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AEreant Mlecefoulies 1. Nu-Prouineial service Tax, |Fhth 2. No ifccial jolarits papen 514 in 336 in the terthont? pay ment of atofe thin for Naw (4 45973). The buniness is chatiega now policy of boyieg ail and yas in bulk for later tase. Debit accuunt No. 1360,0N ant Gas on Hathet, a rupplies account. 1. Purchased $16,700 of olfice tupipent with a 5 -ytar useful life and a $00 tesidyal value. The atraight-hine method ased. The canyany borrowed 516,700,620,4-year Acrount Payables: Cloverdale Wholcuiing Lat, has made crodit frum four vetidors. All other suppliers mast be paid ia cash. The baleoces of all sour accounts are lised below. All parchasiei of merchandise are recorded at the crows amosat of the supplicris involice, regardiess of whetha the stipplier offers a cait discount for procept payment. hank bom pryahle fuen TD. The confey nest pary a himbled latrosit and pringiput (deposit raceipt = 101). Hinit ant peye 4. 2. Sold 54,500 in menchandiat oe asovet to Danor liar 42 Gritl, uaing ales involee No. 75. Coet of imventiony wold wal 5% is ef trumone. Credin terms of n30. 3. Roceivad a chsque for 54.000 trum from cy Colfer 5 hops in pxyment af their: account recivable (bank depoine teceigr a tog). Hiat see pace 4 . payable of $10,000. The poyment was male withia the canh diacount persod. Hint: iot page 4 : 4 Purchanes merchandise fram Gounnet Frocactu on credit for 34,390, invoice a 831182 dated March 3. Teank 210, a 30 F.0 b. shipping point. 5. Iwued cheyus No, t6 for each purcture of mechasdise from a supplier, ABC Food Wholestern. 54.937. Invoice i315.H is dvared Mirch 5. 5 Jssued chnque No. 67 to the Keg Rraarant for Eatertaiement of customers, 995 . Recond the trinsaction as a debt so Micellaneuses Selling Expense. 6. Reccived $7,800 cbeque fliom customer, Twin has, in full icelfenent of their ateouat balance (deposit reccipt 103 ) Hist soc page 4. 6 Shipment of the merchandise parnhosa oo March 4 from Gourtnet Prodocts was received today. The freicht oont of 560 way gaid ta Arrow Trucking using theque No. 68 6 Sold merchandise on credit to Clocpatra' 2 , ahkeits itrvoice bo. 76 foc 56,890 . Cost. of invantory sold wat 50.6 of reventien. Crodit termits of net 30 . 6 Issued cheyue no. 69 fo purctuase four menths of acwspaper advertising space from the Surrey Now newspaper (Much to June) for 54, 140. Invoice No. 78956, 6 Recerved cheque from Burnite Village frum collection of its February 28 balance. Hint: see puge 4 . 7 Received 56,508 in cash sales for the period from Manch I to March 7. (Record the total armount as one entry dated Mared 7, deposit receipt \#105). Cost of iaventory. sold was 50% of revenues. 900 cumment atars: defoctrye and wete returnad to one sucple. The ans of atentery narsol 6 Givermet Proctace wai 5449 . Marchiz Anvex Trucking pwrind was 50% af raynoen 14 Panf bi-whekly ralaries to out mpployecr of Se. Rod, ishuing Cheque No. 7410 ond perroll sovice for parment 40 our enchisech itryentary awid wai sots of revenge. Credit thins of ast 30. Manth 7, lete Alceade whicumet by wer busines, 55.050. faand Cheque Pho. 77 far 5550 cath down payment and 15. Aused Cheque Na 71 un Siana Foect Ith in popment of Mtarch rental of delivery. trick Cimooce no. 331. .160. 15. Owner withtrek acrandsor ievenitiry for persced ue as a noe-cash dividend. The merhaadise anginally over the traciacis 52,174. 16. Receiret 575 refind beerue of avoranged fle in rince policy purchased on Marab is (Drpodit flockirt No; 507 . 16. Parchased sales suplies foe laes wet by the buiness from Wilson Supply Co. 5775; Inwice No: 496e is dalod Marh We; Crecir trems 30 days. 17. Lased Chogoe Na. 79 s flotul Ingores for cuh portase of merchandite, 5650 . Invoice Nat. 227. I8 Received cheque frim the Mepio Caste form evilertan of Irvoies No.752, dated Manch 9 Deponit Roonipt No. 109. 29. Sold merhandise on accoust tie Twin lame, lnicice No. 79, 34,900. Cost of imviatocy wold was sofv of resenues Credit tenmer of net 30 . 19. Reruned 5480 of damaged insiory to a nepplier, Pacific Applance Centre. The monchiandue was orginally proritated so Mirrh 12 . 