As the new accountant for Monique’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 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, 2022.
You can substitute HST at 13% for GST at 5% if your instructor so directs. Cost of inventory is equal to 75% of sales. Use the same chart of accounts as in problem P13-5A. Excel templates are available in MyLab Accounting to complete this problem.

Data from in exercise P13-5A.

Abbey Joy owns Abbey’s Toy House in Halifax. As her newly hired accountant, 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 appropriate.
c. Total, rule, and cross-add the journals.
d. Prepare a schedule of accounts receivable and a schedule of accounts payable, as of March 31, 2022.

The following is the partial chart of accounts for Abbey’s Toy House:

Transcribed Image Text:

2022 Mar. 1 Monique invested $8,000 in the new toy store. 1 Paid two months' rent in advance, cheque No. 1, $1,000, plus GST. Purchased merchandise from Earl Miller Company, invoice No. 410, dated March 1, terms 2/10, n/30; $6,000, plus GST. 1 4 6 9 7 Purchased merchandise from Earl Miller Company, $800, plus GST. Invoice No. 415, dated March 7, terms 2/10, n/30. Sold merchandise to Bill Burton on account, $700, plus GST. Invoice No. 3, terms 2/10, n/30. 9 Paid cleaning service, $400, plus GST, cheque No. 2. 10 Jim Rex returned merchandise (plus GST) to Monique. Monique issued credit memorandum No. 1 to Jim Rex for $200, plus GST. Inventory was scratched. 11 13 15 15 10 Purchased merchandise from Minnie Katz, $7,000, plus GST. Invoice No. 311, dated March 9, terms 1/15, n/60. 18 18 7 Sold merchandise to Bill Burton on account, $1,600, plus GST. Invoice No. 1, terms 2/10, n/30. Returned merchandise to Minnie Katz in the amount of $500, plus GST. Monique issued debit memorandum No. 1 to Minnie Katz. 15 Received payment from Jim Rex for invoice No. 2 (less returned merchandise) less discount. 19 Sold merchandise to Jim Rex on account, $800, plus GST, invoice No. 2, terms 2/10, n/30. 21 26 26 Paid Earl Miller Co. invoice No. 410, dated March 1, cheque No. 3. Sold $1,500 (plus GST) worth of toy merchandise for cash. Paid salaries, $700, cheque No. 4. 29 29 Bill Burton paid invoice No. 1. Sold toy merchandise to Amy Rose on account, $6,000, plus GST. Invoice No. 4, terms 2/10, n/30. 22 Paid Minnie Katz balance owed, cheque No. 5. 22 Sold toy merchandise on account to Amy Rose, $2,000, plus GST. Invoice No. 6, terms 2/10, n/30. Purchased delivery truck on account from Sam Katz's Garage, $2,500, plus GST. Invoice No. 111, dated March 19 (no discount). Sold merchandise on account to Bill Burton, $2,000, plus GST. Invoice No. 5, terms 2/10, n/30. Purchased toy merchandise, $800, plus GST, cheque No. 6. Purchased toy merchandise from Woody Smith on account, $5,900, plus GST. Invoice No. 211, dated March 26, terms 2/10, n/30. Bill Burton paid invoice No. 5, dated March 21. 26 26 Amy Rose paid invoice No. 6, dated March 22. 27 Monique invested an additional $3,000 in the business. 28 Purchased merchandise from Earl Miller Co., $4,200, plus GST. Invoice No. 436, dated March 26, terms 2/10, n/30. Paid Earl Miller Co. invoice No. 436, cheque No. 7. Sold merchandise to Bonnie Flow Company on account, $3,200, plus GST. Invoice No. 7, terms 2/10, n/30.