Chlo Mathieu has just set up a tax service. She wants to file income tax returns for

Chloé Mathieu has just set up a tax service. She wants to file income tax returns for individuals and small farm businesses and offer them consulting services. She opens an account at the Caisse Populaire de Roxton Pond in the name of her company: Chloé Mathieu, a tax specialist.

Here are the operations for the month of February 20X7 for the opening of his business:

Feb. 01

Transfer of $9,000 from his personal savings account to the account of Chloé Mathieu, a tax specialist.

✓ Feb. 05

Deposit of $5,000 following a loan via the line of credit.

Feb. 06

The signing of a two-year lease and payment by check No. 1001 of $846.57 (taxes included) for the first month's rent to Gestion Lamoureux inc. (use Rent Prepaid account).

Feb. 16

Check n° 1002 for $7393.31 (taxes included) payable to Bureau Beauregard for the acquisition of computer equipment (invoice n° 225521).

Feb. 21

- Check No. 1003 for $3,781.31 (taxes included) payable to Ameublement Cordeau for the purchase of office furniture (invoice No. 3181).

Feb. 27

The hiring of Simon Carle as company secretary at a weekly salary of $750. His first day of work will be February 28.

Answer the questions :

a) Record the operations of Chloé Mathieu, tax specialist, in the general journal.

b) Post entries to general ledger accounts.

c) Produce the trial balance as of February 28, 20X7.

d) Prepare the balance sheet for Chloé Mathieu, tax specialist, as of February 28, 20X7.

Answer rating: 100% (QA)

Solution a b c d Account Debit Credit Date 01Feb Bank 9000 Ca... View the full answer