nstructions: Complete Exercise 17 on page 123. Follow instructions carefully. Complete this exercise in the Excel file Graded LP5.1 Assignment Refunds Discounts.xlsx

PRACTICE EXERCISE 17 (a)Set up a Cash Receipts Journal with headings as in Figure 7.4. (b)Set up a Cash Payments Journal with headings as in Figure 7.5. The first cheque number will be #70. (c)Record these transactions. Refunds on merchandise will be charged to Sales Returns & Allowances and Purchase Returns & Allowances. Invoice amounts include 5% GST (Alberta) unless otherwise stated. Any eligible discounts will be based on the pre-tax value. 20Nov. 4 Paid Natchke Fabrics for Invoice #367, $660.45 less 2% discount. 6 Paid Robinson Ltd. $419 for Invoice #112, which had terms of n/30. 8 Received payment from Sellers & Shaw on invoice #665, $1,900.50 less 3% discount. 8 Gave refund of $64.90 plus tax to a customer who returned damaged merchandise. 9 Received cheque from William Wight to cover Invoice #649, $372.75 less 3% discount. 12 Paid Walton Fixtures Ltd. for Invoice #9029, $302.40 less 1% discount. 14 Received refund for unwanted merchandise returned to supplier, $53 plus tax. 14 Received money order for $325.50 from Cambridge Auto Sales for balance owing on Invoice #683. Invoice had terms of n/45. 17 Customer returned merchandise sold to him last week. We refunded $71.40 plus tax, by cheque. 20 Issued cheque to The Stationery Store for Invoice #1012. Note: The invoice for $766.50 was dated November 2 and carried terms of 2/10, n/30. 24 Issued cheque to Dahl Services for Invoice #0039, $220.50 less 2% discount. 25 Received payment from Peter Seung for Invoice #694, $631.47 less 3% discount. 30 Received refund for the overcharge on an order of letterhead and envelopes for office, $40 plus tax. (d)Total, balance, and rule the journals as usual. (No posting is required.)