DITO Shopee owned by Graham Smith, is a freestyle clothing retaller. You were hired to account the transactions and report the status of the business. They use the perpetual inventory system and use the weighted average method to determine value for the inventory. Its balance sheet as at January 31, 2021, is presented below.

Transactions:

General Journal:

need help with 1)General ledger and 2)Inventory Valuation

1)

2)

Paste BI U v a. Av == = Open recovered workbooks? Your recent changes were saved. Do you want to continue worki F20 E F G H B D 10 DITO Shoppee 11 Classified Balance Sheet 12 As at January 31, 2021 13 Assets 14 Cash $32 400 15 Accounts Receivable 16 820 16 Merchandise Inventory 37 200 17 Prepaid Insurance 3 200 18 Total Current Assets 19 Long-Term Assets 20 Equipment 145 000 21 Accumulated Depreciation -40 000 22 Total Assets 89 620 105.000 $194 620 23 24 Liabilities 25 Current Liabilities 26 Accounts Payable $13 100 27 Unearned Revenue $9 200 28 Salaries Payable $3 400 29 Current Portion of Bank Loan 10 560 30 Total Current Liabilities $36 260 31 Non-Current Labilities 32 Non-Current Portion of Bank Loan 19.440 33 Total Liabilities $55 700 34 35 Shareholders' Equity 36 Common Shares 72 000 37 Retained Earnings 66 920 38 Total Shareholders' Equity 138 920 39 Total Liabilities & Equity $194 620 40 50 The bank loan has an annual interest rate of 8% and has monthly principal payment of $880, 51 #VALUE! 52 Case Introduction Transactions General Journal General Ledger Inver 0 Feb 7 A B D E F G H Transactions for the month of February 900 28 2314 1120 5 Feb 1 Paid rent for February amounting to $520, Cheque #2314 Feb 1 DITO Shoppee decided to establish a petty cash fund for the office. A cheque #2315 of $500 was issued 5 and cashed. Purchased merchandise from Canadian Polo Inc. on account, invoice #425; 800 units at $25 each. Terms Feb 5 of the purchase were 4/10, net 30, FOB Destination. The seller paid the shipping cost amounting to $55. 3 Update the inventory table after each purchase. Sold mechandise to Lee, 750 units at $95 each with invoice #1120. The invoice terms were 3/10, net 30, FOB Destination. DITO Shoppee paid the $40 to ship the goods to Lee. They used petty cash fund to pay. 1 Update the inventory table after each sale. 2 Some of goods purchased from Canadian Polo Inc. was defective. Canadian Polo Inc. agreed to a 30% Feb 9 3 allowance on the total purchased. 4 Feb 12 Paid total liability with a cheque #2316 to Canadian Polo Inc. for the February 6 purchased. 5 6 Feb 17 Lee paid invoice #1120 on time and took advantage of the early payment discount. 7 18 Feb 18 Bought inventory from Coleman with cheque #2317,900 units at $28 per unit. 19 Sold 200 units at $90 each with invoice #1121 to Guess. The invoice term 3/10, net 30, FOB shipping Feb 20 20 point 21 Feb 20 Received $1000, from Prinsted Shirt Inc for a sale on account last month. 22 The remaining balance of the petty cash account was $245. Total expenses incurred using the petty cash 23 Feb 25 fund this month amounting to $250. In this amount, it includes the shipping cost incurred on Feb 7 and 24 the other costs are for the office supplies expense. Prepare the entry to replenish the petty cash fund 25 with Chq#2318 26 27 Prepared the payroll for February to be paid on March 5. Gross pay is $12300, CPP is $627. El is $231, Feb 28 and income tax is $2460, The employer matches CPP contributions and pays 1.4 times the El 28 deduction. Use the general journal to record this. The cheque will be prepared later. 