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full Accounting cycle ( adjustment journal entries, adjusted general ledger and adjusted trial balance ) During the first month of operations, the Banco Extrusion Inc,
full Accounting cycleadjustment journal entries, adjusted general ledger and adjusted trial balance 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 George Leblanc started the business by making a deposit into company bank account for $ in exchange for shares of $ par value common stock. Banco acquired a small machinist shop for $ cash which represented Computer $ Furniture, $ and Store equipment $ Received bank loan for $ annual interest. Payments are due on the last day of each month in the amount of $ Paid rent for the month quarter January to March in the amount of $ per month. Paid the premium on a year insurance policy, $ Purchased $ in office supplies Purchased inventory on account for $ HST Terms n Hired two fulltime staff members, Lan and Liz, both who earn $ a year and are paid biweekly with the first pay cheque being issued on January Use the online PODC to calculate net pay. Assume basic payroll deductions for Ontario. They work five days a week MonFri Record cash sales for the week in the amount of $ HST Cost of Goods Sold amounted to $ Purchased extrusion machine and equipment from Patel Inc. for $ Paid $ down and the balance was placed on account. Payments will be $ per month for months. The first payment is due Feb Note: Use accounts payable for the balance due. Ignore HST and interest. Record sales on account for the week in the amount of $ HST Cost of goods sold was $ Paid both Lan and Liz their biweekly pay. Calculate deductions for CPP EI and Ontario tax. Record employee portion only. Record cash sales for the week in the amount of $ HST Cost of Goods Sold amounted to $ Record sales on account for the week in the amount of $ HST Cost of goods sold was $ Paid accounts payable in full from January Record collection on outstanding accounts receivable for January in the amount of $ HST Purchased inventory on account in the amount of $ HST Paid loan payment of $ plus interest of $ Accrue wages payable to Lan and Liz as of Jan
The telephone bill for January was received on Feb th in the amount of $ HST
Office supplies on hand were counted as $ as of the end of the month.
The utility bill for Jan was received on Feb rd in the amount of $ignore HST
The company received a $ HST advertising bill on Feb th for work completed in Jan.
We estimate approximately of accounts receivable are uncollectible. Use the Allowance for Doubtful accounts AFDA method.
The company wants to record depreciation on a monthly basis using straightline depreciation.
Computer year useful life with no residual value
Furnitureyear useful life with $ residual value
Store equipment year useful life with $ residual value
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