Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below: 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.oo per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to Auto Care. 24 small motorbike engines $350.00 per engine 8 large motor bike engines (partial service) $650.00 per engine 12 medium size motorbike engine (partial service) $550.00 per engine 12 Aug Bought Fixtures on credit from CT Ltd $8,000.00 13 Aug Received a loan from NBC cash $25,000.00 14 Aug Provided services on credit to P&S Auto 18 Large motorbike engines (full service) $950.00 per engine 12 medium size motor bike engines $650.00 per engine 24 medium size motorbike engines $550.00 per engine 20 small motorbike engines $350.00 per engine 21 Aug Paid CT Ltd by cheque $8,000.00 22 Aug Paid wages cash $8,000.00 23 Aug Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount 27 Aug P&S Auto paid the amount owing by them in Cash less 10 % discount 27 Aug Electricity paid by cash $1,500.00 28 Aug The owner took $5000 out of the bank for his personal use. 28 Aug Provided services for cash 12 small motorbike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine 4 medium size motor bike engines $800.00 per engine 29 Aug Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner $200.00 per bottle 9 Boxes Air Filters $720.00 per box 8 Boxes Sparks Plugs $300.00 per box
Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below:
1 Aug Started business with $150, 000 in the bank
3 Aug Bought supplies on credit from Right Way Manufacturers
24 Boxes Air Filter $720.00 per box
96 Bottles fuel injector cleaner $200.00 per bottle
48 Boxes Spark Plug $300.00 per box
36 Boxes Brake Shoe $580.00 per box
24 Boxes Disc Pads $400.oo per box
5 Aug Provided services for cash less 10% discount
12 small motorbike engines $350.00 per engine
6 large motorbike engines (full service) $950.00 per engine
8 medium size motorbike engines (full service) $800.00 per engine
7 Aug Paid Rent by cheque $5,000.00
10 Aug Paid Wages by cheque $8,000.00
10 Aug Bought Fixtures from CT Limited $3,500.00
paying by cash
11 Aug Provided services on credit to Auto Care.
24 small motorbike engines $350.00 per engine
8 large motor bike engines (partial service) $650.00 per engine
12 medium size motorbike engine (partial service) $550.00 per engine
12 Aug Bought Fixtures on credit from CT Ltd $8,000.00
13 Aug Received a loan from NBC cash $25,000.00
14 Aug Provided services on credit to P&S Auto
18 Large motorbike engines (full service) $950.00 per engine
12 medium size motor bike engines $650.00 per engine
24 medium size motorbike engines $550.00 per engine
20 small motorbike engines $350.00 per engine
21 Aug Paid CT Ltd by cheque $8,000.00
22 Aug Paid wages cash $8,000.00
23 Aug Paid Right Way Manufacturer the amount owing to them
by cheque, they allowed us a 15% discount
27 Aug P&S Auto paid the amount owing by them in
Cash less 10 % discount
27 Aug Electricity paid by cash $1,500.00
28 Aug The owner took $5000 out of the bank for his personal use.
28 Aug Provided services for cash
12 small motorbike engines $350.00 per engine
6 medium size motorbike engines $550.00 per engine
4 medium size motor bike engines $800.00 per engine
29 Aug Bought supplies on credit from big J Manufacturers
4 Bottles Fuel Injector Cleaner $200.00 per bottle
9 Boxes Air Filters $720.00 per box
8 Boxes Sparks Plugs $300.00 per box
![ACCT1002 Assignment 1 [Compatibility Mode] - Microsoft Word
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Requirements:
30 Aug
Provided service for cash
A. Create a name forthe ownerof the company and give the business a name thatreflects the operations ofthe
8 small motorbike engines
7 Large motorbike engines
8 Medium motorbike engines
$350.00 per engine
$950.00 per engine
550.00 per engine
organization.
B. Record the transactions statedabove in the generaljournal.
Supplies on hand
5 Boxes Air Fiter
6 Bottles fuel injector cleaner
12 Boxes Spark Plug
13 Boxes Brake Shoe
9 Boxes Disc Pads
31 Aug
S720.00 per box
$200.00 per bottle
$300.00 per box
580.00 per box
$400.00 per box
C. Post the transactions to the general ledger and balance off each account
D. Extract a trial balance on August 3 1st.
E. Prepare an Income Statement for the month ended August 31", the owner's equity statementand a Balance Sheet
To avoid duplication of account names and the use of improper account names, the company has provided the following
list of accounts used to record its transactions as extracted from its chart of accounts:
Capital
Cash
as at that date
Supplies
J Manufacturers
Service Revenue
Discount Allowed
Rent Expense
Wages Expense
Supplies Expense
Fixtures
Auto Care
Loan NBC
Discount Received
Electricity Expense
Drawings
目 昆三 60%
2:35 PE
3 of 8
Words: 1,293
English (Canada)
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