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Intelligent Toys, Inc (ITI) is a well establish toys trading company which adopts the periodic system. ITI prepares its financial statements on a monthly basis. The trial balance of ITI as at 29 February 2020 is presented as follows: Intelligent Toys, Inc Trial Balance As at 29 February 2020 Account Title Account No. Debit ($) Credit ($) 280,000 450,000 496,800 380,000 443,112 13,500 6,480,000 667,680 80,000 201 Accounts Payable 112 Accounts Receivable 152 Accumulated Depreciation - Building 154 Accumulated Depreciation - Equipment 156 Accumulated Depreciation - Motor Vehicle 113 Allowance for Doubtful Accounts 151 Building 101 Cash 291 Dividends Payable 153 Equipment 115 Interest Receivable 140 Long-term Investment 121 Merchandise Inventory 155 Motor Vehicle 114 Notes Receivable 131 Prepaid Insurance 320 Retained Earnings Salaries Payable 311 Share Capital - Ordinary $1 par value, 5,000,000 shares authorized, 4,000,000 shares issued and 3,985,000 shares outstanding 312 Share Capital - Preference 4%, $100 par value, noncumulative, 50,000 shares authorized, 40,000 shares issued and outstanding 313 Share Premium - Ordinary 314 Share Premium - Preference 315 Share Premium - Treasury 132 Supplies 330 Treasury Shares (15,000 shares) 660,000 96,000 500,000 650,000 555,000 1,800,000 12,000 1,384,808 70,200 241 4,000,000 4,000,000 560,000 200,000 6,000 6,240 37,500 11,914,420 11,914,420 Mar. 1(a) Purchased children laptop toys from Ambrose Limited, $93,000, terms 1/10, n/30, FOB shipping point. (b)The responsible party paid the freight charges of $400. The goods were collected by the shipping company on 1 March and arrived at ITI's warehouse on 4 March. 1(c) Sold 15,000 Treasury shares at $2 each. 1(d) Purchased 10% shareholding in Charlotte Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,000,000 as at 1 March. The purchase consideration included a $1,800,000 note receivable due from Charlotte Limited and the related interest receivable balance of $96,000, $94,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $80,000. 1(e) Sold remote control helicopters valued at $198,000 to Vincent Limited, a wholesaler, terms n/20, FOB destination. The appropriate party paid delivery charges of $500. The goods were shipped on 1 March and arrived at the warehouse of Vincent Limited on 3 March. 2 A 10% share dividend was declared when the market value per share was $2.1. 3 Cash is received from Vincent Limited for the remote-control helicopters shipped on 1 March and arrived at the warehouse of Vincent Limited on 3 March. 4 Sold kids ride on cars to Gavin Limited, $83,300, terms n/30, FOB shipping point. The appropriate party paid freight charges of $315. The goods were shipped on 4 March and arrived at the warehouse of Gavin Limited on 6 March. 5 The management determined that the amount due from a customer, Tommy Limited, $34,500 is uncollectible as the company has closed down. 6 Purchased supplies of $2,800 on account from Jimmy Printing and Stationery Limited. 7(a) Paid cash to acquired 20,000 shares of its own at $2.3 each. 7(b) Received credit memorandum of $1,200 from Ambrose Limited for goods purchased in March. 8 Granted Gavin Limited an allowance of $980 (original price) due to discrepancy in the color of the ride on cars. 9 Sold flying disc and toy swings to Action Limited, list price of $82,075 with a 20% trade discount, n/20, FOB shipping point. The responsible party paid freight-charges of $640. The shipping document showed that the goods arrived at the warehouse of Action Limited on 12 March. Mar. 10 Paid Ambrose Limited for the children laptop toys bought on 1 March and the amount of $140,000 on account for the purchase on 29 February. Purchases terms with Ambrose Limited in February was 2/10, n/30, FOB shipping point. 11 Paid $108,000 for salary up to 10th March (Tuesday). All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks. Employees are entitled to full pay on public holidays but not on Saturday and Sunday. 12 Received payments from Gavin Limited, for the March sales. 13 Acquired $100,000 toy musical instruments by signing a 90-day, 5% notes payable. 16 Queenie Company Limited, a customer, has financial difficulties and unable to pay the outstanding balance of $210,000. The company has a long-term relationship with Queenie, and agreed to accept a 12%, 60-day notes from the customer to settle the outstanding balance. 17 Share dividends were distributed. 