Corner Dress Shop The this Mini Practice Set will help you review all the key concepts of the accounting Loch took over the business now known as The Corner Dress Shop on January $1,2022.1$ evcle for a merchandising company, along with the integration of payroll. Betty purchased the business name and all assets except cash from her Aunt Marion, who had run it for over ten years. Certain liabilities were assumed by Betty's new busi$-$ information. It is your task to complete the accounting cycle for March $2022.$ You are the bookkeeper of The Corner Dress Shop and have gathered the follow$-$ Men of the deal. THE CORNER DRESS SHOP TRIAL BALANCE FEBRUARY $28,2022$ Account Titles and Description Cr$.$ Cash Perry Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance GST Prepaid Inventory Computer and Office Equipment Dr$.3077531500082918562430180000100000436348309005000002611273900615812000003400047889911088240879$ Acc. Dep'n$$Computer & Office Equipment Computer Software Acc. Dep'n$-$Computer Software Delivery Truck Acc. Dep'n$-$Delivery Truck Accounts Payable Income Taxes Payable EI Payable CPP Payable Medical Plan Payable Charitable Donations Payable GST Collected Rent Received in Advance Betty Loeb, Capital Betty Loeb, Withdrawals Sales Cost of Goods Sold Wages Expense $8103011200180002313656000048078807300005986505$ CPP Expense EI Expense Insurance Expense Rent Expense $1907338181200081030476922000018000026112$ Dep$$n Expense$$Computer & Office Equipment Dep'n Expense$-$Software Dep$$n Expense$-$Delivery Truck $6158$ Accounting Expense $340001460001189291011892910$ Balances in subsidiary ledgers as of February $28$: Accounts Receivable$*$ Ronald Co$.$ $$5,538\mathrm{.}00$ Sally's Store $2,753\mathrm{.}85$ Accounts Payable" Blew Co$.$ Dresses by Shelley Silk Magic $$2,543\mathrm{.}771,510,22735\mathrm{.}00$ "Includes $5\%$ GST$.$ Payroll is paid monthly, and employee claim codes are unchanged. The payroll register for January and February is provided on pages $582-583.$ In March, salaries are as follows $($all deductions are the same unless indicated$)$: Mel Case $ $1,860$ Assume all income taxes are calculated as $20\%$ of gross wages. For CPP and El assume $0\mathrm{.}0495$ and $0\mathrm{.}0188,$ respec$-$ tively. $($Remember to include the calculation for CPP exemption of $$3,500$ per year.$)2,900$ Jane Holl Jackie Moore $4,300$ Required a$.$ Set up a general ledger, accounts receivable ledger, accounts payable ledger, aux$-$ iliary petty cash record, and payroll register. $($Before beginning, be sure to update the ledger accounts on the basis of information given in the trial balance for February $28.)$ b$.$ Journalize all transactions during March, using the special journals discussed in the text. Assume this company uses the perpetual inventory method. The practice ser can be completed using either method of accounting for inventory. If no specific method is indicated by your instructor, use the perpetual method. Assume the cost of all inventory is $75\%$ of its selling price. c$.$ Prepare the payroll register for March. d$.$ Update the accounts payable and accounts receivable subsidiary ledgers for March e$.$ Post to the general ledger. f$.$ Prepare a trial balance on a worksheet and complete the worksheet as of March $31,2022.$ g$.$ Prepare an income statement, statement of owner's equity, and classified balance sheet. h$.$ Journalize the adjusting and closing entries. i$.$ Post the adjusting and closing entries to the ledger. j$.$ Prepare a post$-$closing trial balance. The chart of accounts for The Corner Dress Shop is provided on the next page Chart of Accounts Assets $1110$ Cash $1115$ Petty Cash $1120$ Accounts Receivable $1135$ Office Supplies $1140$ Prepaid Rent $1145$ Prepaid Insurance $1150$ HST Prepaid $1210$ Inventory $1330$ Computer and Office Equipment $1335$ Acc. Dep'n.$-$Computer & Office Equipment $1340$ Computer Software $1345$ Acc. Dep'n.$-$Computer Software $1350$ Delivery Truck $1355$ Acc. Dep'n.$-$Delivery Truck Liabilities $2100$ Accounts Payable $2200$ Accrued Wages $2330$ Income Taxes Payable $2335$ El Payable $2340$ CPP Payable $2350$ Medical Plan Payable $2360$ Charitable Donations Payable $2400$ HST Collected $2500$ Rent Received in Advance Owner's Equity $3110$ Betty Loeb, Capital $3120$ Betty Loeb, Withdrawals Revenue $4110$ Sales $4140$ Sales Discounts $4150$ Sales Returns & Allowances Cost of Goods Sold $5040$ Cost of Goods Sold $1.$ Expenses $5400$ Wages Expense $5430$ El Expense $5440$ CPP Expense $5500$ Postage Expense $5510$ Insurance Expense $5520$ Cleaning Expense $5530$ Rent Expense $5540$ Delivery Expense $5550$ Dep'n. Expense$-$Computer and Ofice Equipment $5560$ Dep'n. Expense$-$Software $5570$ Dep'n. Expense$-$Delivery Truck $5590$ Accounting Expense $5595$ Miscellaneous Expense $31.$