Using Sage 50 Accounting software or normal journal entries:
You should record or post the following transactions in date order. (Double-entry accounting) 1. Enter transactions for March 2024. All sales to customers (except Retail and credit card sales) are with terms 2/10, n30. All vendor invoices are with terms 2/10, n30 unless otherwise informed. HST on sales and purchases is 13%, and is added where applicable. New customers will be given a credit limit, but no terms. Terms will be negotiated when future sales are made. (23 marks) 2. Put (1 mark) a. Your 123abc, after the company name. b. Your 123abc in the equity section after the Capital and Drawings accounts 3. DO NOT ADD NEW ACCOUNTS UNLESS SPECIFICALLY INSTRUCTED TO DO SO. Mar Retail sale to new customer, 123abc, 903 Centre Street North, Brampton, Ontario, L6V 8R2, 10 Office Ergonomic chairs, code OE-01, at $700.00 each, plus HST on Invoice #6581. The manager allowed a 13% senior's discount. Paid by Cheque #318. Set up as a new customer with a $7,500.00 credit limit and no terms. Invoice total $6,881.70 Received cheque # 205 for $1,443.00, from Mert's Coffee Shops, in full payment of Invoice #4641 Issued cheque #812 to Wood Products of Canada for $2,664.00, Invoice #36124 A new customer, Andrew Scheer, (510 Main Street, Brampton, Ontario, L8B 8S3) ordered 10 Office Ergonomic chairs, code OE-01, at $700.00 each, plus HST, terms 2/10, net 30, to be delivered Mar 13. Credit limit $8,500.00. Sales Order #100 was issued and a $3,164.00 cheque #1811 was received as a deposit. Sales order total $7,910.00 Ordered on next Purchase Order # 100, 45 reception chairs, code RC-01, at $17.00 each, plus HST, from Wood Products of Canada, terms 2/10, net 30. Delivery date of March 12. Purchase Order total $864.45 Mar 2 Mar 3 Mar 3 Mar 4 Mar 5 Received a Bank Debit Memo advising the bank had deposited $35,000 in the company's bank account today. The bank loan is to be used to purchase new inventory. Issued cheque #813 for $1,050.00, plus HST, to Square Mall for rent for March Mar 6 Mar 7 Sold on invoice #6582, to Mert's Coffee Shops, 15 Chair Floor Mats, code CFM-01, at $50.00 each, plus HST, regular terms. Invoice total $847.50. Bank advised that 123abc's Cheque # 318 from March 1 for $6,881.70 for Invoice #6581, was returned NSF. Chairs has decided to start charging a $18.30 handling fee for each NSF. You will need to create a new account #4150, Handling Fees; Type: G; Class Option: Revenue. Mar 8 Mar 12 Forty of the chairs ordered on P.O. #100 from March 4 arrived with invoice #835 dated today, with a note from the shipping department of Wood Products of Canada, that five chairs are back ordered for 15 days. Invoice total $768.40 Two of the office chairs ordered on Sales Order #1 arrived and were picked up Andrew Scheer. Eight chairs back ordered until Mar 28th. Invoice #6583 total $1,582.00. Received phone call from Square Mall reminding that rent had increased to $1,100.00 from $1,050.00. Issued new Cheque #814 for $1,100.00 to replace Cheque #813 from March 6 Mar 13 Mar 13 Mar 15 Purchased 1 lot of various store supplies $1,500.00, plus HST, from Paper Place Inc. on invoice #7512. Terms 2/10, net 30. Invoice total $1,695.00 Paid Chq #815 for $500.00 to the owner, 123abc, as a first draw for March. Mar 17 Issued cheque to pay Receiver General the HST owing at the end of February Mar 18 Mar 20 Returned 17 of the chairs from Wood Products of Canada, code RC-01, Invoice #835 as the seat parts were cracked and could not be used. The chairs were accepted for return Andrew Scheer returned 1 Office Ergonomic Chairs, code OE-01. Return was accepted, and credit note referring to the original invoice #6583 was sent to the customer. Issued cheque #817 to Wood Products for $434.01 for Invoice #835 less the return. Received cheque # 225 for $847.50, from Mert's Coffee Shops, in full payment of Invoice #6582 Mar 21 Mar 22 Mar 23 Mar 25 Issued next cheque #818 to Paper Place to pay for goods purchased on March 15 invoice #7512. Mar 26 The manager advised that she used the business Universal credit card to purchase $855.00, plus HST, on invoice #838, for miscellaneous repair parts for store equipment from Avery Parts. Charge "Other Expenses" for this purchase. Invoice total $966.15 A local service club ordered 550 Stacking Chairs, code SC-02. Delivery date April 25 Issued Purchase Order #101 to Wood Products of Canada for these stacking chairs at $14.50 each, plus HST. Wood Products requires a 35% prepayment. Issued cheque #819 for $3,154.13. Regular terms. Purchase order total $9,011.75 Mar 27 Submit the following printouts, as PDF files, for the end of March, through Blackboard, under Assignments, Chapter 3 Out-of-Class Assignment (1 mark) a. Trial Balance b. All Journal Entries, with corrections c. All Journal Entries, without corrections d. General