29 30 Feb 28 Made monthly bank loan payment of $1080, which includes $880, principal and $200, interest. 31 32 33 Record the transactions above in the general journal. 34 2 DITO Shoppee Journal Entries for the month of February 2021 Date Feb 1 Particulars Rent Expenses Cash Debit (5) Credit (5) 520 520 Feb 1 500 Petty Cash Fund Cash 500 Feb 5 Salary Payable Cash 3400 3400 Feb 5 20000 20000 Inventory Accounts Payable (Purchase merchandise inventory from Canadian Polo Inc Invoice #425, 800 units @ $25 each) Feb 7 71250 Accounts Receivable Credit Sales 71250 Feb 7 18750 18750 Cost of Goods Sold Inventory (Cost of goods sold for the sales to Lee, assuming Last in Last out method 750 Units @ $25 each) Feb 9 6000 Accounts Payable Inventory 6000 (Allowance of 30% for defective merchandise inventory from Canadian Polo Inc. Invoice #425, 800 units @ $25 each) 14000 Feb 12 Accounts Payable Cash Discount Cash 560 13440 Feb 17 Cash Cash Discount Accounts Receivable 16613 2138 18750 25200 25200 Feb 18 Inventory Cash (Purchase merchandise inventory from Coleman Cheque #2317, 900 Units @ $28 each) 18000 18000 Feb 20 Accounts Receivable Credit Sales (Sale of merchandise inventory to Guess Invoice #1121, 200 Units @ $90 each) 5600 5600 Feb 20 Cost of Goods Sold Inventory (Cost of goods sold for the sales to Lee, assuming Last in Last out method, 200 Units @ $28 each) 1000 Feb 20 Cash Accounts Receivable 1000 (Collection received from Prinsted Shirt Inc.) Feb 25 Freight out Expense Office supplies Expense Cash Short and over Petty Cash Fund (Accounting of various payments through petty cash fund) 40 210 5 255 255 Feb 25 Petty Cash Fund Cash (Replenish of petty cash fund Cheque #2318) 255 13158 Feb 28 Salary Expense Salary Payable Accounts Payable (Income Tax) Accounts Payable (CPP Contributions) Accounts Payable (El Contributions) (Accounting of February month payroll) 9748 2460 627 323 Feb 28 Bank Loan - Current Portion Interest Expense Cash 880 200 1080 aste V a. Av Merge & Centre Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you x B D E F G General Ledger Accounts Account: Cash Date Description Opening Balance Rent Expense PR DR CR GL No: 101 Balance (DR or CR) 32 400,00 DR Petty Cash Petty Cash Description Opening Balance PR DR 3 4 5 6 Account: 7 Date 8 9 30 21 22 CR GL No: 105 Balance (DR or CR) 0,00 DR DR CR GL No: 110 Balance (DR or CR) 16 820,00 DR 23 Account: Accounts Receivable 24 Date Description PR 25 Opening Balance 26 27 28 29 30 Case Introduction Transactions Ready General Journal General Ledger Inventory Valuatic Ax & fx A B D E F G Account: Date Merchandise Inventory Description PR Opening Balance DR CR GL No: 120 Balance (DR or CR) 37 200,00 DR DR CR GL No: 125 Balance (DR or CR) 3 200,00 DR B Account: Prepaid Insurance 1 Date Description PR 5 Opening Balance 6 7 8 9 -0 51 Account: Equipment 52 Date Description PR 53 Opening Balance 54 55 56 57 Account: Accumulated Depreciation 58 Date Description PR 59 Opening Balance 60 61 DR CR GL No: 140 Balance (DR or CR) 145 000,00 DR 145 DR CR GL No: Balance (DR or CR) 40 000,00 CR Caso Introduction Transactions General Journal General Ledger Inven Ready Paste BIU ali IE 19 > Open recovered workbooks? Your recent changes were saved. Do you want to continue working ex fx B D E F G Account: Date Accounts Payable Description Opening Balance PR DR CR GL No: 200 Balance (DR or CR) 13 100,00 CR Account: Date Interest Payable Description Opening Balance PR DR CR GL No: 205 Balance (DR or CR) 0,00 CR 2 3 CPP Payable Description Opening Balance