Make all entries in the appropriate Journals, Ledgers, and Trial Balance in the Practical Exam Answer Sheets provided. For this examination, you will need a calculator and some blank paper to make rough calculations of your work. This exam will test your knowledge on how a manual bookkeeping system works and how to use Journals, Ledgers, and other reports necessary to produce monthly financial statements. You will continue with the company, XY Consumer Products, for the month of March. The necessary Journals, selected General Ledger. Payroll Ledger, Accounts Receivable Ledger, and Accounts Payable Ledger sheets have been supplied for you, as well as a partially completed Trial Balance for the month ended March 31, 2003. Follow the instructions below to complete the Journals, Ledgers, and Trial Balance at March 31, 2003. (Please note that, because you are not being provided with a complete set of Accounts Payable and Accounts Receivable Ledger sheets for the Practical Exam, you will not be able to confirm that the Ledgers balance with their respective G/L control accounts.) Steps 1. The following sales on account occurred in March, 2003. Enter this information in the correct journal. XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Invoice No. 678 Sold To: Gerald Hemmings Customer No. GH0468 Ship To: same 45 Conway Drive Mount Bridges, ON NOL 1S0 Ship Via: UPS F.O.B. Date: March 11, 2003 Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 3 3 Pentium Notebooks $5,000.00 $15,000.00 Subtotal $15,000.00 PST 1,200.00 GST 1,050.00 Total $ 17,250.00 BN 12123 4698 RT Steps Sold To: Fred Milsom 321 Laurentian Cres. Date: Invoice No. 679 XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Sarnia, ON N7S 4W4 March 12, 2003 Customer No. FM4568 Ship To: same Ship Via: Purolator F.O.B. Terms: 2/10 n/30 Ordered Shipped Description Unit Price Amount 1 1 UJE Computer $1,380.00 $ 1,380.00 Subtotal $ 1,380.00 PST 110.40 GST 96.60 Total $ 1,587.00 BN 12123 4698 RT Invoice No. 680 Sold To: XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 Mark Mower 67 Dundas Street London, ON N6H 3Y8 Date: March 17, 2003 Ordered Shipped Description Customer No. MM0567 Ship To: same Ship Via: Pick up Terms: 2/10 n/30 Unit Price Amount 2 2 Cabinet-small $159.00 $318.00 Subtotal $318.00 PST 25.44 GST 22.26 Total $ 365.70 BN 12123 4698 RT Steps 2. The following purchases on account were made during March, 2003. Enter this information in the proper journal. Note: The first invoice is for the purchase of office supplies. The second invoice is for products that will be resold by XY Consumer Products and therefore are PST exempt. Vendor numbers are listed in Step 3. Office Products Inc. 740 Chestnut Street London, ON N6A 5C7 Date: 03/04/03 Invoice No. PO 99-29 Customer No. 6789-2 DATE QTY ITEMS SOLD TO: XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 BN 18795 4568 RT Terms 2/10 n/30 Mar. 03 PRICE TOTAL Office Supplies $2,297.54 $2,297.54 SUBTOTAL $2,297.54 PST 183.80 GST 160.83 TOTAL $2,642.17 Steps Johnston Computer Supplies 444 Oxford Road South Delaware, ON NOM 2J0 BN 15679 8764 RT SOLD TO: XY Consumer Products 687 Nottingham Park Drive London, ON N6A 4V8 TERMS Net 30 CUSTOMER NO. FFG567 DATE 03/19/03 INVOICE NO. 662143 DATE QTY ITEMS PRICE TOTAL Mar. 18 1 Gateway 700X $ 2,471.96 $ 2,471.96 Computer 1 Gateway Plasma Display system $3,126.95 $ 3,126.95 SUBTOTAL PST $ 5,598.91 GST TOTAL Exempt 391.92 $ 5,990.83 3. The following cash disbursements on account were made during March. Enter these disbursements in the proper journal. Date Check Vendor Amount of 2003 No. Vendor Name No. Check Mar. 10 1075 Johnston Computer Supplies JCS001 3,210.00 Mar. 28 1076 Office Products Inc. OPI001 2,318.62 4. The following cash was received during March for invoices from the previous month. Enter these receipts on account in the proper journal. Date 2003 Customer Name Customer Account Number Amount of Cash Received Mar. 14 Mark Mower MM0567 396.75 Mar. 25 Gerald Hemmings GH0468 28,750.00 5. Mark Mower paid Invoice Number 680 on March 26. Enter the receipt on account in the proper journal. Note: Be sure to record the Sales Discount. 6. Record the following employees' salaries in the Payroll Journal and the Payroll Ledger for the week ended March 7, 2003. Check No. Employee P825 Phil Arnett Ee. Gross No. Pay A001 493.24 FIT PIT CPP EI Health Care P826 Ken Rino A002 553.00 59.05 24.04 11.61 P827 Jean Trickett A003 488.00 46.90 17.50 20.82 10.25 25.70 10.15 21.08 10.36 22.20 12.00 12.00 12.00 7. Post the journal entries from steps 1 through 6 to the subsidiary ledgers. 8. Then, pay the employees on March 10, 2003 from the Cash Disbursements Journal. 9. Using March 31, 2003 as the journal entry date, enter the following items in the General Journal. Bank charges and interest Employer's Payroll Deductions Payment on Bank Loan $275.00 bank interest was automatically deducted from XY Consumer Products' bank account this month. Record XY Consumer Products' share of CPP and EI deductions based on the payroll in Step 7. (Calculate for only the one week of salary.) Calculation Note: El deductions are multiplied by 1.4 $2,500.00 from outstanding bank loans was automatically deducted from XY Consumer Products' bank account this month. 10. Add and balance all the journals. 11. Post the journals to the General Ledger (using March 31 as the entry date). Note: Only selected accounts from the ledgers are provided for you. 12. Complete the Trial Balance as at March 31, 2003 by filling in the shaded areas on the Trial Balance in the Answer Sheets section and balance the Trial Balance. Please check your work carefully. If your Trial Balance does not balance, you have made an error.