This Mini Practice Set will help you review all the key concepts of the account- ing cycle for a merchandising company along with the integration of payroll. Betty Loeb took over the business now known as The Corner Dress Shop on January 1, 2013. Betty purchased the business name and all assets except cash from her aunt Marion, who had run it for over 10 years. Certain liabilities were assumed by Betty's new business as part of the deal.

You are the bookkeeper of The Corner Dress Shop and have gathered the following information. It is your task to complete the accounting cycle for March 2013.

Estimated time 5 hours

The Corner Dress Shop

Trial Balance

February 28, 2013

Debits 30,905.28 Credits Cash Petty Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance GST Prepaid Invento Computer and Office Equipment Acc. Amort.-Computer & Office Equipment Computer Software Acc. Amort.-Computer Software Delivery Truck Acc. Amort.-Delivery Truck Accounts Pavable Income Taxes Payable EI Payable CPP Payable Medical Plan Payable Charitable Donations Payable GST Collected Rent Received in Advance 50.00 8,291.85 624.30 1,800.00 1,000.00 436.34 8,309.00 5,000.00 261.12 739.00 61.58 12,000.00 340.00 4,788.99 1,233.35 376.18 810.30 112.00 180.00 2,313.65 600.00 Betty Loeb, Capital Betty Loeb, Withdrawals Sales Cost of Goods Sold Wages Expense EI Expense CPP Expense Insurance Expense Rent Expense Amort. Expense-Computer & 48,078.80 7,300.00 59,865.05 19,073.38 18,120.00 438.87 810.30 200.00 1,800.00 Office Equipment Amort. Expense-Software Amort. Expense-Delivery Truck Accounting Expense 261.12 61.58 340.00 1,460.00 119,021.02 119,021.02