You are to do the following:

Assume it is Monday, May 1, 20XX, the first business day of the month, and you have just been hired as the accountant

for Grizz Co Enterprises, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Grizz Co uses a perpetual system to account

for inventory. The terms of all credit sales are 2/10, n/30. During your first month on the job, you record the following transactions:

May 1 Issued cheque # 3410 to A-Squared Management Co. in payment of the May rent.

Charge 80% of the rent to Rent Expense - Selling Space and the balance to

Rent Expense - Office Space. Total amount of the cheque is: $5,000.00

May 2 Issued cheque #3411 to City Water Co for water & sewer charges, total is: 375.00

May 2 Sold merchandise on credit to the Chinook Company, invoice 8785.

The total retail price for the merchandise is: $3,200.00

The wholesale cost of the merchandise is: $1,600.00

May 2 Issued a credit memorandum to Waterton, Inc. for defective merchandise sold on April 28 and returned to inventory for credit.

The memorandum was for the amount of: $400.00

The wholesale cost of the returned goods merchandise is: $200.00

May 3	Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning.
	The amount of the return was:	$2,500.00
May 4	Purchased the following items on credit from Taber Supply Co. with invoice dated May 4,
	terms n/10 EOM.
	- Merchandise for resale:	$12,500.00
	- Office Equipment:	$1,500.00
	- Office Supplies:	$500.00
May 5	Received payment from Waterton, Inc. from the sale of April 28.
May 8	Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29
	(terms of the purchase had been 2/10 n/30).
May 11	Received payment from Chinook Company for the May 2 sale.
May 12	Received a credit memorandum from Taber Supply Co. for defective office equipment received on May 10 and returned for credit. The amount of the return was:	$1,500.00
May 15	Recorded the cash sales for the first half of the month.
	The total retail price for the merchandise is:	$45,000.00
	The wholesale cost of the merchandise is:	$22,500.00
May 17	Received merchandise and an invoice dated May 14, terms 2/10, n/60, from The Kipp Corp. The amount of the invoice was:	$14,500.00
May 22	Sold merchandise to Coaldale Services, invoice 8786. Terms 2/10, n/60.
	The total retail price for the merchandise is:	$55,000.00
	The wholesale cost of the merchandise is:	$24,700.00

May 26 Issued cheque # 3413 to City Power in payment of the April electric bill.

The amount of the bill was: $700.00

May 29	The owner, Benny Kodiak, withdrew money from the business for personal use using cheque # 3414. The amount of the withdrawal was:	$7,500.00
May 30	Received payment from Coaldale Services for the May 22 sale.
May 30	Issued cheque # 3415 to Thumb-Tack Supply for photocopy paper	$95.00
May 30	Issued cheque # 3416, payable to Al's Delivery Services for the following transaction:
	- shipping cost for incoming merchandise	$145.00
May 31	Recorded the cash sales for the month.
	The total retail price for the merchandise is:	$66,000.00
	The wholesale cost of the merchandise is:	$33,000.00

Assume that you are using a perpetual inventory system.

Your instructor will set due dates and tell you what needs to be handed in.

You will need the working papers supplied with this document.

Required

Part 1

Enter the opening account balances in the ledger accounts provided

Enter the transactions in the general journal and post to the ledger accounts.

Prepare a trial balance and submit it to your instructor with your journals and ledgers

Opening balance Account Balances are as follows:

Acct #	Item	Dr.	Cr.
101	Cash	8,000.00
105a	A/R - Turin Corp	1,500.00
105b	A/R - Chinook Company	0.00
105c	A/R - Waterton Inc.	26,000.00
105d	A/R - Coaldale Services	0.00
107	Petty Cash	0.00
119	Merchandise Inventory	103,000.00
124	Office Supplies	1,500.00
125	Store Supplies	2,000.00
128	Prepaid Insurance	4,500.00
163	Office Equipment	23,470.00
164	Accumulated Amortization, Office Equip.		16,675.00
165	Store Equipment	42,530.00
166	Accumulated Amortization, Store Equip.		30,560.00
201a	A/P - Kipp Corp		0.00
201b	A/P - Windworks Inc		32,500.00
201c	A/P - Canola Products		35,000.00
201d	A/P - Taber Supply Co.		0.00
301	Benny Kodiak, Capital		97,765.00

$212,500 $212,500