21 Rrocived 3z,500 in cash frum Cloopetris in pretial collection of Lavoice No. 76, dated March 6 (Depout Rescipt No. 110). 21 Received 96,090 from cash salen fer peniod fiom Macei 15 to Mareh 21 (Deposit Reccipt No. 111) Colat of inventory sold was 20 . of revecues. 21. Isruod chaque No 80 to Pacific Appliatict Centre in full seniement of Invoice No. ACC-115, daitel Marcht 12, lev darnagef therrahadie tefurned to the supplier on Meareb 29, Tyd in dated lam: 34 March It brawit tifohnt Nar ill. replace stur lock far the furt deve of the huninent. 19. Doponel Recoege it 113. datod Manth 2s, tenns 2 Val is 30 . wollected the fint 9500 =atalhere on the nop-tefertsf-brating pote trecervable jectraal entry as Mact 12. (30) biaed Chogar No is te Alpla Malielalers Lat far each puchases of invenairy nold was seri, of frovpere Cridt trmes of net 10 . Hemices provided sy the beriness acring Marta (leveuce No. T 475 ) Ne. 565691 3) The compaty's toard dechand a 31.35 eab dividend per ocmimon share ar its 31 Fsood Cheque Nis sa lo make the marthly kan promert for the bank loan bonuwed an Masch 1. 31. Reverved 56,255 in cah saler tures he ponod foom Macch 22 . 50 March 31 1Deponit Receint = 119. Cast af arreof sold was Sot of runeash. ESD OF MONTH ADUTSTING ENTBIES Prejure the following adjusties evtries air of the end of Marth 2021 . Inacrt the adyuanng cntries in the General foumal. Sbow ail yerar atculboiven. (a) A physical mipection of erand an ant ofl an laki on Matarh 31, indicated than facl wonth 5300 remains at inormh mad Recind the Cras and Oil seel during the erumth of March. March Alvo, one-half rionh hes pansod sither the scw enciymar policy, which started on March 15, weat into cflece. Don't forpir as include the partial rufumd in youf ealeslation. (c) Ohe manth of prepaid advertising spac in the Suncy Wow orespaper has betn uscul of the Brancastion dated Narch 7 . (d) A plapsical count shored that $340 in sales ruplics remain as of March 31. Record the sales rupplies ueed daint the month of MHech the tie of office subplies thaning the manes (f) The rocethly dereccaation eqease for atore oquipmetn ia 300. Thin amicum inuluden (e) Deprreation experist of effice Aiquener for March sotaled 5175. In aditien, roceed the depectiation expenie for the new oun-pment. (h) Daring the moeth of Manch, interet luckling St73 bocrued on the remaining noter: payable. (i). Wagei accrued but unpaid as of Mirnh 31 arre 51 ing4; (j) A plysical inventary takse atter der theseothuiness on March 31 ahooed merchandise on hand with a coer of 580.481. Prepare the appropiare atjuating eniry: The term project is a manual accounting assignment is the one-month accounting cycle for a privately owned merchandising business, Cloverdale Wholesaling Ltd. The business is starting its new fiscal year, as of March 1, 2022. The fiscal year-end for Cloverdale Wholesaling Ltd. was February 28, 2022, so all the company's temporary accounts (e.g., sales, expenses, dividends) are empty. The account balances, as of that date, for all general ledger accounts are provided on pages 2 and 3. Your assignment is to set up and maintain the books of the business for the month of March 2022 , following the standard steps of the accounting cycle. 1. Record journal entries in the general journal. 2. Post these transactions to T-accounts (general ledger accounts). 3. Prepare an unadjusted trial balance. 4. Record the necessary adjusting entries. 5. Prepare the month-end financial statements for company (c.g., Income Statement, statement of retained earnings, and Balance Sheet). As Cloverdale Wholesaling Ltd, will be only one month into its new fiscal year, there is no need to prepare closing entries at the end of March. Cloverdale Wholesaling Ltd, uses a perpetual inventory system. A. Geaeral 1.edger Acceunts Account Payables: Cloyerdalc Wholesaling L.d. has trade credit from four vendors. All other suppliers must be paid in cash. The balances of all four accounts are listed below. All purchases of merchandise are recorded at the gross amount of the supplier's invoice, regardless of whether the suppher offers a cash discount for prompt payment. AEreant Mlecefoulies 1. Nu-Prouineial service Tax, |Fhth 2. No ifccial jolarits papen 514 in 336 in the terthont? pay ment of atofe thin for Naw (4 45973). The buniness is chatiega now policy of boyieg ail and yas in bulk for later tase. Debit accuunt No. 1360,0N ant Gas on Hathet, a rupplies account. 