P 5–2

May

1

Issued share capital for $2,000 cash to Harry Randall, the incorporator and sole shareholder of the corporation

1

Received $10,000 from the First Chance Bank as a demand bank loan

1

Paid Viva Corp. $1,500 for 3 months’ rent in advance—$500 for each of May, June, and July (recorded as an asset)

1

Paid Avanti Equipment Ltd. $5,000 for equipment

1

Purchased $5,000 of merchandize on account from Renaud

Wholesalers Ltd. for terms 2/10, n30

1

Sold $2,500 of merchandize on account to North Vancouver Distributors. (Cost to Randall: $1,700)

2

Purchased $1,800 of merchandize on account from Lilydale Products Ltd. for terms n30

2

Sold $2,000 of merchandize on account to Tarrabain Sales Inc. (Cost: $1,400)

3

Collected $500 for a cash sale made today to Smith Weston Ltd.

5

Paid All West Insurance Inc. $1,200 for a 1-year insurance policy, effective May l (recorded as an asset)

5

Sold $1,000 of merchandize on account to Trent Stores Corporation. (Cost: $700)

6

Tarrabain Sales Inc. returned $500 of merchandize: reduced the related Account Payable. (Cost: $300)

8

Received a memo from Renaud Wholesalers Ltd. to reduce its account payable by $300 for defective merchandize included in the May 1 purchase and returned subsequently to Renaud

8

Purchased $2,800 of merchandize on account from Pinegrove Novelties Ltd. for terms 2/15, n30

9

Received the amount due from North Vancouver Distributors from the May 1 sale (less discount)

9

Paid Renaud Wholesalers Corp. for the May 1 purchase (less discount)

10

Sold $400 of merchandize on account to Eastern Warehouse. (Cost: $250)

11

Received the amount due from Tarrabain Sales Inc. (less the May 6 memo and discount)

13

Paid Fast Delivery Corporation $100 for Transportation-In

15

Purchased $1,500 of merchandize on account from James Bay Distributors Inc. for terms 2/10, n30

15

Sold $1,500 of merchandize on account to Ransom Outlets Inc. (Cost: $1,100)

15

Paid $500 in commissions to Yvonne Smith, re: sales invoices nos. 1, 2, and 3

19

Paid Lilydale Products Inc. for the May 2 purchase

19

Purchased $1,200 of merchandize on account from Midlife Stores Corp. for terms 1/10, n30

22

Purchased $600 of merchandize on account from Speedy Sales Co. for terms n30

22

Paid to Pinegrove Novelties Inc. for the May 8 purchase (less discount)

24

Paid to In Transit Corporation $150 for Transportation-In (fob shipping point)

25

Sold $900 of merchandize on account to Timmins Centres Ltd. (Cost: $650)

26

Received the amount due from Trent Stores Corporation

27

Paid $200 to Intown Deliveries Ltd. for deliveries made to customers

28

Collected $300 for a cash sale made today to Betty Regal. (Cost: $250)

28

Made a $200 cash purchase from Joe Balla Sales Inc.

28

Sold $900 of merchandize on account to Sault Rapids Corp. . (Cost: $700)

29

Purchased $100 of merchandize on account from Amigos Inc.

29

Paid Intown Deliveries Ltd. $300 for deliveries to customers (debited account 620)

29

Paid Main Force Advertizing Agency $400 for advertizing materials used during May

29

Paid State Hydro $100 for electricity

29

Paid Yvonne Smith $350 commission, re: sales invoices nos. 4, 5, 6, and 7

30

Collected $l,000 on account from Ransom Outlets Inc.

31

Paid Midlife Stores Corp. $700 on account