Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can somebody help me to make a trial account using

can somebody help me to make a trial account using 1-10? thanks a lot ...

70.2K

Verified Solution

Question

Accounting

can somebody help me to make a trial account using 1-10? thanks a lot image
APPLICATION: TRANSACTIONS (26 marks) 2. Drake's Toronto restaurant was so successful he decided to open OVO Catering, a Toronto-based catering company. Record each transaction in the T-accounts provided. Calculate and record the account balances. Transactions 1. On October 1, 20-, when Drake began his business, he invested in the business $10 000 cash, an automobile worth $20 000, and equipment costing $50 000. 2. Issued a cheque for $3 500 in payment of the monthly rent. 3. Received a bill of $1000 from Eustace Bros. for supplies purchased on account. 4. Sent an invoice to Miguel for sale on account, $8 500. 5. Issued a cheque for $2 000 to pay the chef and support staff their weekly wages. 6. Received a bill for $130 from Regal Oil for gas in the business van. It's due in 30 days. 7. Paid $750 to have the oven repaired before a big catering job. 8. Issued a cheque for $80 in payment of the telephone bill that arrived today. 9. Catered a huge party for the Toronto Raptors, service sold on account. Sent the bill to MLSE for $15 000. 10. Receipt on account of $5 000 from Miguel

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students