Journal Entries, with corrections. You should record or post the following transactions in date order. (Double-entry accounting) 1. Enter transactions for March 2024. All sales to customers (except Retail and credit card sales) are with terms 2/10, n30. All vendor invoices are with terms 2/10, n30 unless otherwise informed. HST on sales and purchases is 13%, and is added where applicable. New customers will be given a credit limit, but no terms. Terms will be negotiated when future sales are made. (23 marks) 2. Put (1 mark) a. Your 123abc, after the company name. b. Your 123abc in the equity section after the Capital and Drawings accounts 3. DO NOT ADD NEW ACCOUNTS UNLESS SPECIFICALLY INSTRUCTED TO DO SO. Mar Retail sale to new customer, 123abc, 903 Centre Street North, Brampton, Ontario, L6V 8R2, 10 Office Ergonomic chairs, code OE-01, at $700.00 each, plus HST on Invoice #6581. The manager allowed a 13% senior's discount. Paid by Cheque #318. Set up as a new customer with a $7,500.00 credit limit and no terms. Invoice total $6,881.70 Received cheque # 205 for $1,443.00, from Mert's Coffee Shops, in full payment of Invoice #4641 Issued cheque #812 to Wood Products of Canada for $2,664.00, Invoice #36124 A new customer, Andrew Scheer, (510 Main Street, Brampton, Ontario, L8B 8S3) ordered 10 Office Ergonomic chairs, code OE-01, at $700.00 each, plus HST, terms 2/10, net 30, to be delivered Mar 13. Credit limit $8,500.00. Sales Order #100 was issued and a $3,164.00 cheque #1811 was received as a deposit. Sales order total $7,910.00 Ordered on next Purchase Order # 100, 45 reception chairs, code RC-01, at $17.00 each, plus HST, from Wood Products of Canada, terms 2/10, net 30. Delivery date of March 12. Purchase Order total $864.45 Mar 2 Mar 3 Mar 3 Mar 4 Mar 5 Received a Bank Debit Memo advising the bank had deposited $35,000 in the company's bank account today. The bank loan is to be used to purchase new inventory. Issued cheque #813 for $1,050.00, plus HST, to Square Mall for rent for March Mar 6 Mar 7 Sold on invoice #6582, to Mert's Coffee Shops, 15 Chair Floor Mats, code CFM-01, at $50.00 each, plus HST, regular terms. Invoice total $847.50. Bank advised that 123abc's Cheque # 318 from March 1 for $6,881.70 for Invoice #6581, was returned NSF. Chairs has decided to start charging a $18.30 handling fee for each NSF. You will need to create a new account #4150, Handling Fees; Type: G; Class Option: Revenue. Mar 8 Mar 12 Forty of the chairs ordered on P.O. #100 from March 4 arrived with invoice #835 dated today, with a note from the shipping department of Wood Products of Canada, that five chairs are back ordered for 15 days. Invoice total $768.40 Two of the office chairs ordered on Sales Order #1 arrived and were picked up Andrew Scheer. Eight chairs back ordered until Mar 28th. Invoice #6583 total $1,582.00. Received phone call from Square Mall reminding that rent had increased to $1,100.00 from $1,050.00. Issued new Cheque #814 for $1,100.00 to replace Cheque #813 from March 6 Mar 13 Mar 13 Mar 15 Purchased 1 lot of various store supplies $1,500.00, plus HST, from Paper Place Inc. on invoice #7512. Terms 2/10, net 30. Invoice total $1,695.00 Paid Chq #815 for $500.00 to the owner, 123abc, as a first draw for March. Mar 17 Issued cheque to pay Receiver General the HST owing at the end of February Mar 18 Mar 20 Returned 17 of the chairs from Wood Products of Canada, code RC-01, Invoice #835 as the seat parts were cracked and could not be used. The chairs were accepted for return Andrew Scheer returned 1 Office Ergonomic Chairs, code OE-01. Return was accepted, and credit note referring to the original invoice #6583 was sent to the customer. Issued cheque #817 to Wood Products for $434.01 for Invoice #835 less the return. Received cheque # 225 for $847.50, from Mert's Coffee Shops, in full payment of Invoice #6582 Mar 21 Mar 22 Mar 23 Mar 25 Issued next cheque #818 to Paper Place to pay for goods purchased on March 15 invoice #7512. Mar 26 The manager advised that she used the business Universal credit card to purchase $855.00, plus HST, on invoice #838, for miscellaneous repair parts for store equipment from Avery Parts. Charge "Other Expenses" for this purchase. Invoice total $966.15 A local service club ordered 550 Stacking Chairs, code SC-02. Delivery date April 25 Issued Purchase Order #101 to Wood Products of Canada for these stacking chairs at $14.50 each, plus HST. Wood Products requires a 35% prepayment. Issued cheque #819 for $3,154.13. Regular terms. Purchase order total $9,011.75 Mar 27 Submit the following printouts, as PDF files, for the end of March, through Blackboard, under Assignments, Chapter 3 Out-of-Class Assignment (1 mark) a. Trial Balance b. All Journal Entries, with corrections c. All Journal Entries, without corrections d. General Journal Entries, with corrections
