Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

P7-1C. Mary James owns Mary's Card House in Halifax. As her newly hired accountant, your task is to Journalize the following transactions for the month

image text in transcribed
image text in transcribed
image text in transcribed
P7-1C. Mary James owns Mary's Card House in Halifax. As her newly hired accountant, your task is to Journalize the following transactions for the month of March. Record in subsidiary ledgers and post to the general ledger as appropriate. 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 Revenue 1100 Cash 4100 Card Sales 1200 Accounts Receivable 4120 Sales Returns and Allowances 4130 Sales Discounts 1300 Card Display Supplies 1450 Prepaid Rent 1500 Inventory 1620 Delivery Truck Cost of Goods 5100 Cost of Goods Sold Liabilities 2100 Accounts Payable 2200 Bank Loan Payable Expenses 6100 Salaries Expense 6150 Cleaning Expense Owner's Equity 3000 M. James, Capital 2022 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 Tee on account 5700 Invoice 2022 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, 1/30. Cost of merchandise was $1,350. 6 Sold merchandise to Paton Lee on account, 5700. 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, 1/30. 9 Sold merchandise to Jas Investors on account, 5900. 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 Kaclynn Imports on account, $4,000. Invoice No 311, dared March 12, terms 1/15, 1/60 13 Arranged $20,000 bank loan with Royal Bank. Deposited today to 14 Sold S1,300 worth of card merchandise for cash. Cost of inventory was $975. 15 Paid casual salaries, 8600, 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 Kaclynn 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 Kaclynn 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, 54,800. Invoice No. 211, dated March 26, terms 2/10, n/30 26 Jas Investors paid invoice No.605, dated March 22, 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. 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions