACCOUNTS RECEIVABLE LEDGER Customer: Gerald Hemmings Address: 45 Conway Drive Cust. No.: GH0468 Phone: (519) 264-1784 Mount Bridges, ON Terms: 2/10 n/30 Fax: (519) 264-1785 N0L 1S0 Date 2003 Item Folio Debit Credit Dr Cr. Balance
  • 34. Jan. 01 Balance forward Dr. 8,322.00 Jan. 12 SJ01 483.00 Dr. 8,805.00 Jan. 24 CR01 483.00 Dr. 8,322.00 Feb. 11 SJ01 28,750.00 Dr. 37,072.00 Feb. 21 CR01 8,322.00 Dr. 28,750.00 Exam Answer Sheets Answer Sheets-29 XY Consumer Products ACCOUNTS RECEIVABLE LEDGER Customer: Fred Milsom Address: 321 Laurentian Cres. Cust. No.: FM4568 Phone: (519) 542-4153 Sarnia, ON Terms: 2/10 n/30 Fax: (519) 542-4154 N7S 4W4 Date 2003 Item Folio Debit Credit
  • 35. Dr Cr. Balance Jan. 17 SJ01 3,449.99 Dr. 3,449.99 Jan. 28 CR01 3,449.99 – XY Consumer Products ACCOUNTS RECEIVABLE LEDGER Customer: Mark Mower Address: 67 Dundas Street Cust. No.: MM0567 Phone: (519) 433-2356 London, ON Terms: 2/10 n/30 Fax: (519) 433-2357 N6H 3Y8 Date 2003 Item Folio Debit Credit Dr Cr. Balance Jan. 13 SJ01 333.49 Dr. 333.49 Jan. 21 CR01 333.49 – Feb. 14 SJ01 396.75 Dr. 396.75
  • 36. Basic Bookkeeping – Level 1 Answer Sheets-30 XY Consumer Products TRIAL BALANCE, MARCH 31, 2003 GENERAL LEDGER Page 1 Account Name G/L Account Number Debit Credit Bank 1010 Accounts Receivable 1020 Inventory 1030 128,178.00 Prepaid Expenses 1040 3,164.24 Land 1110 245,000.00 Buildings 1115 150,000.00 Accumulated Depreciation-Buildings 1116 50,625.00
  • 37. Equipment 1117 180,956.00 Accumulated Depreciation-Equipment 1118 42,349.26 Automotive 1130 23,900.00 Accumulated Depreciation-Automotive 1131 12,344.30 Accounts Payable 2010 Accrued Expenses 2020 1,960.00 Employment Insurance Payable 2050 CPP Payable 2055 Employees Federal Income Tax Payable 2060 Employees Provincial Income Tax Payable 2063 Employees Health Care Payable 2068 Balance forward Exam Answer Sheets Answer Sheets-31 XY Consumer Products TRIAL BALANCE, MARCH 31, 2003
  • 38. GENERAL LEDGER Page 2 Account Name G/L Account Number Debit Credit Balance forward Provincial Sales Tax Payable 2075 GST Input Tax Credits Receivable 2080 GST Payable 2081 Payroll Clearing 2085 – Mortgages 2110 165,000.00 Bank Loans 2120 Jeff Smith, Capital 3010 463,017.23 Jeff Smith, Drawings 3020 – Sales 4000 Sales Returns & Allowances 4010 – Sales Discounts 4020 Interest Revenue 4100 – Purchases 5000 Purchase Returns & Allowances 5010 – Purchase Discounts 5020 –
  • 39. Salaries and Wages 6010 Employer’s Payroll Deductions 6020 Rent 6030 – Balance forward Basic Bookkeeping – Level 1 Answer Sheets-32 XY Consumer Products TRIAL BALANCE, MARCH 31, 2003 GENERAL LEDGER Page 3 Account Name G/L Account Number Debit Credit Balance forward Repairs & Maintenance 6040 – Utilities 6045 – Travel & Entertainment 6050 – Office Supplies 6060 Leases-Equipment 6065 –
  • 40. Bank Charges & Interest 6070 Professional Fees 6080 – Depreciation 6090 – Property Taxes 6100 – Insurance 6110 – Fees & Dues 6120 – TOTAL Academy OF LEARNING Exam - 1 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Basic Bookkeeping - Level 1 F I N A L E X A M V4.0 CU09-10-OCT09 This examination has two parts: the Practical Exam and the Online Exam. The total marks available for the Final Exam is 100. Good luck!
