Accounts Receivable Subsidiary Ledger Accounting Assignment Help

Assignment Task

A) Record the December 20X4 transactions in the journals. Post to the general ledger appropriately.

• (B) Prepare the bank reconciliation.
• (C) Prepare the December 31, 20X4 worksheet.
• (D) Prepare the financial statements1
• , including the notes to the financial statements, the supplementary information and
• calculations required . The financial statements are provided; simply fill in the proper amounts.
• (E) Fill out the T4 slip and the Relevé 1 for Céline Lafrance, found in Appendix D.
• The student must, however, determine the deduction codes for Céline Lafrance using the forms TD-1 and TPD-1
• (MR-19) found in Appendix E. These forms were filled out by the employee at the beginning of 20X4.
• Fill out these forms using the following information: Céline Lafrance is married; has no dependant children; she
• supports her husband who had no income during the year.
• (F) Prepare a schedule of Accounts Receivable and Accounts Payable as at December 31, 20X4
• December 3 Received an invoice for merchandise purchased from H.P.S. Ltd.. Terms: 2/10, n30. Date: November 30,

• 20X4. Total: $9 975.00 plus the appropriate taxes.
• December 3 Le Mur du Son Ltd. wishes to increase its percentage of common shares of Sonex Inc. to 10 %. The
• company purchases 3 000 new shares at a price of $10.50 per share. The transaction will be recorded upon
• receipt of the invoice from the broker.
• December 3 A short term bank loan of $20 000 was taken at the National Bank. The annual interest rate is 15 %.
• Starting December 31, this loan will be repaid in monthly installments.
• December 4 Cheque no. 400 was issued to Techno-Logic Inc. to settle our account. A 2% discount was taken.
• December 4 Signed a contract with Hebdo-Son Inc. for advertisements that will appear in their magazine in December,
• January and February. Cheque no. 401 for $6 000.00 plus the appropriate taxes was issued.
• December 4 Received a cheque from Alco Inc. as payment for the November 27 invoice (no. 1001). A 2 % discount
• was taken.
• December 4 Brocol Ltd. returned merchandise which they had received by mistake. Issued credit note no. 14 in the
• amount of $5 000.00 plus the appropriate taxes.
• December 5 Purchased merchandise from Microson Ltd., a new vendor. Cheque no. 402 for $4 220.00 was issued
• since Microson requested immediate payment for our first purchase.
• December 5 Merchandise received from Photolum Ltd. on November 26 was defective. They were returned along with
• debit memo no. 12 for $1 790.00 plus the appropriate taxes. In return, the vendor sent us a credit memo.
• December 5 Cheque no. 403 was issued to Son et Lumière Inc. in settlement of our account. A 1 % discount was
• taken.
• December 5 Sold merchandise on credit to Aux Frontières du Possible Inc. Issued invoice no. 1010 for$21 000.00 plus
• the appropriate taxes. Terms: 2/10, n30.
• December 5 Received a cheque from Dorémi Ltd. to settle the November 26 invoice (no. 999). A 2 % discount was
• taken.
• December 5 Received an invoice from Sanscartier, Sansregret et Associes, Avocats, for $1 250.00 plus the appropriate
• taxes to cover legal fees relative to a case which was heard in October. A judgement has not been
• rendered. Cheque no. 404 was issued.
• December 6 Cheque no. 405 for $700.00 plus the appropriate taxes was issued for payment of purchases of office
• supplies made at Le Manuscrit Inc.
• December 6 Received a favorable credit report concerning a new client. His order for $15 900.00 plus the appropriate
• taxes was filled out. Invoice no. 1011 was issued to Gérard D. Laflac Inc.
• December 6 Purchased $140.16 (tax included) of gasoline for the truck and car with our Petro-Canada credit card. The
• GST tax credit for this purchase is $8.61. The QST tax credit for this purchase is $8.55.
• December 7 Issued cheque no. 406 for $325.00 plus the appropriate taxes to Jules Poitras Inc. for maintenance work in
• the building.
• December 7 Issued cheque no. 407 to H.P.S. Ltd. to settle our account. A 2 % discount was taken.
• Page ?8?
• December 7 Cheque no. 408 was issued to our broker, Omer Cantil, upon receipt of the invoice regarding our purchase
• of shares from Sonex Ltd. on December 3. A 2 % commission fee was added. The total amount will be
• considered as our investment cost. Financial services are exempt from tax.
• December 7 The cash sales of the week totaling $24 000.00 plus the appropriate taxes were deposited.
• December 10 Received an invoice totaling $19 100.00 plus the appropriate taxes for merchandise purchased from
• Cabernet Ltd.. Terms: 2/10, n30. Date: December 7. Transportation: FOB point of shipment.
• December 10 Received a cheque from Valbert Musique Inc. in settlement of the November 10 invoice (no. 925).
• December 10 Received a cheque from Abacada Inc. in settlement of the November 10 invoice (no. 928).
• December 10 Issued cheque no. 409 to Octoson Ltd. to settle our account.
• December 10 Issued cheque no. 410 for $4 826.47 plus the appropriate taxes to Construction Cité Nouvelle Inc. for
• work done at the home of the major shareholder of Le Mur du Son Ltd., Mr. Ondiret.
   

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