NEEDED ASAP! THANKS!
CHECK FIGURE: TOTAL SCHEDULE OF ACCOUNTS RECEIVABLE: $7,900
Year is 2022
P7-1C. Mary James owns Mary's Card House in Halifax. As her newly hired accountant, your task is to a. Journalize the following transactions for the month of March. b. Record in subsidiary ledgers and post to the general ledger as appropriate. c. Prepare a schedule of accounts receivable and a schedule of accounts payable at month-end. The following is the partial chart of accounts for Mary's Card House: Assets 1100 Cash 1200 Accounts Receivable 1300 Card Display Supplies 1450 Prepaid Rent 1500 Inventory 1620 Delivery Truck Revenue 4100 Card Sales 4120 Sales Returns and Allowances 4130 Sales Discounts Cost of Goods 5100 Cost of Goods Sold Liabilities 2100 Accounts Payable 2200 Bank Loan Payable Owner's Equity 3000 M. James, Capital Expenses 6100 Salaries Expense 6150 Cleaning Expense Mar. 1 Mary James invested $15,000 in the card store. 1 Paid three months' rent in advance to Harbour Realty, cheque No. 1001, $2,700. 1 Purchased merchandise from X-Card Company on account, $5,000. Invoice No. 710, dated March 1, terms 2/10, n/30. 2 Sold merchandise to Jas Investors on account, $1,800. Invoice No. 601, terms 2/10, n/30. Cost of merchandise was $1,350. 6 Sold merchandise to Paton Lee on account, $700. Invoice No. 602, terms 2/10, n/30. Cost of merchandise was $525. 8 Purchased merchandise from X-Card Company on account, $1,500. Invoice No. 716, dated March 7, terms 2/10, n/30. 9 Sold merchandise to Jas Investors on account, $900. Invoice No. 603, terms 2/10, n/30. Cost of merchandise was $675. 9 Paid Able Cleaning Service $360. Cheque No. 1002. 11 Paid X-Card Company invoice No. 710, dated March 1, cheque No. 1003, taking discount 12 Paton Lee returned merchandise that cost $300 to Mary's Card House. Mary issued credit memorandum No. 1 to Paton Lee for $300. Cost of inventory returned was $225. 12 Purchased merchandise from Kaelynn Imports on account, $4,000. Invoice No. 311, dated March 12, terms 1/15, n/60. 13 Arranged $20,000 bank loan with Royal Bank. Deposited today to the company's bank account. 14 Sold $1,300 worth of card merchandise for cash. Cost of inventory was $975. 15 Paid casual salaries, $600, cheque No. 1004. 15 Returned merchandise to Kaelynn Imports in the amount of $1,000. Mary's Card House issued debit memorandum No. 1 to Kaelynn Imports. 16 Sold card merchandise for cash, $4,000. Cost of inventory was $3,000. 16 Received payment from Paton Lee, invoice No. 602, (less returned merchandise), less discount 16 Jas Investors paid invoice No. 601, no discount. Mar. 16 Sold card supplies to Gayle Herbert on account, $4,000. Invoice No. 604, terms 2/10, n/30. Cost of inventory was $3,000. 19 Purchased used delivery truck on account from Halifax Auto, $14,000. Invoice No. 1471, dated March 19 (no discount terms). 22 Sold to Jas Investors card merchandise on account, $900. Invoice No. 605, terms 2/10, n/30. Cost of inventory was $675. 23 Paid Kaelynn Imports balance owed, cheque No. 1005, taking discount 23 Sold card merchandise on account to Gayle Herbert, $1,100. Invoice No. 606, terms 2/10, n/30. Cost of inventory was $825. 24 Purchased for cash, card display supplies from AMR Supplies, $600. Cheque No. 1006. 26 Purchased card merchandise from Benson and McIntyre on account, $4,800. Invoice No. 211, dated March 26, terms 2/10, n/30. 26 Jas Investors paid invoice No. 605, dated March 22, taking discount 27 Gayle Herbert paid invoice No. 606, dated March 23, taking discount 29 Purchased merchandise from X-Card Company, $1,400. Invoice No. 736, dated March 26, terms 2/10, n/30. 30 Paid half of the balance to Halifax Auto on their invoice No. 1471, cheque No. 1007. 31 Sold merchandise to Youville Company on account, $3,000. Invoice No. 607, terms 2/10, n/30. Cost of inventory was $2,250. Comprehensive review problem: all special journals and the general journal; schedules of accounts payable and accounts receivable ..0 (120 min)
