1. Oriole Company had the following selected transactions.

Feb. 2		Purchases supplies from Supplies R Us on account for $2,700.
10		Cash register sales total $45,800, plus 5% GST and 8% PST.
15		Signs a $37,100, six-month, 6%-interest-bearing note payable to MidiBank and receives $37,100 in cash.
21		The payroll for the previous two weeks consists of salaries of $53,000. All salaries are subject to CPP of $2,446 and EI of $1,000 and income tax of $9,400. The salaries are paid on February 28. The employers payroll expense is also recorded.
28		Accrues interest on the MidiBank note payable.
28		Accrues the required warranty provision because some of the sales were made under warranty. Of the units sold under warranty, 370 are expected to become defective. Repair costs are estimated to be $40 per unit.
28		Pays employees the salaries for the pay period ending February 21.
Mar. 1		Remits the sales taxes to the Province and GST to the Receiver General for the February 10 sales.
2		Makes the payment to Supplies R Us from the February purchase.
15		Remits the payroll taxes owing from the February 21 payroll to the Receiver General.

Journalize the February and March transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
	(To record the employee payroll)
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
	(To record employee benefit costs)
	(To record accrued interest)
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
	(To record estimated product warranty liability)
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
	(To record payment of payroll)
Mar. 1
Feb. 2Feb. 10Feb. 15Feb. 21Feb. 28Mar. 1Mar. 2Mar. 15
Mar. 15

2.

Which of the following are the two fundamental characteristics that financial information must have in order to be considered useful?

relevance and faithful representation

relevance and verifiability

understandability and verifiability

faithful representation and comparability

3.

The level of disclosure contained in the notes to the financial statements is limited by the

cost versus the benefit of providing the disclosures.

accounting policies selected by the business.

time period assumption.

going concern assumption.