You are the bookkeeper of ine Corner Dress sind have gathered the follow of mation. It is your task to complete the ac- counting cycle for March 2022. THE CORNER DRESS SHOP TRIAL BALANCE FEBRUARY 25, 20122 CH 077531 S000 3291 Account Tiles anul Descripcion Gashi Petty Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance GST rail Inventory Computer and Office Emm Ace Dep'n-Computer & Ottice Equpmen Computer Software Ace Depen --Compare Software Delivery Truck Acc. Dep'n Delivery Truck Accounts Payable Income Taxes Payable El Payable CPP Payable Medical Plan Payable Charitable Dance Payable GST Collected Rent Received in Advance Betty Lab, Capital Betty Loc, wdrawal Sales Cost of Good Sald Wages Ispanic CPP Expense El Espense Insurance Rent Expense Depinxpense Computer & Office Louipment Dup'ns Espense-Software Den Expense Deliver Track Account Expreme 1.800.00 1,000.00 43634 83090 300000 261 12 73900 61 58 12 000 00 34000 4788.99 11032 4079 3.10 30 11200 180.00 23 1365 60 000 4502880 7 30 000 99 565 05 19.0133 18 1 2000 SI 476.92 2000 1.800.00 261 12 61 58 34000 146000 118 929 10 118 929 10 --- Balances in subsidiary ledgers as of February 28: Balances in subsidiary ledgers as of February 28: Accounts Receivable Accounts Payable Ronald Co. $5,538.00 Blew Co. Sally's Store 2,753.85 Dresses by Shelley Silk Magic Includes 516 GST $2,543.77 1,510.22 73550 Payroll is paid monthly, and employee claim codes are unchanged. The payroll register for January and February is provided on pages 582-583. In Watch, salaries are as follows (all deductions are the same unless indicated): Mel Case $ 1,860 Assume all income taxes are calculated as 20% of gross wages. Jane Holl 2,900 For CPP and El assume 0.0495 and 0.0188, respec- tively. (Remember to include the calculation for CPP exemption of $3,500 per year.) Jackie Moore 4,300 Required a. Set up a general ledger, accounts receivable ledger, accounts payable ledger, aux- iliary petty cash record, and payroll register. (Before beginning, be sure to update the ledger accounts on the basis of information given in the trial balance for February 28.) b. Journalize all transactions during March, using the special journals discussed in the text. Assume this company uses the perpetual inventory method. The practice set can be completed using either method of accounting for inventory. If no specific method is indicated by your instructor, use the perpetual method. Assume the cost of all inventory is 75% of its selling price. c. Prepare the payroll register for March. d. Update the accounts payable and accounts receivable subsidiary ledgers for March e. Post to the general ledger. f. Prepare a trial balance on a worksheet and complete the worksheet as of March 31, 2022. g. Prepare an income statement, statement of owner's equity, and classified balance sheet. h. Journalize the adjusting and closing entries. i. Post the adjusting and closing entries to the ledger. j. Prepare a post-closing trial balance. The chart of accounts for The Corner Dress Shop is provided on the next page You are the bookkeeper of ine Corner Dress sind have gathered the follow of mation. It is your task to complete the ac- counting cycle for March 2022. THE CORNER DRESS SHOP TRIAL BALANCE FEBRUARY 25, 20122 CH 077531 S000 3291 Account Tiles anul Descripcion Gashi Petty Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance GST rail Inventory Computer and Office Emm Ace Dep'n-Computer & Ottice Equpmen Computer Software Ace Depen --Compare Software Delivery Truck Acc. Dep'n Delivery Truck Accounts Payable Income Taxes Payable El Payable CPP Payable Medical Plan Payable Charitable Dance Payable GST Collected Rent Received in Advance Betty Lab, Capital Betty Loc, wdrawal Sales Cost of Good Sald Wages Ispanic CPP Expense El Espense Insurance Rent Expense Depinxpense Computer & Office Louipment Dup'ns Espense-Software Den Expense Deliver Track Account Expreme 1.800.00 1,000.00 43634 83090 300000 261 12 73900 61 58 12 000 00 34000 4788.99 11032 4079 3.10 30 11200 180.00 23 1365 60 000 4502880 7 30 000 99 565 05 19.0133 18 1 2000 SI 476.92 2000 1.800.00 261 12 61 58 34000 146000 118 929 10 118 929 10 --- Balances in subsidiary ledgers as of February 28: Balances in subsidiary ledgers as of February 28: Accounts Receivable Accounts Payable Ronald Co. $5,538.00 Blew Co. Sally's Store 2,753.85 Dresses by Shelley Silk Magic Includes 516 GST $2,543.77 1,510.22 73550 Payroll is paid monthly, and employee claim codes are unchanged. The payroll register for January and February is provided on pages 582-583. In Watch, salaries are as follows (all deductions are the same unless indicated): Mel Case $ 1,860 Assume all income taxes are calculated as 20% of gross wages. Jane Holl 2,900 For CPP and El assume 0.0495 and 0.0188, respec- tively. (Remember to include the calculation for CPP exemption of $3,500 per year.) Jackie Moore 4,300 Required a. Set up a general ledger, accounts receivable ledger, accounts payable ledger, aux- iliary petty cash record, and payroll register. (Before beginning, be sure to update the ledger accounts on the basis of information given in the trial balance for February 28.) b. Journalize all transactions during March, using the special journals discussed in the text. Assume this company uses the perpetual inventory method. The practice set can be completed using either method of accounting for inventory. If no specific method is indicated by your instructor, use the perpetual method. Assume the cost of all inventory is 75% of its selling price. c. Prepare the payroll register for March. d. Update the accounts payable and accounts receivable subsidiary ledgers for March e. Post to the general ledger. f. Prepare a trial balance on a worksheet and complete the worksheet as of March 31, 2022. g. Prepare an income statement, statement of owner's equity, and classified balance sheet. h. Journalize the adjusting and closing entries. i. Post the adjusting and closing entries to the ledger. j. Prepare a post-closing trial balance. The chart of accounts for The Corner Dress Shop is provided on the next page