  • 41. Part 1 – Practical Exam Please complete the Practical Exam questions by showing your entries in the appropriate Journals, Ledgers, and Trial Balance on the Practical Exam Answer Sheets provided by your Facilitator. The Practical Exam must be completed before beginning the Online Exam. There are a total of 60 available marks for questions in the Online Exam that are based solely on the information you will enter on the Practical Exam Answer Sheets. Your Facilitator will confirm that you have fully completed the Practical Exam Answer Sheets and then return them so you may complete the Online Exam. Your Facilitator does not mark the Practical Exam Answer Sheets. Part 2 – Online Exam The Online Exam is a computer-based testing program comprised of 50 multiple choice and/or True or False questions. Your Facilitator will give you access to the Online Exam and provide instructions on how to use it. During the Online Exam, you will select your response to a question from a list of multiple choice answers, or select a response of True or False. Online Exam questions are based on information contained in your Student workbook, as well as information you entered on the Practical Exam Answer Sheets. You will need to refer to your completed
  • 42. Practical Exam Answer Sheets to respond to some of the Online Exam questions. Once you have completed the Online Exam, your Final Exam results will be provided, as well as a summary of suggested study areas for any questions you may have answered incorrectly. You must submit the Practical Exam and Practical Exam Answer Sheets to your Facilitator upon completion of your Online Exam. Be sure to write your name on page one of the Answer Sheets before submitting it to your Facilitator. Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-2 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. PART 1 – P R A C T I C A L E X A M The total available number of marks for this section is 60 marks. Steps Make all entries in the appropriate Journals, Ledgers, and Trial Balance in the
  • 43. Practical Exam Answer Sheets provided by your Facilitator. For this examination, you will need a sharp pencil, a calculator, an eraser (to correct errors), and some blank paper to make rough calculations of your work. If you do not have this equipment with you, ask your Facilitator for help. This exam will test your knowledge on how a manual bookkeeping system works and how to use Journals, Ledgers, and other reports necessary to produce monthly financial statements. You will continue with the company, XY Consumer Products, for the month of March. The necessary Journals, selected General Ledger, Payroll Ledger, Accounts Receivable Ledger, and Accounts Payable Ledger sheets have been supplied for you, as well as a partially completed Trial Balance for the month ended March 31, 2003. Follow the instructions below to complete the Journals, Ledgers, and Trial Balance at March 31, 2003. (Please note that, because you are not being provided with a complete set of Accounts Payable and Accounts Receivable Ledger sheets for the Practical Exam, you will not be able to confirm that the Ledgers balance with their respective G/L control accounts.)
  • 44. Final Exam Academy OF LEARNING Exam-3 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps 1. The following sales on account occurred in March, 2003. Enter this information in the correct journal. XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 678 Customer No. GH0468 Sold To: Gerald Hemmings Ship To: same 45 Conway Drive Mount Bridges, ON N0L 1S0 Ship Via: UPS F.O.B. Date: March 11, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 3 3 Pentium Notebooks $ 5,000.00 $ 15,000.00 Subtotal $ 15,000.00 PST 1,200.00 GST 1,050.00
  • 45. Total $ 17,250.00 BN 12123 4698 RT XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 679 Customer No. FM4568 Sold To: Fred Milsom Ship To: same 321 Laurentian Cres. Sarnia, ON N7S 4W4 Ship Via: Purolator F.O.B. Date: March 12, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 1 1 UJE Computer $1,380.00 $ 1,380.00 Subtotal $ 1,380.00 PST 110.40 GST 96.60 Total $ 1,587.00 BN 12123 4698 RT Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-4 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc.
