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.