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, 2019. 

Note: 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 P11-5A. Excel templates are available in MyAccountingLab to complete this problem.) 

2019 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. 

1 Purchased merchandise from Earl Miller Company, invoice No. 410, dated March 1, terms 2/10, n/30; $6,000, plus GST. 

4 Sold merchandise to Bill Burton on account, $1,600, plus GST. Invoice No. 1, terms 2/10, n/30. 

6 Sold merchandise to Jim Rex on account, $800, plus GST, invoice No. 2, terms 2/10, n/30. 

7 Purchased merchandise from Earl Miller Company, $800, plus GST. Invoice No. 415, dated March 7, terms 2/10, n/30. 

9 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. 

10 Purchased merchandise from Minnie Katz, $7,000, plus GST. Invoice No. 311, dated March 9, terms 1/15, n/60. 

11 Paid Earl Miller Co. invoice No. 410, dated March 1, cheque No. 3. 

13 Sold $1,500 (plus GST) worth of toy merchandise for cash. 15 Paid salaries, $700, cheque No. 4. 

15 Returned merchandise to Minnie Katz in the amount of $500, plus GST. Monique issued debit memorandum No. 1 to Minnie Katz. 

15 Sold merchandise for cash, $4,800, plus GST. 

15 Received payment from Jim Rex for invoice No. 2 (less returned merchandise) less discount. 18 Bill Burton paid invoice No. 1. 

18 Sold toy merchandise to Amy Rose on account, $6,000, plus GST. Invoice No. 4, terms 2/10, n/30. 

19 Purchased delivery truck on account from Sam Katz’s Garage, $2,500, plus GST. Invoice No. 111, dated March 19 (no discount). 

21 Sold merchandise on account to Bill Burton, $2,000, plus GST. Invoice No. 5, 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. 

26 Purchased toy merchandise, $800, plus GST, cheque No. 6. 

26 Purchased toy merchandise from Woody Smith on account, $5,900, plus GST. Invoice No. 211, dated March 26, terms 2/10, n/30. 26 Bill Burton paid invoice No. 5, dated March 21. 

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. 

29 Paid Earl Miller Co. invoice No. 436, cheque No. 7. 

29 Sold merchandise to Bonnie Flow Company on account, $3,200, plus GST. Invoice No. 7, terms 2/10, n/30.