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 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, n30.

13 Hired two full-time staff members, Lan and Liz, both who earn $36,000 a year and are paid bi-weekly beginning Jan 24.. 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 $375.00 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.

24 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.

Required

General Ledger