Alolication $(15$ marks$)$

Salinder Saini, an engineering consultant, decided to begin a business of his own. Salinder has set up the following chart of accounts to be used in her business. $(7$ marks$)$

$101$ Bank

$110\frac{A}{R}-M.$ Armota

$111$ A$/$R$-$F$.$ Morsi

$120$ Supplies

$125$ Equipment

$130$ Automobile

$210$ A$/$P$-$Eustace Bros.

$211$ A$/$P$-$Regal Oil

$301$ S$.$ Saini, Capital

$302$ S$.$ Saini, Drawings

$401$ Fees Earned

$505$ Bank Charges

$510$ Car Expense

$515$ Miscellaneous Expense

$520$ Rent Expense

$525$ Telephone Expense

$530$ Wages Expense

For each of the transactions listed below, work out the changes for the transaction by creating JOURNAL ENTRIES

Transactions

On March $1,20-,$ when S$.$ Saini began her business, she invested in the business a bank balance of $$8000,$ an automobile worth $$14000,$ and equipment costing $$6000.$

Issued cheque for $$465$ to Rovalty Trust Co$.$ in payment of the monthly rent.

Issued cheque for $$200$ to the owner for personal use.

Received an invoice for $$90$ from Regal Oil for gasoline and oil used in the business

Shalsa Community School

Grade $11,$ Financial Accounting Fundamentals, BAF$3$M

automobile, due in $30$ days.

$5.$ Received a memorandum stating that $$50$ had been deducted by the bank from the business's account to cover bank charges for the month.

$6.$ Issued cheque for $$150$ to the City Telephone Company in payment of the telephone bill that arrived today.

$7.$ Purchased a magazine subscription for the office for $575,$ paid by chacue