During the first month of operations, the Banco Extrusion Inc, located in Ontario Canada, which specializes in auto component manufacturing completed the following transactions.

Date January $2023$

$1$ George Leblanc started the business by making a deposit into company bank account for $$35,000,$ in exchange for $3,500$ shares of $$10$ par value common stock.

$1$ Banco acquired a small machinist shop for $$25,000$ cash which represented$-$ Computer $-$ $$5,800,$ Furniture, $-$ $$6,500$ and Store equipment $$12,700.$

$2$ Received bank loan for $$100,000,6\%$ annual interest. Payments are due on the last day of each month in the amount of $$4,000.$

$2$ Paid rent for the $3-$month quarter January to March in the amount of $$3,000$ per month.

$2$ Paid the premium on a $1-$year insurance policy, $$5,000.$

$3$ Purchased $$800$ in office supplies

$5$ Purchased inventory on account for $$60,000+13\%$ HST$.$ Terms $2/10,$ n$30.$

$13$ Hired two full$-$time staff members, Lan and Liz, both who earn $$36,000$ a year and are paid bi$-$weekly with the first pay cheque being issued on January $27.$ Use the online PODC to calculate net pay. Assume basic payroll deductions for Ontario. They work five days a week $($Mon$-$Fri$).$

$17$ Record cash sales for the week in the amount of $$10,000+13\%$ HST$.$ Cost of Goods Sold amounted to $$5,500.$

$17$ Purchased extrusion machine and equipment from Patel Inc. for $$6,000.$ Paid $$1,500$ down and the balance was placed on account. Payments will be $$375\mathrm{.}00$ per month for $12$ months. The first payment is due Feb $1.$ Note: Use accounts payable for the balance due. Ignore HST and interest.

$17$ Record sales on account for the week in the amount of $$12,000+$ HST$.$ Cost of goods sold was $$8,000.$

$27$ Paid both Lan and Liz their bi$-$weekly pay. Calculate deductions for CPP$,$ EI and Ontario tax. Record employee portion only.

$24$ Record cash sales for the week in the amount of $$15,000+13\%$ HST$.$ Cost of Goods Sold amounted to $$10,000.$

$27$ Record sales on account for the week in the amount of $$15,000+$ HST$.$ Cost of goods sold was $$8000.$

$28$ Paid accounts payable in full from January $5.$

$30$ Record collection on outstanding accounts receivable for January in the amount of $$20,000+$ HST$.$

$30$ Purchased inventory on account in the amount of $$6,000+$ HST$.$

$30$ Paid loan payment of $$4,000$ plus interest of $$500.$