1. Onifade Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10, n/30, unless otherwise stated in the transaction), perpetual inventory system was adopted by Onifade Company in recording its inventory transactions.

March

Received $87,200 of merchandise and an invoice dated March 1, terms 2/15, n/30, from For Industries

2. Sold merchandise on credit to Armand Leon, Invoice No. 854, For $33,650 (cost

3. Purchased $2460 of office supplies on credit from Hilary Company, invoice dated March 3, terms 2/10, EOM

3. Sold merchandise on credit to Kit Dean, Invoice No. 855, for $20,400 (cost, $11,600)

6. Borrowed $164,000 cash by giving Commerce Bank a long-term note payable.

9 Purchased $43.700 of office equipment on credit from Rose Supply, Invoice dated March 9, terms 3/10, EOM

10 Sold merchandise on credit to Taylor Wood, Invoice No. 856, for $11,200 (cost, $5,800)

12. Received payment from Armand Leon for the March 2 sales less discount

13. Sent Check No. 416 to Fox Industries in payment of the amount due on the March 1, inwoice

13. With respect to the sale of March 3, received the amount due from Kit Dean

13. Received $32,625 of merchandise and an invoice dated March 13, terms 2/10, n/30, from the LR Company

15. Issued Check No. 417, in payment of sales salaries for the first half of the month,

18,000

15. Cash sales for the first half of the month are $69,000 (cost is $40,400).

16. Purchased $1,700 of store supplies on credit from Hilary Company, invoice dated March 16, terms n/10 EOM

17. Received $2,400 credit memorandum from LR. Company for unsatisfactory merchandize received on March 14, and returned for credit

19. Received $630 credit memorandum from Rose Supply for office equipment received on March 9 and returned for credit

19. Paidthe amount due to Rose Supply for office equipment.

20. Received amount due from Taylor Wood for the sale of March 10.

23. Issued Check No. 418 to LR Company in payment of the invoice of March 13

Less the returns and the discount.

27. Sold merchandise on credit to Taylor Wood Invoice No. 857 for $14,900 (cost

$7000).

28. Sold merchandise on credit to Kit Dean, Invoice No. 858, for $6,300 (cost is

$3,200)

31. Accrued salaries for the second half of the month, $18,600.

31. Cash sales for the last half of the month are $30,000 (cost is $16,000)

Part A

Requirements for PART A

Open the following general ledger accounts:

Cash; Accounts receivable; inventory (March 1, beginning balance is $10,000);

Office supplies, store supplies; office equipment; accounts payable, long-term notes payable; M. Bishop, Capital (March 1 beginning balance is ?

DETERMINE); Sales; Sales Discounts; Cost of Goods Sold; and Sales Salaries Expense

Other than the Inventory account, no other account had a beginning balance except M. Bishop Capital account, the beginning balance of which you are to determine Make necessary general journal entries for all the transactions above.

Post all your journal entries to the general ledger (if an account is not existing, please create it)

Prepare a Trial Balance

Part B

Prepare a multiple-step income statement

Prepare a classified balance sheet.

Prepare closing entries

Prepare a post-closing trial balance