Abby Ellen owns Abby's Toy House in Halifax. As her newly hired accountant, your task is to:
Question:
a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post to the general ledger as appropriate.
c. Total, rule, and cross-foot the journals.
d. Prepare a schedule of accounts receivable and a schedule of accounts payable, as of March 31, 2013.
Please substitute HST at 13% for GST at 5% if your instructor so directs.
The following is the partial chart of accounts for Abby's Toy House:
Transcribed Image Text:
Assets 110 Cash 112 Accounts Receivable 114 Prepaid Rent 116 Prepaid GST/HST 121 Delivery Truck Revenue 410 Toy Sales 412 Sales Returns and Allowances 414 Sales Discounts Cost of Goods 510 Toy Purchases 512 Purchases Returns and Allowances 514 Purchases Discounts Liabilities 210 Accounts Payable 218 GST/HST Payable Owner's Equity 310 A. Ellen, Capital Expenses 610 Salaries Expense 612 Cleaning Expense 2013 March Abby Ellen invested $10,000 in the toy store. Paid three months' rent in advance, cheque No. 1, $3,000, plus GST. Purchased merchandise from Earl Miller Company on account, $4,000, plus GST. Invoice No. 410, dated March 1, terms 2/10, n/30. Sold merchandise to Bill Burton on account, $1,000, plus GST. Invoice No. 1, terms 2/10, n/30. Sold merchandise to Jim Rex on account, $700, plus GST. Invoice No. 2, terms 2/10, n/30. Purchased merchandise from Earl Miller Co. on account, $1,200, plus GST. Invoice No. 415, dated March 8, terms 2/10, n/30. Sold merchandise to Bill Burton on account, $600, plus GST. Invoice No. 3, terms 2/10, n/30. 1 1 1 4 6 8 8 Paid cleaning service $300, plus GST. Cheq ue No. 2 11 11 Paid Earl Miller Co. invoice No. 410, dated March 1, cheque No. 3. Jim Rex returned merchandise that cost $300 (before GST) to Abby's Toy House. Abby issued credit memorandum No. 1 to Jim Rex for $300, plus GST Purchased merchandise from Minnie Katz on account, $4,000, plus GST. Invoice No. 311, dated March 12, terms 1/15, n/60. Sold $1,300 (plus GST) worth of toy merchandise for cash Paid salaries, $600, cheque No. 4. Returned merchandise to Minnie Katz in the amount of $1,000, plus GST. Abby's Toy House issued debit memo- randum No. 1 to Minnie Katz Sold merchandise for cash, $4,000, plus GST. Received payment from Jim Rex, invoice No. 2 (less returned merchandise), less discount Bill Burton paid invoice No. 1. Sold toy merchandise to Amy Rose on account, $4,000, plus GST. Invoice No. 4, terms 2/10, n/30 Purchased delivery truck on account from Sam Katz's Garage, $3,000, plus GST. Invoice No. 111, dated March 19 (no discount) 12 12 13 15 15 15 15 18 18 19 March 22 Sold to Bill Burton merchandise on account, $900, plus GST. Invoice No. 5, terms 2/10, n/30. Paid Minnie Katz balance owed, cheque No. 5. Sold toy merchandise on account to Amy Rose, $1,100, plus GST. Invoice No. 6, terms 2/10, n/30 Purchased toy merchandise, $600, plus GST. Cheque No. 6. Purchased toy merchandise from Woody Smith on account, $4,800, plus GST. Invoice No. 211, dated March 26, terms 2/10, n/30. Bill Burton paid invoice No. 5, dated March 22. Amy Rose paid invoice No. 6, dated March 22. Abby invested an additional $5,000 in the business. Purchased merchandise from Earl Miller Co., $1,400, plus GST. Invoice No. 436, dated March 26, terms 2/10, n/30. 22 22 25 26 26 26 28 28 29 Paid Earl Miller Co. invoice No. 436, cheque No. 7 29 Sold merchandise to Bonnie Flow Company on account, $3,000, plus GST. Invoice No. 7, terms 2/10, n/30
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
ABBYS TOY HOUSE PURCHASES JOURNAL ABBYS TOY HOUSE CASH PAYMENTS JOURNAL ABBYS TOY HOUSE CASH RECE...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Question Posted:
Students also viewed these Accounting questions
-
As the new accountant for Abby's Toy House in Halifax, your task is to: a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post to the general ledger as...