  • 46. Steps XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 680 Customer No. MM0567 Sold To: Mark Mower Ship To: same 67 Dundas Street London, ON N6H 3Y8 Ship Via: Pick up Date: March 17, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 2 2 Cabinet – small $ 159.00 $ 318.00 Subtotal $ 318.00 PST 25.44 GST 22.26 Total $ 365.70 BN 12123 4698 RT 2. The following purchases on account were made during March, 2003. Enter this information in the proper journal. Note: The first invoice is for the purchase of office supplies. The second invoice is
  • 47. for products that will be resold by XY Consumer Products and therefore are PST exempt. Vendor numbers are listed in Step 3. Final Exam Academy OF LEARNING Exam-5 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps Office Products Inc. SOLD TO: 740 Chestnut Street XY Consumer Products London, ON 687 Nottingham Park Drive N6A 5C7 London, ON N6A 4V8 Date: 03/04/03 BN 18795 4568 RT Invoice No. PO 99-29 Terms 2/10 n/30 Customer No. 6789-2 DATE QTY ITEMS PRICE TOTAL Mar. 03 Office Supplies $ 2,297.54 $ 2,297.54 SUBTOTAL $ 2,297.54
  • 48. PST 183.80 GST 160.83 TOTAL $ 2,642.17 Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-6 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps Johnston Computer Supplies BN 15679 8764 RT SOLD TO: 444 Oxford Road South XY Consumer Products Delaware, ON 687 Nottingham Park Drive N0M 2J0 London, ON N6A 4V8 DATE 03/19/03 TERMS Net 30 INVOICE NO. 662143 CUSTOMER NO. FFG567 DATE QTY ITEMS PRICE TOTAL Mar. 18 1 Gateway 700X Computer
  • 49. $ 2,471.96 $ 2,471.96 1 Gateway Plasma Display system $ 3,126.95 $ 3,126.95 SUBTOTAL $ 5,598.91 PST Exempt GST 391.92 TOTAL $ 5,990.83 3. The following cash disbursements on account were made during March. Enter these disbursements in the proper journal. Date 2003 Check No. Vendor Name Vendor No. Amount of Check Mar. 10 1075 Johnston Computer Supplies JCS001 3,210.00 Mar. 28 1076 Office Products Inc. OPI001 2,318.62
  • 50. 4. The following cash was received during March for invoices from the previous month. Enter these receipts on account in the proper journal. Date 2003 Customer Name Customer Account Number Amount of Cash Received Mar. 14 Mark Mower MM0567 396.75 Mar. 25 Gerald Hemmings GH0468 28,750.00 Final Exam Academy OF LEARNING Exam-7 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Steps 5. Mark Mower paid Invoice Number 680 on March 26. Enter the receipt on account
  • 51. in the proper journal. Note: Be sure to record the Sales Discount. 6. Record the following employees’ salaries in the Payroll Journal and the Payroll Ledger for the week ended March 7, 2003. Check No. Employee Ee. No. Gross Pay FIT PIT CPP EI Health Care P825 Phil Arnett A001 493.24 25.70 10.15 21.08 10.36 12.00 P826 Ken Rino A002 553.00 59.05 22.20 24.04 11.61 12.00 P827 Jean Trickett A003 488.00 46.90 17.50 20.82 10.25 12.00 7. Post the journal entries from steps 1 through 6 to the subsidiary ledgers. 8. Then, pay the employees on March 10, 2003 from the Cash Disbursements Journal. 9. Using March 31, 2003 as the journal entry date, enter the following items in the
  • 52. General Journal. Bank charges and interest $275.00 bank interest was automatically deducted from XY Consumer Products’ bank account this month. Employer’s Payroll Deductions Record XY Consumer Products’ share of CPP and EI deductions based on the payroll in Step 7. (Calculate for only the one week of salary.) Calculation Note: EI deductions are multiplied by 1.4 Payment on Bank Loan $2,500.00 from outstanding bank loans was automatically deducted from XY Consumer Products’ bank account this month. 10. Add and balance all the journals. 11. Post the journals to the General Ledger (using March 31 as the entry date). Note: Only selected accounts from the ledgers are provided for you. 12. Complete the Trial Balance as at March 31, 2003 by filling in the shaded areas on
  • 53. the Trial Balance in the Answer Sheets section and balance the Trial Balance. Please check your work carefully. If your Trial Balance does not balance, you have made an error. Basic Bookkeeping – Level 1 Academy OF LEARNING Exam-8 BBK99E1/1106 Copyright © 2006 LaunchLife International Inc. Congratulations! You are now finished Part 1 of the Final Exam. Please make sure you have answered all the Practical Exam questions before handing your Answer Sheets section to your Facilitator. Once your Facilitator has reviewed your Answer Sheets, they will be returned to you so you can complete the Online Exam. You are now ready to begin Part 2 of the Final Exam. Your Facilitator will provide you with access to the Online Exam, where you will select answers from a series of questions based on information in your Student Workbook, as well as information entered on your Practical Exam Answer Sheets.