PAYABLES Module$-$Basics

$3$A$-201$

Challenge Exercise $03$ C$3$A$-1,$ Wheelchairs

$($PAYABLES$,$ INVENTORY & SERVICES, and COMPANY Modules$)$

Wheelchairs is a business that sells various kinds of wheelchairs to wholesale and retail customers.

Note: The business is open $7$ days a week. HST is $13\%.$

Refer to Exercise $1-1b$ to unzip the $03$ C$3$A$-1$ Wheelchairs.exe file.

$2>$ Open the C$3$A$-1$ Wheelchairs file, and enter the following Accounts Payable transactions.

Mar $1$ Issued Purchase Order #$81$ to Your Name Chairs $($your name must appear$)$ for $8$ new model wheelchairs, code WC$-$CP$-3,$ at $$1,500$ each, plus HST$.$ Ship date is Mar $4.$ Other information: $156$ Octavia Street, Belleville, Ontario, K$8$P $1H3,$ phone and fax numbers may be left blank. Terms are $2\%,10$ days, net $30$ days, calculate discounts before tax.

Mar $1$ Issued $$2,250\mathrm{.}00$ plus HST cheque to Gordon Mall Management for lease rent for March.

Mar $4$ Received $7$ wheelchairs, code WC$-$CP$-3,$ from Your Name Chairs from PO #$81.$ Invoice #$4568$ received. The other chair is back ordered and should be delivered by Mar $25.$

Mar $5$ Returned $1$ wheelchair from PO #$81,$ as there is a crack in the frame. Credit note CN$-56$ received by fax.

Mar $6$ Purchased and received from The Paper Place $2$ boxes of invoices, that will be used during the year. Invoice #$2256$ received for $$300,$ plus HST$.$ Terms $\frac{2}{10},$ net $30.$

Mar $7$ We discovered that $\frac{1}{4}$ of the invoices $($value $$75\mathrm{.}00)$ received on invoice #$2256$ were printed withou logos$.$ The Paper Place manager agreed to an allowance $(2256Al)$ of $$75\mathrm{.}00,$ plus HST$,$ which cal be used to reduce the cost of the current order.

Mar $13$ Received Belleville Hydro bill #$1565-3$ for $$112\mathrm{.}00,$ plus HST$.$ Service bill dated Mar $12,$ and payme date is Mar $27.$

Mar $14$ Issued next cheque to Your Name Chairs for amount owing, less the return.

Mar $18$ Purchased from Avery Parts, $6$ items, code RP$-01.$ Invoice #$8897$ received in the total amount of $$120\mathrm{.}00,$ plus HST$.$ Terms $\frac{2}{10},$ net $30.$

Mar $20$ Received a bank debit memo, dated today, regarding the loan payment of $$400\mathrm{.}00,$ which includes $$67\mathrm{.}00$ of interest.

$3$ When you have recorded the above entries, print the following:

a$)$ Vendor Aged Detail, all vendors, with terms at Mar $20$

b$)$ All Journal Entries for Mar $1$ to $20$

c$)$ General Journal Entries, for Mar $1$ to $20$

d$)$ Purchase Journal Entries for Mar $1$ to $20$

e$)$ Income Statement for Jan $1$ to Mar $20$

f$)$ Pending Purchase Order Detail, by Vendor report, as of Mar $25$