JOURNAL	Aomunts in $
DATE	ACCOUNTS TITLE	DEBIT	CREDIT
March	purchases account Dr	93000
1	To Ambross Limited		93000
[a]	[purchases1/10,n/30]
[b]	cash account Dr	400
	to carriage inward		400
	[paid carrige inward]
[c]	cash account Dr	30000
	To treasury shares		30000
	[ teasuary shares re issued]
[d]	shares ofcharlote limited	2006128
	to Note receivable		1800000
	to interest receivable		96000
	to cash		94000
	to motor vehicle ***		16128
	[10% shares of chalote limited purchased .]
[e]	Vincent limited a/c Dr	298000
	to sales		298000
	[ sales @n/20]
2	Divident a/c Dr	400000
	To Divident payable		400000
	[ 10% of 4000000]
3	cash a/c Dr.	298000
	to Vincent limited		298000
	[ receved for sales on account]
4	Garvin limited Dr	83300
	to sales		83000
	[sales n/30]
5	bad debts a/c Dr.	34500
	to allowances for doubtfo\ul a/c		34500
	[ due from Tommy limited turned
	to baddebts]
6	Printing and stationery a/c Dr.	3900
	to jimmy printing and stationery limited		3900
	[stationery purchased on account]
7	treasury stock a/c Dr	46000
	to cash		46000
	[ buy back 20000sahres @2.3]
8	discount a/c Dr	980
	to garvin limited		980
	[allowance granted for colour fade in toycar]
9	Action limited a/c Dr	65660
	to sales		65660
	[sales on account n/20 with 20 % trade
	discount]

Journalize the transactions

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 28 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.

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 No. Account Title 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 241 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 4,000,000 4,000,000 560,000 200,000 6.000 6,240 37,500 11,914,420 11,914.420