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During the first month of operations, the Banco Extrusion Inc, located in Ontario Canada, which specializes in auto component manufacturing completed the following transactions.
Date
1	George Leblanc started the business by making a deposit into company bank account for $35,000, in exchange for 3,500 shares of $10 par value common stock.
1	Banco acquired a small machinist shop for $25,000 cash which represented- Computer - $5,800, Furniture, - $6,500 and Store equipment $12,700.
2	Received bank loan for $100,000, 6% annual interest. Payments are due on the last day of each month in the amount of $4,000.
2	Paid rent for the 3-month quarter January to March in the amount of $3,000 per month.
2	Paid the premium on a 1-year insurance policy, $5,000.
3	Purchased $800 in office supplies
5	Purchased inventory on account for $25,000 + 13% HST. Terms 2/10, n30.
13	Hired two full-time staff members, Lan and Liz, both who earn $36,000 a year and are paid bi-weekly beginning Jan 24.. Assume basic payroll deductions for Ontario. They work five days a week (Mon-Fri).
17	Record cash sales for the week in the amount of $10,000 + 13% HST. Cost of Goods Sold amounted to $5,500.
17	Purchased extrusion machine and equipment from Patel Inc. for $6,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for 12 months. The first payment is due Feb 1. Note: Use accounts payable for the balance due. Ignore HST and interest.
17	Record sales on account for the week in the amount of $12,000 + HST. Cost of goods sold was $8,000.
24	Paid both Lan and Liz their bi-weekly pay. Calculate deductions for CPP, EI and Ontario tax. Record employee portion only.
24	Record cash sales for the week in the amount of $15,000 + 13% HST. Cost of Goods Sold amounted to $10,000.
28	Paid accounts payable in full from January 5.
30	Record collection on outstanding accounts receivable for January in the amount of $20,000 + HST.
30	Purchased inventory on account in the amount of $6,000 + HST.
30	Paid loan payment of $4,000 plus interest of $500.

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