Justin Bieber started his own music label company CanLove with an initial investment of 2.5MM dollars in Pickering Ontario along with 500,000 new music equipment to record some new songs .

He intends to create a trial balance at the end of the month of August 2023. Please help him make the journal entries , t-accounts and trial balance.

Transactions occurred as follows:


August 1st Purchased furniture for the office on account for $15M
Aug 2nd Paid office rent for the month of August $30M
August 3rd Injected an additional $600M of his own personal funds to the company
August 4th took out a business loan from the bank for $100M to be paid in 30 days for the purchase of a new BMW X5
August 5th Purchased a new sound system on account totaling $45M which he paid $15M cash and the rest to be paid at the end of the month
August 8th Took Selena Gomez for a fancy dinner and paid $500 from the business account
August 9th rented a plane to take Drake and Celine Dion to discuss new business in Montreal paid $100M for 2 hours
August 10th paid $15M to CRA for taxes owed in arrears
August 12th Collected immediately $250M for singing to songs at the Eaton center in Toronto
August 14th received a cash advance for a world tour for a concert to take place in September 1MM promised to perform the services .
August 15th Received Telus bill for $3M
August 17th paid Mexican officials $30M to facilitate a permit to sign at a park
August 18th issued 1 MM worth of shares to raise funds from the public to pay for a new yacht for him and Selena Gomez .
August 19th paid personal assistant a salary of $10M for the month of August
August 20th open an investment account at the bank and deposited $200M
August 25th Paid vehicle repairs $10M at BMW for an addition to his vehicle.

Answer rating: 100% (QA)

Journal Entries Date Debit Credit Amount August 1st Furniture Asset Accounts Payable Liability 15M A... View the full answer