1. Marissa is a trader. She maintains a full set of accounting records and posts the totals of the sales, purchases and returns journals to the ledger each month.

On 1-March-2019 the balances in her accounts included the following:

$

Sales 149,200

Purchases 99,520

Sales returns 1,940

Purchases returns 2,090

Mary, a credit customer 1,100

Stella, a credit supplier 800

The following transactions took place during March 2019:

Mar 4 Sold goods on credit to Mary, list price $800, less 20% trade discount 11 Mary returned half of the goods purchased on 4-Mar

17 Purchased goods on credit from Stella, list price $900, less 15% trade discount

20 Returned goods to Stella, purchased on 17-Mar, list price $300

27 Paid Stella a cheque for the amount owing on 1-Mar, less 2% cash discount 30 Mary paid Marissa $1,100 by credit transfer, on account

A. Enter the balances on 1-Mar in the appropriate accounts.

B. Enter the transactions for March in the sales journal, purchases journal, sales returns journal and purchases returns journal.

C. Post the entries from the journals to the ledger accounts.

D.Enter the transactions on 27 and 30-Mar in the accounts of Stella and Mary, respectively. E. Balance the accounts of Mary and Stella only, and bring down the balances on 1-April 2019.