Etienne Martin, the owner of the Family Shoe Store, has hired you as the book-keeper.

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PRACTICE EXERCISE 5

Etienne Martin, the owner of the Family Shoe Store, has hired you as the book-keeper.

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(a) Set up ledger accounts in the order stated below. The Bank account will require two ledger sheets; all others will require only one each. Assign an appropriate account number to each account using the account clas- sification guide shown in the Chart of Accounts section of this chapter. Bank; A/R W.A. Crow; A/R R.G. Dragovic; A/R W.F. Lobato; Delivery Truck; Store Fixtures; A/P Canada Auto Sales; A/P Dominion Shoe Co.; A/P Royal Stationery; Capital, E. Martin; Sales; Purchases; General Expense; Rent Expense; and Supplies Expense.

(b) Record the following transactions in the General Journal. All pay- ments are to be made by cheque, beginning with Cheque #1. Record the cheque number issued in the explanation portion of the entry.

1 Martin invested $35,000 cash in his business.

2 Signed rental agreement today with Pelletier Properties for the use of store space for $1,600 per month. (No entry will be made until the rent is paid because no values have yet been exchanged.) The first rent cheque will be issued on May 7.

3 Bought store fixtures from O'Connor & Day for $16,500. Paid by cheque.

3 Bought wrapping materials from Business Warehouse, $145. Paid by cheque.

4 Bought office supplies for $186.70 from Royal Stationery, Sales

Invoice #223; terms net 30 days.

4 Bought used delivery truck for $12,000 from Canada Auto Sales. Purchase Invoice #773; terms net 30 days.

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