Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Liabilities 210 Accounts Payable 218 GST/HST Payable Owner's Equity 310 A. Ellen, Capital 2016 Mar 510 Toy Purchases 512 Purchases Returns and Allowances 514 Purchases
Liabilities 210 Accounts Payable 218 GST/HST Payable Owner's Equity 310 A. Ellen, Capital 2016 Mar 510 Toy Purchases 512 Purchases Returns and Allowances 514 Purchases Discounts Expenses 610 Salaries Expense 612 Cleaning Expense 1 Abby Ellen invested $10,000 in the toy store. 1 Paid three months' rent in advance, cheque No. 1, $3,000, plus GST. 1 Purchased merchandise from Earl Miller Company on account, $4,000, plus GST. Invoice No. 410, dated March 1, terms 2/10, n/30. 4 Sold merchandise to Bill Burton on account, $10, plus GST. Invoice No. 1, terms 2/10, n/30. 6 Sold merchandise to Jim Rex on account, $700, plus GST. Invoice No. 2, terms 2/10, n/30. 8 Purchased merchandise from Earl Miller Co. on account, $1,200, plus GST. Invoice No. 415, dated March 8, terms 2/10, n/30, 8 Sold merchandise to Bill Burton on account, $600, plus GST Invoice No. 3, terms 2/10, n/30. 11 Paid cleaning service $300, plus GST. Cheque No. 2. 11 Paid Earl Miller Co. invoice No. 410, dated March 1, cheque No. 3. 12 Jim Rex returned merchandise that cost $300 (before GST) to Abby's Toy House. Abby issued credit memorandum No. 1 to Jim Rex for $300, plus GST. 12 Purchased merchandise from Minnie Katz on account, $4,000, plus GST. Invoice No. 311, dated March 12, terms 1/15, n/60. 13 Sold $1,300 (plus GST) worth of toy merchandise for cash. 15 Paid salaries, $600, cheque No. 4. 15 Returned merchandise to Minnie Katz in the amount of $1,000, plus GST. Abby's Toy House issued debit memo- randum No. 1 to Minnie Katz. 15 Sold merchandise for cash, $4,000, plus GST. 15 Received payment from Jim Rex, invoice No. 2 (less returned merchandise), less discount. 18 Bill Burton paid invoice No. 1. 18 Sold toy merchandise to Amy Rose on account, $4,000, plus GST. Invoice No. 4, terms 2/10, n/30
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started