here are two parts on the question. Part 1 During the first...

There are two parts on the question.

Part 1

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
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 $25,000 + 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.

Instructions:

• Post the Journal Entries for the transactions listed above
• Do General Ledger and Trial Balance based on the journal entries. Also, round to the nearest dollar.

Part 2

Adjustment transactions:

Accrue wages payable to Lan and Liz as of Jan 31.

The telephone bill for January was received on Feb 7th in the amount of $250 + HST.

Office supplies on hand were counted as $800 as of the end of the month.

The utility bill for Jan was received on Feb 3rd in the amount of $200 (ignore HST).

The company received a $2000 + HST advertising bill on Feb 13th for work completed in Jan.

We estimate approximately 2.5% of accounts receivable are uncollectible. Use the Allowance for Doubtful accounts (AFDA) method.

The company wants to record depreciation on a monthly basis using straight-line depreciation. .

• Computer - 3 year useful life with no residual value
• Furniture- 5 year useful life with $3,500 residual value
• Store equipment - 4 year useful life with $1,500 residual value

Hint: You must review the Journal Entries tab and the Trial Balance tab for additional information for adjusting entries.

Also note, that you should accrue HST on expenses that are accrued.

It is recommended that you review the scenario from Part I to help clarify, and then familiarize yourself with the remaining information provided below for the company titled Banco Extrusion Inc. All required information to complete the rest of Banco's bookkeeping using Excel is included. Produce the following:

• Using the same excel file that you had for part I. Here you are required to complete the remaining set of books for Banco Extrusion Inc.
• Post the adjustment journal entries for the following transactions listed above.
• Create an adjusted general ledger and adjusted trial balance based on the adjusted journal entries. Create new accounts in the trial balance as needed.
• month-end adjusted financial statement of the company- Income Statement, balance Sheet, and statement of retained earnings
• Use only the HST Payable account and HST paid on expenses account.
• Ignore decimal places. Round to the nearest dollar.
• Record all prepaid expenses to prepaid accounts.
• Provide a short description for each journal entry. Ignore HST unless otherwise explicitly stated.

. I will need help in this.