View Insert Format Tools Data Window Help AutoSave OFF MAP ? C ... Mod4. Journal Entries Trial Balance.103022 me Insert Draw Page Layout Formulas Data Review View Automate Tell me Calibri (Body) 12 ~ A A General Condition v Format a aste B I U V V V A v $ ~ % " Cell Style X V fx A B C D E BOLA Company General Journal For the Month of August Date Account Titles and Explanation Ref Debit Credit 1 Cash $3,000 Share Capital $3,000 Issued stock to Investors 2 DW to bo - 20 21 22 23 24 25 4 D BOLA General Journal T Accounts Unadjusted Trial Balance + Ready Ex Accessibility: Investigate 5 MAY 4 tv 20 Q K DIIComments 12 ~ A A Aa Ap ab x 2 ADVAv E Styles Styles Dictate Pane Instructions Exercises 2.5 and 2.6. In this activity, you will record Journal Entries IN GOOD FORM for the August transactions for the BOLA Co. set forth in Exercise 2-5 on page 76 of your text. Next, you will post the Journal Entries into the T-accounts and calculate an ending balance for each account. Finally, you will prepare an Unadjusted Trial Balance based upon the ending balance of the T-accounts. Students are encouraged to use the attached Excel Workbook. This workbook contains a General Journal, T-Accounts and a Trial Balance template for Exercise 2-5 and 2-6 Exercise 2-5 Using T-Accounts for BOLA Company (pages 76-77), and Exercise 2-6 Preparing a Trial Balance (page 781. Below are various transactions for the month of August 2016, for BOLA Co. This is their first month of operations. 1. Issued share capital in exchange for $3,000 cash. 2. Received an invoice from the utilities company for electricity in the amount of $200. 3. Bank approved a loan and deposited $10,000 into the company's bank account. 4. Paid employee salaries in the amount of $2,000. 5. Receivedrepairservicesworth$5,000fromasupplierinexchangeforanotedueinthirtydays. 6. Completed service work for a European customer. Invoiced $8,000 EURO (European funds). The Canadian currency equivalent is $12,000 CAD. (Hint: Recall the monetary English (United States) Focus E Ex Accessibility: Investigate BEB MAY 4 stv S 4 20 Q K DII F2 F3 F5 F6 F7 F 8AutoSave O off A 9 9 9 . C ... 3 Mod4.Journal Entries Trial ABC Document1 Design Layout References . Mailings Review View ? Tell me Comments 12 " A A Aa Ap EVE AL ab ADVA v EE Styles Styles Dictate Editor Pane approved a loan and deposited $10,000 into the company's bank account. 4. Paid employee salaries in the amount of $2,000. 5. Receivedrepairservicesworth$5,000fromasupplierinexchangeforanotedueinthirtydays. 6. Completed service work for a European customer. Invoiced $8,000 EURO (European funds). The Canadian currency equivalent is $12,000 CAD. (Hint: Recall the monetary unit principle.) 7. Completed $7,000 of service work for a customer on account. 8. Purchased $1,000 of equipment, paying cash. 9. Received $8,000 EURO ($12,000 CAD) cash for service work done regarding item (6). 10. Rent of $5,000 cash was paid for the current month's rent. 11. Made a payment of $1,500 cash as a loan payment regarding item (3). The payment covered $150 for interest expense and the balance of the cash payment was to reduce the loan balance owing. 12. Reimbursed $25 in cash to an employee for use of his personal vehicle for company business for a business trip earlier that day. 13. Received a cash of $5,000 regarding the service work for item (7). 14. Vehicle worth $30,000 purchased in exchange for $10,000 cash and $20,000 note due in six months. 15. Paid the full amount of the utilities invoice regarding item (2). 16. Purchased $3,000 of furniture on account. 17. Completed $2,000 of service work for a customer and collected cash. 18. Received a cheque in the amount of $2,000 from a customer for service work to be done in two months. 19. Purchased office supplies for $3,000 on account. 20. Completed a project for a customer and billed them $8,000 for the service work. 21. Purchased a laptop computer for $2,500 in exchange for a note payable. 22. September rent of $5,000 was paid two weeks in advance, on August 15. words X English (United States) Focus E Ready MX Accessibility: Investigate MAY 4 tv Z 20 Q 0 DII F2 F4 F6 F7 F8Design Layout References . Mailings Review View Tell me Comments 12 A A Aav Ap T ab x 2 x ? Av DV Av E Styles Styles Dictate Editor Pane Required: Create a separate T-account for each asset, liability, equity, revenue, and expense ac- count affected by the transactions above. Record the various transactions debits and credits into the applicable T-account (similar to the two T-accounts shown in Section 2.1, under the heading T-accounts, for Cash and Accounts payable). Calculate and record the ending balance for each T- account. (Hint: Include the reference to the transaction number for each item in the T-accounts, to make it easier to review later, if the accounts contain any errors.) Exercises 77 78 The Accounting Process EXERCISE 2-6 (LO3) Preparing a Trial Balance Required: Using the Taccounts prepared in EXERCISE 2-5, prepare an August 31, 2016, trial balance for the company based on the balances in the T-accounts. ds X English (United States) Focus E - ady MX Accessibility: Investigate 5 MAY 4 "tv A 20 DII DD F2 F9 F3 F4 F7 F8