1. Purchased $16,700 of olfice tupipent with a 5 -ytar useful life and a $00 tesidyal value. The atraight-hine method ased. The canyany borrowed 516,700,620,4-year Acrount Payables: Cloverdale Wholcuiing Lat, has made crodit frum four vetidors. All other suppliers mast be paid ia cash. The baleoces of all sour accounts are lised below. All parchasiei of merchandise are recorded at the crows amosat of the supplicris involice, regardiess of whetha the stipplier offers a cait discount for procept payment. hank bom pryahle fuen TD. The confey nest pary a himbled latrosit and pringiput (deposit raceipt = 101). Hinit ant peye 4. 2. Sold 54,500 in menchandiat oe asovet to Danor liar 42 Gritl, uaing ales involee No. 75. Coet of imventiony wold wal 5% is ef trumone. Credin terms of n30. 3. Roceivad a chsque for 54.000 trum from cy Colfer 5 hops in pxyment af their: account recivable (bank depoine teceigr a tog). Hiat see pace 4 . payable of $10,000. The poyment was male withia the canh diacount persod. Hint: iot page 4 : 4 Purchanes merchandise fram Gounnet Frocactu on credit for 34,390, invoice a 831182 dated March 3. Teank 210, a 30 F.0 b. shipping point. 5. Iwued cheyus No, t6 for each purcture of mechasdise from a supplier, ABC Food Wholestern. 54.937. Invoice i315.H is dvared Mirch 5. 5 Jssued chnque No. 67 to the Keg Rraarant for Eatertaiement of customers, 995 . Recond the trinsaction as a debt so Micellaneuses Selling Expense. 6. Reccived $7,800 cbeque fliom customer, Twin has, in full icelfenent of their ateouat balance (deposit reccipt 103 ) Hist soc page 4. 6 Shipment of the merchandise parnhosa oo March 4 from Gourtnet Prodocts was received today. The freicht oont of 560 way gaid ta Arrow Trucking using theque No. 68 6 Sold merchandise on credit to Clocpatra' 2 , ahkeits itrvoice bo. 76 foc 56,890 . Cost. of invantory sold wat 50.6 of reventien. Crodit termits of net 30 . 6 Issued cheyue no. 69 fo purctuase four menths of acwspaper advertising space from the Surrey Now newspaper (Much to June) for 54, 140. Invoice No. 78956, 6 Recerved cheque from Burnite Village frum collection of its February 28 balance. Hint: see puge 4 . 7 Received 56,508 in cash sales for the period from Manch I to March 7. (Record the total armount as one entry dated Mared 7, deposit receipt \#105). Cost of iaventory. sold was 50% of revenues. 900 cumment atars: defoctrye and wete returnad to one sucple. The ans of atentery narsol 6 Givermet Proctace wai 5449 . Marchiz Anvex Trucking pwrind was 50% af raynoen 14 Panf bi-whekly ralaries to out mpployecr of Se. Rod, ishuing Cheque No. 7410 ond perroll sovice for parment 40 our enchisech itryentary awid wai sots of revenge. Credit thins of ast 30. Manth 7, lete Alceade whicumet by wer busines, 55.050. faand Cheque Pho. 77 far 5550 cath down payment and 15. Aused Cheque Na 71 un Siana Foect Ith in popment of Mtarch rental of delivery. trick Cimooce no. 331. .160. 15. Owner withtrek acrandsor ievenitiry for persced ue as a noe-cash dividend. The merhaadise anginally over the traciacis 52,174. 16. Receiret 575 refind beerue of avoranged fle in rince policy purchased on Marab is (Drpodit flockirt No; 507 . 16. Parchased sales suplies foe laes wet by the buiness from Wilson Supply Co. 5775; Inwice No: 496e is dalod Marh We; Crecir trems 30 days. 17. Lased Chogoe Na. 79 s flotul Ingores for cuh portase of merchandite, 5650 . Invoice Nat. 227. I8 Received cheque frim the Mepio Caste form evilertan of Irvoies No.752, dated Manch 9 Deponit Roonipt No. 109. 29. Sold merhandise on accoust tie Twin lame, lnicice No. 79, 34,900. Cost of imviatocy wold was sofv of resenues Credit tenmer of net 30 . 19. Reruned 5480 of damaged insiory to a nepplier, Pacific Applance Centre. The monchiandue was orginally proritated so Mirrh 12 . 