-
Betty Cardinal runs Cardinals Book Shop in a downtown location. As her newly hired accountant, your task is to do the following (substituting HST at 13% for GST at 5% if your instructor so directs):...
-
Mary James owns Mary's Card House in Halifax. As her newly hired accountant, your task is to: a. Journalize the following transactions for the month of March. b. Record in subsidiary ledgers and post...
-
Maria is opposed to the idea of same-sex marriage. In a recent conversation in the school cafeteria, Maria argues, "If homosexuals are allowed to marry, then why not allow polygamy or other kinds of...
-
Playing video and computer games is very popular. Over 70% of households play such games. Of those individuals who play video and computer games, 18% are under 18 years old, 53% are 1859 years old,...
-
Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account...
-
How do runway surface conditions affect takeoff and landing performance?
-
(Postretirement Benefit Worksheet) Using the information in *E20-19, prepare a worksheet inserting January 1, 2010, balances, and showing December 31, 2010, balances. Prepare the journal entry...
-
A 2,274.88 kilogram truck runs into the rear of a 1,067.75 kilogram stationary car. The truck and car are locked together after the collision and move with speed 8.93 meters per second. What was the...
-
Harvey Caseman died on July 15, 20X1. At the time of his death, he owned the assets listed in the table below. Over the years Caseman has claimed capital cost allowance on the building. Its...
-
Wendy Jones operates a wholesale computer centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal. The account balances as of May 1, 2013, are...
-
Bills Cosmetic Market of Brandon began operating in April. There is 8% PST and 5% GST on all cosmetic sales. Bill offers no discounts. The following transactions occurred in April: Required a....
-
These balances were extracted from the pre-adjustment trial balance of Mark Nkosi, a general dealer, on 31 December 20x4: Additional information: 1. Inventory on 31 December 20x4: Merchandise R9 560...
-
A 198.2 pound football player initially at rest immediately charged at the quarterback at the start of the game moving at 15.97 miles per hour in 3 seconds. What is the force felt, in Newtons, by the...
-
1. If a force of 2 5 6 N is applied to a spring, the spring is stretched a distance of 9 . 5 0 cm from its equilibrium position. What is the elastic constant of this spring? 2. A spring with an...
-
A transformer changes the current and voltage flowing through the electric grid. If a step-down transformer reduces the primary voltage from 120 V AC to 6.0V AC, what is the turns ratio of the wire...
-
A golf ball having mass of 0.05 kg rests on a tee. The ball is then struck with a club having a mass of 0.3 kg. The ball acquires a velocity of 30 m/s. The impulse imparted to the ball by the club is...
-
1. A child, initially at rest at the top of 3 . 5 5 m high slide, slides down to a height of 0 . 4 8 0 m . At the bottom of the slide, the child has a speed of 2 . 4 5 m / s . If the mass of the...
-
What is a discount rate?
-
Under what conditions is the following SQL statement valid?
-
From the financial statements and additional information provided in Problem 21B-1 for Dean Company, prepare a statement of cash flows using the direct method. From the income statement (Figure...
-
Indicate what effect (#1 4) each situation (#a f) will have on the bank reconciliation process. 1. Add to bank balance. 2. Deduct from bank balance. 3. Add to checkbook balance. 4. Deduct from...
-
From the following, construct a bank reconciliation for King Co. as of November 30, 201X. Checkbook balance ......... $1,907.10 Bank statement balance ........ 1,938.20 Deposits in transit...
-
The following table shows the data from 2000 general social survey. The table cross classifies gender and political party identifications. Subjects indicated whether they identified more strongly...
-
The Information Richness of Communication Media The four types of communication media are Face-to-face Communication, Spoken Communication Electronically Transmitted, Personally Addressed Written...
-
Once you've chosen your company or product, explain why you would not purchase from that company or that product. Be sure to give an argument making use of moral principles to support your statements.
Study smarter with the SolutionInn App