Your assignment is to be submitted in EXCEL format. It should be submitted with the following guidelines:

Include a cover page with the course code and course name, the assignment number, the title of your assignment, your student ID$,$ your name, the instructor$$s name, and the date the assignment is created. Ensure the first page of your assignment has the title at the top of the page and the sections of your report have headings and subheadings to chunk your assignment into sections for each of the topics you are writing about. Font should be Arial $12$ or Calibri $12.$ Text must be double spaced but table may be single spaced. You must cite all your sources of information using APA formatting.

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During the first month of operations, the Banco Extrusion Inc, located in Ontario Canada, which specializes in auto component manufacturing completed the following transactions.

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Date January $2024$

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$$ Transaction

$1$

George Leblanc started the business by making a deposit into company bank account for $$35,000,$ in exchange for $3,500$ shares of $$10$ par value common stock.

$1$

Banco acquired a small machinist shop for $$25,000$ cash which represented$-$ Computer $-$ $$5,800,$ Furniture, $-$ $$6,500$ and Store equipment $$12,700.$

$2$

Received bank loan for $$100,000,6\%$ annual interest. Payments are due on the last day of each month in the amount of $$4,000.$

$2$

Paid rent for the $3-$month quarter January to March in the amount of $$3,000$ per month.

$2$

Paid the premium on a $1-$year insurance policy, $$5,000.$

$3$

Purchased $$800$ in office supplies

$5$

Purchased inventory on account for $$60,000+13\%$ HST$.$ Terms $2/10,$ n$30.$

$13$

Hired two full$-$time staff members, Lan and Liz, both who earn $$36,000$ a year and are paid bi$-$weekly with the first pay cheque being issued on January $27.$ Use the online PODC to calculate net pay. Assume basic payroll deductions for Ontario. They work five days a week $($Mon$-$Fri$).$

$17$

Record cash sales for the week in the amount of $$10,000+13\%$ HST$.$ Cost of Goods Sold amounted to $$5,500.$

$17$

Purchased extrusion machine and equipment from Patel Inc. for $$6,000.$ Paid $$1,500$ down and the balance was placed on account. Payments will be $$375\mathrm{.}00$ per month for $12$ months. The first payment is due Feb $1.$ Note: Use accounts payable for the balance due. Ignore HST and interest.

$17$

Record sales on account for the week in the amount of $$12,000+$ HST$.$ Cost of goods sold was $$8,000.$

$24$

Record cash sales for the week in the amount of $$15,000+13\%$ HST$.$ Cost of Goods Sold amounted to $$10,000.$

$27$

Paid both Lan and Liz their bi$-$weekly pay. Calculate deductions for CPP$,$ EI and Ontario tax. Record employee portion only.

$27$

Record sales on account for the week in the amount of $$15,000+$ HST$.$ Cost of goods sold was $$8000.$

$28$

Paid accounts payable in full from January $5.$

$30$

Record collection on outstanding accounts receivable for January in the amount of $$20,000+$ HST$.$

$30$

Purchased inventory on account in the amount of $$6,000+$ HST$.$

$30$

Paid loan payment of $$4,000.$

$$ Your assignment is to be submitted in EXCEL format. It should be submitted with the following guidelines:

o$$ Include a cover page with the course code and course name, the assignment number, the title of your assignment, your student ID$,$ your name, the instructor$$s name, and the date the assignment is created.

o$$ Ensure the first page of your assignment has the title at the top of the page and the sections of your report have headings and subheadings to chunk your assignment into sections for each of the topics you are writing about.

o$$ Font should be Arial $12$ or Calibri $12.$Text must be double spaced but table may be single spaced.

o$$ You must cite all your sources of information using APA formatting.$$

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Adjustment transactions:

Accrue wages payable to Lan and Liz as of Jan $31.$

The telephone bill for January was received on Feb $7$th in the amount of $$250+$ HST$.$

Office supplies on hand were counted as $$800$ as of the end of the month.

The utility bill for Jan was received on Feb $3$rd in the amount of $$200($ignore HST$).$

The company received a $$2000+$ HST advertising bill on Feb $13$th for work completed in Jan.

We estimate approximately $2\mathrm{.}5\%$ of accounts receivable are uncollectible. Use the Allowance for Doubtful accounts $($AFDA$)$ method.

The company wants to record depreciation on a monthly basis using straight$-$line depreciation. $.$

$$ Computer $-3-$year useful life with no residual value

$$ Furniture$-5-$year useful life with $$3,500$ residual value

$$ Store equipment $-4-$year useful life with $$1,500$ residual value

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Hint: You must review the Journal Entries tab and the Trial Balance tab for additional information for adjusting entries.

Also note, that you should accrue HST on expenses that are accrued.