CityBnB?s records showed the following beginning balances on July 31, 2020. Using the information provided and the analysis completed in QS 2-6 and QS 2-7, complete the following:

1. Post the journal entries to the general ledger using T-accounts. Include the date of each transaction next to your posting.

2. Calculate the balance in each T-account.

3. Prove the accounting equation (Assets = Liabilities + Equity).

QS 2-6

Douglas Malone started CityBnB, which is a bed and breakfast in Vancouver. CityBnB offers accommodations and breakfast to travellers exploring the city. The following are the transactions for the month of August.

QS 2-7

Using the information and analysis prepared in QS 2-6, prepare the journal entries for the month of August. Use the following template. Ensure to include the date, the account descriptions, the debit and credit amount, and a description of the journal entry. The first transaction has been completed for you.

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Accounts Receivable 1,500 Cash Furniture 25,000 Jul 31 5,000 Jul 31 Jul 31 Accounts Payable Douglas Malone, Capital Revenue 28,000 Jul 31 4,500 Jul 31 Jul 31 500 Cleaning Expense 1,500 Jul 31 a. Analysis Assets increase. Assets decrease. Journal entry analysis Debit the furniture account for $400. Credit the cash account for $400. Continue..