1 Open the Chairs-Ontario file, with a date of Feb 29 (leap year in 2024). The business is a sole proprietorship, owned by Harriet Patel. Note: This exercise uses the HST code HS at 13% that is appropriate for Ontario. 2 Record and Post the following transactions in the appropriate module for March 1 to March 15. Accounting Policies and Principles (1) All sales to customers (except Retail and credit card sales) are with terms of 2/10, n30. (2) All vendor invoices are purchased with terms 2/10, n30 unless otherwise informed. (3) HST on sales and purchases at 13% is used in this text and reflected in the solutions. (4) HST is to be added where applicable. (5) Address information is not important. (6) New customers will be given a credit limit, but no terms. Terms will be negotiated when future sales are made. The following transactions took place on the dates indicated. (70 Marks, Each transaction carries 5 marks) Mar 1 Issued cheque #812 for $600.00, plus HST, to Square Mall Management for rent for March.

Mar 2 Ordered on next Purchase order #100, 6 wooden bar chairs (WBC-01) at $80.00 each, plus HST, from Wood Products of Canada, terms 2/10, net 30 with delivery date of March 11.

Mar 3 Retail sale to new customer, Your Name (first and last) (903 Centre Street North, Brampton, Ontario, L6V 8R2), of two (2) wooden footstools (WFS-01) at $28.50 each, plus HST. Cheque #896 received. The manager is sure that we will sell to them again and recommended a $1,000.00 credit limit.

Student Name: Date:

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Mar 5 Purchased without a Purchase order 1 lot of various store supplies $200.00, plus HST, from Paper Place Inc. on invoice #7512. Terms 2/10, net 30.

Mar 5 Received and deposited cheque #489 as a $200.00 deposit (20%) from new customer Lucy Banes (798 Deer Glen Drive, Brampton, Ontario, L6R 7Q2) for a $1,000.00 special order of 4 dining room chairs (DRCM-01) at $250.00 each, plus applicable taxes. Credit limit $1,500.00. Sales order #100 issued with an expected shipping date of Mar 28.

Mar 6 The manager advised you that she used the business Universal Credit card to purchase $50.00, plus, HST, on invoice #223 for miscellaneous repair parts for store equipment from Avery Parts. Charge Other Expenses for this purchase.

Mar 8 Paid $825.00 to the owner, Harriet Patel, as a first draw for March.

Mar 11 Four of the chairs ordered on PO #100 from March 2 arrived with invoice #6896 dated today, with a note from the shipping department of Wood Products of Canada that 2 chairs are backordered for 15 days.

Mar 12 Sold a used leather office chair (OFC-Usd) to the local senior citizens group (863 Fairhill Avenue, Brampton, Ontario, L7A 4X4) for $100.00, less a 10% discount, plus HST. The group has been given 10 days to pay for the chair. Credit limit $200.00. (Note: No additional seniors discount allowed, as the chair reduced in price.)

Mar 12 Returned one of the chairs from Wood Products of Canada invoice #6896. The seat part has cracked and the chair cannot be used. The chair was accepted for return.

Mar 14 Sent a cheque to Paper Place to pay for goods purchased on March 5 invoice #7512.

Mar 15 Cheque issued to pay the February HST amounts owing to the Receiver General HST.

Mar 15 Sold on next invoice to Grant Legal Services (568 Nuffield Street, Brampton, Ontario, L6S 6M8) 30 stacking chairs (SC-02) at $29.00 each, plus HST. Terms 2/10, net 30. Credit limit $2,000.00.

Student Name: Date:

3 | Page Mar 15 Received a $300.00 bank Debit Memo that the $300.00 loan payment was taken from our account today. The $300.00 payment includes interest of $46.83.

Print the following for the manager: a) Income Statement, Gross Margin Standard, year-to-date

b) All Journal Entries

c) Customer Aged Detail, all customers, with terms at Mar 15

d) Vendor Aged Detail, all vendors, with terms at Mar 15

e) Pending Sales Orders Detail by Customer at Mar 28

f) Pending Purchase Orders Detail by Vendor at Mar 25

g) Inventory Summary