Question
PLEASE DO IN THE FORMAT AS POSTED IN THE QUESTION Vanessa Lymm owns Vanessas Toy House, a toy shop located in Halifax. The HST rate
PLEASE DO IN THE FORMAT AS POSTED IN THE QUESTION
Vanessa Lymm owns Vanessas Toy House, a toy shop located in Halifax. The HST rate for this problem is to be calculated at 13%. Listed below are the transactions for the month of March. As the new accountant for Vanessas Toy House in Halifax your task is to:
a. Journalize the transactions for the month of March
b. Record in subsidiary ledgers and post to the general ledger as appropriate
c. Total, rule and cross-foot the journals
d. Prepare a schedule of accounts receivable and a schedule of accounts payable as of March 31, 2022
2022 MARCH
1 Vanessa invested $8,000 in the new toy store.
1 Purchased merchandise from Kevin Piller Company, invoice No. 410, dated March 1, terms 2/10, n/30; $6,000, plus HST
4 Sold merchandise to Jill Murton on account, $1,600, plus HST. Invoice No. 1, terms 2/10, n/30. Cost of Inventory $1,200.
6 Sold merchandise to Tim Hex on account, $800, plus HST. Invoice No. 2, terms 2/10, n/30. Cost of Inventory $600
7 Purchased merchandise from Kevin Piller Company, $800, plus HST. Invoice No. 415, dated March 7, terms 2/10, n/30.
9 Paid cleaning service, $400, plus HST, cheque No. 2.
10 Tim Hex returned merchandise (plus HST) to Vanessa. Vanessa issued credit memorandum No.1 to Jim Rex for $200, plus HST. Inventory was scratched.
10 Purchased merchandise from Mona Platz, $7,000, plus HST. Invoice No. 311, dated March 9, terms 1/15, n/60.
15 Returned merchandise to Mona Platz in the amount of $500, plus HST. Vanessa issued debit memorandum No.1 to Mona Platz.
15 Sold merchandise for cash, $4,800, plus HST. Cost of Inventory $3,600.
22 Paid Mona Platz balance owed, cheque No.5.
22 Sold toy merchandise on account to Sunny Mose, $2,000, plus HST. Invoice No. 6, terms 2/10, n/30. Cost of Inventory $1,500.
26 Sunny Mose paid Invoice No. 6, dated March 22
VANESSA'S TOY HOUSE | ||||||||
SALES JOURNAL | ||||||||
PAGE 4 | ||||||||
Date | Customer's Name | Invoice No. | Post Ref. | Accounts Receivable Dr. | HST Payable Cr. | Toy Sales Cr. | Cost of Goods Sold Dr. Inventory Cr. | |
CASH RECEIPTS JOURNAL | ||||||||||
PAGE 14 | ||||||||||
Date: | Cash Dr. | Accounts Receivable Cr. | Toy Sales Cr. | Cost of Goods Sold Dr. Inventory Cr. | HST Payable Cr. | Sales Discounts Dr. | Description of Receipt | Post Ref. | Sundry Account Cr. | |
PURCHASES JOURNAL |
Include all: sales Journal, Cash Receipts Journal, Purchases Journal, Cash Payment journal, General Journal, AR Subsidiary ledger, Schedule of AR, AP subsidiary ledger, Schedule of AP, and General Ledgers.
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