The Driving School is a sole-proprietorship business, owned by Tanya Gauci. You should record the following...

 

Transcribed Image Text:

The Driving School is a sole-proprietorship business, owned by Tanya Gauci. You should record the following transactions in the General Journal (double-entry accounting). You will learn how to record some of these entries more efficiently in the RECEIVABLES and PAYABLES modules in Chapters 2A, 2B, 3A and 3B. The fiscal year is Jan 1 to Dec 31. Use appropriate additional Info and comment fields in 3 transactions. Note: This assignment does not involve HST, similar to Photos Company. This business uses the Track Additional Transaction Details feature where necessary. 3 Record and Post the following transactions in the General Journal for the month of January using the double-entry method. Jan 2 Purchased $80.00 worth of office supplies from Kanwal Supplies and issued cheque #652. Note that these supplies are assumed to be used up by the end of the month. Jan 2 Issued $80.00 invoice # 324 to YOUR name (your name in the comment line) for 2 hours of driving lessons before your driving test. Cheque #113 received. Issued $600.00 cheque #653 to Uptown Mall for rent of a store in the mall. Issued $50.00 invoice #325 and received cheque #748 from Vito Campize for one-hour driving lesson ($40.00) and rule book test ($10.00) for his daughter. Jan 3 Jan 5 Jan 6 Issued $320.00 cheque #654 to Capilano Advertising for advertisements being delivered to homes in the area today. Jan 8 A new client, Naomi Regalea, took a 3-hour driving lesson. Received her $120.00 cheque #522 for invoice #326. Jan 9 Jan 11 Issued $120.00 cheque #655 to Morton Medina (driving teacher) for wages. Purchased 2 driving lesson DVDs at $75.00 each for use in the Beginners Driving Lesson course approved by the government. They will be used in the course starting tomorrow. Cheque # 656 issued to Major Film Labs. Jan 12 Record the $308.00 Bank Debit memo for a payment on the bank loan. This amount includes interest of $32.40. Jan 12 Beginners Driving Lessons course started today. Received $250.00 cash from customers and deposited $250.00 in the bank today. 4> Print the following: a) Journal Entries All for the period, Jan 02 to Jan 12, with additional information b) Income Statement for the period Jan 02 to Jan 12 c) Balance Sheet as at Jan 12 d) General Ledger for all accounts to Jan 12 The Driving School is a sole-proprietorship business, owned by Tanya Gauci. You should record the following transactions in the General Journal (double-entry accounting). You will learn how to record some of these entries more efficiently in the RECEIVABLES and PAYABLES modules in Chapters 2A, 2B, 3A and 3B. The fiscal year is Jan 1 to Dec 31. Use appropriate additional Info and comment fields in 3 transactions. Note: This assignment does not involve HST, similar to Photos Company. This business uses the Track Additional Transaction Details feature where necessary. 3 Record and Post the following transactions in the General Journal for the month of January using the double-entry method. Jan 2 Purchased $80.00 worth of office supplies from Kanwal Supplies and issued cheque #652. Note that these supplies are assumed to be used up by the end of the month. Jan 2 Issued $80.00 invoice # 324 to YOUR name (your name in the comment line) for 2 hours of driving lessons before your driving test. Cheque #113 received. Issued $600.00 cheque #653 to Uptown Mall for rent of a store in the mall. Issued $50.00 invoice #325 and received cheque #748 from Vito Campize for one-hour driving lesson ($40.00) and rule book test ($10.00) for his daughter. Jan 3 Jan 5 Jan 6 Issued $320.00 cheque #654 to Capilano Advertising for advertisements being delivered to homes in the area today. Jan 8 A new client, Naomi Regalea, took a 3-hour driving lesson. Received her $120.00 cheque #522 for invoice #326. Jan 9 Jan 11 Issued $120.00 cheque #655 to Morton Medina (driving teacher) for wages. Purchased 2 driving lesson DVDs at $75.00 each for use in the Beginners Driving Lesson course approved by the government. They will be used in the course starting tomorrow. Cheque # 656 issued to Major Film Labs. Jan 12 Record the $308.00 Bank Debit memo for a payment on the bank loan. This amount includes interest of $32.40. Jan 12 Beginners Driving Lessons course started today. Received $250.00 cash from customers and deposited $250.00 in the bank today. 4> Print the following: a) Journal Entries All for the period, Jan 02 to Jan 12, with additional information b) Income Statement for the period Jan 02 to Jan 12 c) Balance Sheet as at Jan 12 d) General Ledger for all accounts to Jan 12

Answer rating: 100% (QA)

Jan 2 Office Supplies 8000 Kanwal Supplies Cheque 652 Additional Info Supplies assumed to be used up ... View the full answer