21 Rrocived 3z,500 in cash frum Cloopetris in pretial collection of Lavoice No. 76, dated March 6 (Depout Rescipt No. 110). 21 Received 96,090 from cash salen fer peniod fiom Macei 15 to Mareh 21 (Deposit Reccipt No. 111) Colat of inventory sold was 20 . of revecues. 21. Isruod chaque No 80 to Pacific Appliatict Centre in full seniement of Invoice No. ACC-115, daitel Marcht 12, lev darnagef therrahadie tefurned to the supplier on Meareb 29, Tyd in dated lam: 34 March It brawit tifohnt Nar ill. replace stur lock far the furt deve of the huninent. 19. Doponel Recoege it 113. datod Manth 2s, tenns 2 Val is 30 . wollected the fint 9500 =atalhere on the nop-tefertsf-brating pote trecervable jectraal entry as Mact 12. (30) biaed Chogar No is te Alpla Malielalers Lat far each puchases of invenairy nold was seri, of frovpere Cridt trmes of net 10 . Hemices provided sy the beriness acring Marta (leveuce No. T 475 ) Ne. 565691 3) The compaty's toard dechand a 31.35 eab dividend per ocmimon share ar its 31 Fsood Cheque Nis sa lo make the marthly kan promert for the bank loan bonuwed an Masch 1. 31. Reverved 56,255 in cah saler tures he ponod foom Macch 22 . 50 March 31 1Deponit Receint = 119. Cast af arreof sold was Sot of runeash. ESD OF MONTH ADUTSTING ENTBIES Prejure the following adjusties evtries air of the end of Marth 2021 . Inacrt the adyuanng cntries in the General foumal. Sbow ail yerar atculboiven. (a) A physical mipection of erand an ant ofl an laki on Matarh 31, indicated than facl wonth 5300 remains at inormh mad Recind the Cras and Oil seel during the erumth of March. March Alvo, one-half rionh hes pansod sither the scw enciymar policy, which started on March 15, weat into cflece. Don't forpir as include the partial rufumd in youf ealeslation. (c) Ohe manth of prepaid advertising spac in the Suncy Wow orespaper has betn uscul of the Brancastion dated Narch 7 . (d) A plapsical count shored that $340 in sales ruplics remain as of March 31. Record the sales rupplies ueed daint the month of MHech the tie of office subplies thaning the manes (f) The rocethly dereccaation eqease for atore oquipmetn ia 300. Thin amicum inuluden (e) Deprreation experist of effice Aiquener for March sotaled 5175. In aditien, roceed the depectiation expenie for the new oun-pment. (h) Daring the moeth of Manch, interet luckling St73 bocrued on the remaining noter: payable. (i). Wagei accrued but unpaid as of Mirnh 31 arre 51 ing4; (j) A plysical inventary takse atter der theseothuiness on March 31 ahooed merchandise on hand with a coer of 580.481. Prepare the appropiare atjuating eniry: The term project is a manual accounting assignment is the one-month accounting cycle for a privately owned merchandising business, Cloverdale Wholesaling Ltd. The business is starting its new fiscal year, as of March 1, 2022. The fiscal year-end for Cloverdale Wholesaling Ltd. was February 28, 2022, so all the company's temporary accounts (e.g., sales, expenses, dividends) are empty. The account balances, as of that date, for all general ledger accounts are provided on pages 2 and 3. Your assignment is to set up and maintain the books of the business for the month of March 2022 , following the standard steps of the accounting cycle. 1. Record journal entries in the general journal. 2. Post these transactions to T-accounts (general ledger accounts). 3. Prepare an unadjusted trial balance. 4. Record the necessary adjusting entries. 5. Prepare the month-end financial statements for company (c.g., Income Statement, statement of retained earnings, and Balance Sheet). As Cloverdale Wholesaling Ltd, will be only one month into its new fiscal year, there is no need to prepare closing entries at the end of March. Cloverdale Wholesaling Ltd, uses a perpetual inventory system. A. Geaeral 1.edger Acceunts Account Payables: Cloyerdalc Wholesaling L.d. has trade credit from four vendors. All other suppliers must be paid in cash. The balances of all four accounts are listed below. All purchases of merchandise are recorded at the gross amount of the supplier's invoice, regardless of whether the suppher offers a cash discount for prompt payment