Question: full answer 10. Record the following transactions for Stokes Driving School in these accounts: Cash; Accounts Receivable/L. Starr; Equipment, Automobiles; Accounts Payable/Grant's Esso; R. Stokes,
full answer

10. Record the following transactions for Stokes Driving School in these accounts: Cash; Accounts Receivable/L. Starr; Equipment, Automobiles; Accounts Payable/Grant's Esso; R. Stokes, Capital; Revenue from Lessons; Salaries Expense; Advertising Expense; Automobile Expense; Utilities Expense. ncome Statement Aug. 1 R. Stokes invested $35 000 cash. 2' Purchased equipment for $2000 cash. 4 Purchased two cars from Dardick Motors for $30 000 cash. 5 Received $700 cash from customers' driving lessons. 7 Paid $700 cash for instructor's salary for the first week. 9 Paid $45 cash to the telephone company. 10 Received $800 cash from customers taking driving lessons. 11 Issued a bill of $100 to L. Starr, who is taking lessons but will pay at a later date. 11 Received a bill for $75 from Grant's Esse for gas and oil used by the cars. 12 Paid $95 cash for hydro and electricity. 13 Sent a $290 cheque to the Daily Star for advertising space. 14 Received $100 cash from L. Starr in payment of a bill sent previously. (a) Balance the accounts and prepare a trial balance. (b) Prepare an income statement for the two weeks ended August 14
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