Journalize the following information for Maple Leaf Rags,

Journalize the following information for Maple Leaf Rags, which is a small, company located in Nanaimo British Columbia.

• All questions unless otherwise indicated are worth five marks. Journal entries must be must entirely correct to be awarded the marks

• Any prepayments (i.e. deposits) must be applied against the first invoice paid

• Any purchase made on credit means “pay later”

• You are responsible for making certain the default account is the correct account

Use July 15, 2020 as your session date.

Insert your name so it appears on your printouts. (Set up, Settings – Company Information) NOTE: If not completed your test will not be graded

1. Change account #1040 (Bank: Chequing Account) to include your initials at the end of this account’s name (1 mark)

2. Create a new supplier called Red River Company. Terms are 2/10, n/30 (2 marks)

3. Create a new customer Sarah Khan, terms are net 30 and the credit limit is $5000 (3 marks).

4. Sales Invoice 593, dated July 10, 2020 to Sarah Khan. Sale of CD’s for $1000 plus 5% GST and 7% PST. Terms are Net 30.

5. Purchase Invoice 1993, dated July 10 from Grandeur Graphics for advertising for $500 plus 5% GST. The purchase was made on credit.

6. On July 10 Sarah Khan bought books on credit for $3000 plus 5% GST and freight of $100 plus 5% GST and 7% PST, Invoice #594.

7. Sales Invoice #595, dated July 11 to R. Fitch (use full add), terms net 30. Sale of CD’s of $1500 plus the 5% GST and 7% PST on credit.

8. From Sarah Khan cheque # 125 for a deposit of $500, dated July 11 (to be applied against next payment by this vendor).

9. Visa Credit Card Invoice 596, (One Time Customers) CD Sales, dated July 12.

– Sale to PEI customers 100 plus 13% HST

– Sale to Nova Scotia customers 200 plus 15% HST

– Sale to other customers 2000 plus 5% GST

– Shipping 100 plus 5% GST and 7% PST

10. Payment received from R. Fitch. Cheque #911 in full payment of Invoice 595, dated July 13.

11. July 13, Cheque # 99 from Sarah Khan to pay off invoice #594.

12. Purchase Invoice ABC-322 dated July 14, from “Red River Company” on credit, $1000 plus GST for “CD assembly materials cost” and freight of $25 (Use tax code Q for freight).

13. Memo #1 dated July 14th, from the 1^st Bank of East Transcona. R. Fitch’s Cheque #911 of July 13^th has bounced!!! Retuned due to nonsufficient funds (NSF cheque)

14. Cash sale to one time customer, invoice 597 dated July 14, sale of books for $100 plus 5% GST and 7% PST.

15. July 15, purchase on credit of CD’s by the Canadian Sounds for $500 USD, invoice #598. Exchange rate is 1.08 (No Taxes)

16. Pay GST owing to Receiver General as of July 15^th, (two accounts are required) Cheque #761.

17. Remit PST of $646.00 to Minister of Finance, dated July 15^th, Cheque #762. Reduce the payment by the sales tax compensation of 3.3%.

18. Paid amount owing on Invoice #1993 on July 15^th to Grandeur Graphics Cheque #763 (say yes to process)

19. View all journal entries from July 1 to July 15 – include corrections (no marks). Export to a PDF (or take a snip or photo) and drop in the Learn drop box