The corner dress shop mini practise set

The Corner Dress Shop This Mini Practice Set will help you review all the key concepts of the accounting I cycle for a merchandising company, along with the integration of payroll. Betty Loeb took over the business now known as The Corner Dress Shop on January 1, 2022. Betty purchased the business name and all assets except cash from her Aunt Marion, Mini ness as part of the deal. who had run it for over ten years. Certain liabilities were assumed by Betty's new busi- Practice Set You are the bookkeeper of The Corner Dress Shop and have gathered the follow- ing information. It is your task to complete the accounting cycle for March 2022. Estimated time 5 hours THE CORNER DRESS SHOP TRIAL BALANCE FEBRUARY 28, 2022 Account Titles and Description Cash Dr. Cr. Petty Cash 30 7 7 5 31 Accounts Receivable 5 0 00 Office Supplies 8 2 9 1 85 Prepaid Rent 6 2 4 30 Prepaid Insurance 1 8 0 0 00 GST Prepaid 1 0 0 0 00 4 3 6 34 Inventory 8 3 0 9 00 Computer and Office Equipment 5 0 0 0 00 Acc. Dep'n-Computer & Office Equipment 2 6 1 12 Computer Software 7 3 9 00 Acc. Dep'n-Computer Software 6 1 58 Delivery Truck 12 0 0 0 00 Acc. Dep'n-Delivery Truck 3 4 0 00 Accounts Payable 4 7 8 8 99 Income Taxes Payable 1 1 0 8 82 EI Payable 4 0 8 79 CPP Payable 8 1 0 30 Medical Plan Payable 1 1 2 00 Charitable Donations Payable 1 8 0 00 2 3 1 3 65 GST Collected 6 0 0 00 Rent Received in Advance 48 0 7 8 80 Betty Loeb, Capital 7 3 0 0 00 Betty Loeb, Withdrawals 59 8 6 5 05 Sales 19 0 7 3 38 Cost of Goods Sold 18 1 2 0 00 Wages Expense 8 1 0 30 CPP Expense 4 7 6 92 El Expense 2 0 0 00 Insurance Expense 1 8 0 0 00 Rent Expense 2 6 1 12 Dep'n Expense-Computer & Office Equipment 6 1 58 Dep'n Expense-Software 3 4 0 00 Dep'n Expense-Delivery Truck 1 4 6 0 00 118 9 2 9 10 118 9 2 9 10 Accounting Expense ACCOUNTING FOR BAD DE