PR DR 5 Account: 7 Date 8 9 0 CR GL No: 220 Balance (DR or CR) 0,00 CR PR DR CR GL No: 225 Balance (DR or CR) 0,00 CR 1 52 Account: El Payable 3 Date Description 34 Opening Balance 35 36 37 88 Account: Income Tax Payable 89 Date Description 90 Opening Balance 91 92 Case Introduction PR DR CR GL No: 230 Balance (DR or CR) 0,00 CR Transactions General Journal General Ledger Inve A B D E F G Account: Date Salaries Payable Description Opening Balance PR DR CR GL No: 235 Balance (DR or CR) 3 400,00 CR Account: Date Unearned Revenue Description Opening Balance PR DR CR GL No: 240 Balance (DR or CR) 9 200,00 CR Account: Date Bank Loan Description Opening Balance PR DR CR GL No: 245 Balance (DR or CR) 30 000,00 CR Account: Date Common Shares Description Opening Balance PR DR CR GL No: 300 Balance (DR or CR) 72 000,00 CR Account: Date Retained Earnings Description Opening Balance PR DR CR GL No: 305 Balance (DR or CR) 66 920,00 CR 2 Account: Date Sales Revenue Description GL No: 400 Balance (DR or CR) PR DR CR 4 5 Case Introduction Transactions General Journal General Ledger Invent A B C D E F G Account: Sales Discounts Description GL No: 405 Balance (DR or CR) Date PR DR CR Account: Date Sales Returns and Allowances Description PR GL No: 410 Balance (DR or CR) DR CR 3 Account: Interest Revenue Description GL No: 420 Balance (DR or CR) Date PR DR CR 3 4 Cost of Goods Sold Description GL No: 500 Balance (DR or CR) PR DR CR 6 Account: 7 Date 8 19 50 51 52 53 54 Account: 55 Date 56 57 58 Employee Benefits Expense Description PR DR GL No: 510 Balance (DR or CR) CR Case Introduction Transactions General Journal General Ledger Inve Open recovered workbooks? Your recent changes were saved. Do you want to continue work A x V fx 7 A B C D E F G 5 2 Account: 1 Depreciation Expense Description Date PR DR GL No: 515 Balance (DR or CR) CR 2 3 GL No: 520 Balance (DR or CR) DR CR GL No: 525 Balance (DR or CR) DR CR DR 4 5 Account: Insurance Expense 6 Date Description PR 7 8 9 0 Account: Interest Expense 1 Date Description PR 2 3 4 *5 Account: Office Supplies Expense 76 Date Description PR 17 978 79 BO Account: Rent Expense B1 Date Description PR 82 83 84 85 Account: Salaries Expense 86 Date Description PR 87 88 89 190 GL No: 530 Balance (DR or CR) CR GL No: 535 Balance (DR or CR) DR CR DR GL No: 540 Balance (DR or CR) CR Case Introduction Transactions General Journal General Ledger Inve Calibri (Body) 11 - A A General 2 Wrap Text Merge & Centre BIU a. Av pen recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? x fx B D E F G Account: Date Bank Charges Expense Description GL No: 545 Balance (DR or CR) PR DR CR Account: Date Entertainment Expense Description GL No: 555 Balance (DR or CR) PR DR CR Account: Date Shipping Expense Description GL No: 560 Balance (DR or CR) PR DR CR Account: Date Cash Over and Short Description GL No: 565 Balance (DR or CR) PR DR CR Case Introduction Transactions General Journal General Ledger Inventory Valuation Bank Recor Ready Vanbri body 29 Wrap Text Ib General Paste BIY a. Av Merge & Centre 35% Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? A1 fx Use this chart to keep track of inventory values B D E F G H 1 3 1 Use this chat to keep track of inventory values 2 Purchases Date Sales Balance 3 Quantity Unit Cost Value Quantity Unit Cost Value Quantity Unit Cost Value 4 1 200 31,00 37 200,00 5 6 7 8 9 10 11 12 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Case Introduction Transactions General Journal General Ledger Ready Inventory Valuation Bank Reconciliat