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
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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