COMPANY OVERVIEW: STAZE Clean Inc. has hired you to work in their finance department. The following information is available to assist in your duties: Company Name: Address: Company Type: Fiscal Year: Inventory System: Depreciation Method: Cost Flow Method: STAZE Clean Inc. 200 Mott St., Toronto, ON M4W 1H5 Corporation September 1, 2022 - August 31, 2023 Perpetual Straight-Line FIFO mois NOTES: o This is the company's first year of operations The company follows IFRS guidelines The company recently acquired the building under a special purchase agreement and will not record building depreciation for 2022-2023 fiscal year STUDENT NOTES: H r 80 @ 1 2 tab most transactions were recorded for the month of August, 2023: Here are account balances (listed in alphabetical order) for STAZE Clean Inc. after Balance STAZE Clean Inc. Account Name Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Cost of Goods Sold (COGS) Depreciation Expense Equipment Financial Stock Investments Interest Expense Interest Income $1,500 5,000 0 4,800 150,000 10,000 40,000 18,000 0 24,000 15,500 300 50 Insurance Expense 900 Marketing Expense 5,000 Merchandise Inventory 4,000 Mortgage Payable (Current Portion) 18,000 Mortgage Payable (Long-Term) 80,000 Notes Payable (Current Portion) 3,000 1,800 Notes Receivable (Current Portion) 5,000 Patent Held 60,000 Retained Earnings 10,000 Salaries Expense 45,000 Sales 500 2.000 Sales Returns & Allowances Supplies Utilities Expense 350 This content is protected and may not be shared, uploaded, or distributed. Copyright Durham College and/or its licensors (2023). 7 F L 5 PART A: RECORD The following transactions and adjustments have not yet been recorded: Aug 29 Aug 30 Aug 31 Additional Merchandise Inventory was purchased for $10,000 on account, terms 2/10, n30. STAZE Clean sold product for $12,000 to a customer on account. terms n30. The calculated cost of this Inventory was $7,000. The Equipment was purchased on September 1, 2020, for a cost of $24,000. It has a useful life of 10 years and no salvage value. Depreciation has already been recorded for 2020/21 and 2021/22 but still needs to be calculated and recorded for 2022/23. Using the information above, record the transactions in the chart below. Use only account names currently available from the account listing provided. Date Account Name Change to Balance (+/-) Date Account Name Change to Balance (+/-) Date Account Name Change to Balance (+/-) Now that you have recorded the transactions update the account balances in the chart. If you do not use an account, the balance will remain unchanged. This content is protected and may not be shared, uploaded, or distributed. Copyright Durham College and/or its licensors (2023). 6