21 Paid all dividends declared previously. 25 Received from Tom Limited, $120,000, as the prepayment for the leasing of part of the warehouse for one year from 1 April 2020 to 31 March 2021. 27 Delivered inflatable castle of $39,750 on consignment to Vincent Trading Limited. 28 Purchased $23,450 play mats from McMillan Company, FOB Destination, terms 1/10, n/45. The shipping document showed that the goods were received on 3rd April 2020. 29 A cash dividend was declared for preference shares and a cash dividend of $0.04 per share was declared for ordinary shares. 30 Received a check of $15,525 from the liquidator of Tony Limited. Tony Limited was closed down in December 2019 and the managing director of ITI authorized to write off $45,000, being the full amount outstanding in the accounts of Tony Limited, as of then. Date Account No. Dr/Cr Dr Amount $ Item 2 Mar 1 (a) Item1 Cr Mar 1 (b) Dr Item 3 Item5 Item 7 Item 4 Item 6 Item 8 Item 10 Cr *Mar 1 (C) Dr Item 9 Item11 Dr Item 12 Dr Item13 Item 14 Item15 Item 16 *Mar 1 (d) Cr Dr Long Term Investment Dr Item17 Item19 Item21 Item 18 Item 20 Item 22 Dr Cr Cr Item23 Item25 Item27 Cr Item 24 Item 26 Item 28 Item 30 Item 32 Cr Mar 1 (0) Dr Cr Item 34 Item29 Item31 Item33 Item35 Item37 Item39 *Mar 2 Dr Cr Cr Item 36 Item 38 Item 40 Mar 3 Dr Cr Mar 4 Dr Cr Dr Cr Mar 5 Item41 Item 43 Item45 Item47 Item49 Item51 Item53 Item55 Item57 Item59 Item61 Item63 Item 42 Item 44 Item 46 Item 48 Item 50 Item 52 Item 54 Item 56 Mar 6 Dr Cr Mar 7 (a) Dr Item 58 Cr Item 60 Mar 7 (b) Dr Item 62 Cr Item 64 Date Dr/Cr Account No. Amount $ Mar 8 Dr Item65 Item 66 Cr Item67 Item 68 Mar 9 Dr Item69 Item 70 Cr Item 71 Item 72 *Mar 10 Dr Item 73 Item 74 Cr Item 75 Item 76 Cr Item 77 Item 78 *Mar 11 Dr Item 79 Item 80 Dr Item 81 Item 82 Cr Item83 Item 84 Mar 12 Dr Item 85 Item 86 Cr Item87 Item 88 Mar 13 Dr Item 89 Item 90 Cr Item91 Item 92 Mar 16 Dr Item93 Item 94 Cr Item 95 Item 96 Mar 17 Dr Item 97 Item 98 Cr Item 99 Item 100 Mar 21 Dr Item 101 Item 102 Cr Item 103 Item 104 Mar 25 Dr Item 105 Item 106 Cr Item 107 Item 108 Mar 27 Dr Item 109 Item 110 Cr Item 111 Item 112 Mar 28 Dr Item 113 Item 114 Cr Item115 Item 116 Mar 29 Dr Item 117 Item 118 Cr Item 119 Item 120 Mar 30 Dr Item 121 Item 122 Cr Item123 Item 124 Dr Cash Item 125 Item 126 Cr Item 127 Item 128 Adjusting entries Date Dr/Cr Account No. Amount $ (a) Dr Item 129 Item 130 Cr Item131 Item 132 (b) Dr Item133 Item 134 Cr Item135 Item 136 (c)(i) Dr Item137 Item 138 Cr Item139 Item 140 (c)(ii) Dr Item141 Item 142 Cr Item143 Item 144 (c)(iii) Dr Item145 Item 146 Cr Item147 Item 148 (d) Dr Item149 Item 150 Cr Item151 Item 152 ( e) Dr Item153 Item 154 Cr Item155 Item 156 (f) Dr Item157 Item 158 Cr Item159 Item 160 Dr Item161 Item 162 Cr Item163 Item 164 (h) Dr Item165 Item 166 Cr Item167 Item 168 (i) Dr Item169 Item 170 Cr Item171 Item 172 The following information is available on 31 March 2020: (a) Electricity incurred for the month amounted to $4,800. (b) The employees receive a total salary of $27,000 for a five-day work week. All employees worked for the whole month of March. (c) (i)Building, (ii) equipment and (iii) motor vehicles are recorded at historical cost and their estimated useful lives are 50 years, 5 years and 5 years respectively. No residual value is expected for the building. The building was acquired on 1 May 2016. The company uses straight-line method for all buildings. All the equipment and motor vehicles are acquired on 1 January 2017. The company uses unit of activity method to depreciate equipment and the double-declining balance method to depreciate all motor vehicles. The company expects that the salvage value of the equipment and motor vehicles is 10 % of the purchase cost. The equipment is for packing and the total amount of packing for 5 years are estimated to be 594,000 units. The total packing in March amounted to 9,800 units. Annual depreciation is calculated for each year from 1 January to 31 December, monthly depreciation is equal to (annual depreciation / 12). (d) Physical count showed that $3,000 of supplies and (e) $698,000 of merchandise inventory remained on hand at 31 March 2020. (f) The prepaid insurance was paid in last December covering a 12-month general insurance from January to December, 2020. (g) Allowance for bad debt is estimated based on 10% of the closing accounts receivable balance due to dramatical down turn of the economy. (h) Recognize interest expense for the month. (i) Recognize interest revenue for the month