Good day please assist me with these questions ... I realise I've been getting some wrong answers on here as well ... I have attached two collages so that everything fits for the two images Assume that a relatively new company you and you group members are involved with has presented you with thefollowing transactions for 2021 from the books of the business. This company operates one bank account to reflectall cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevantdocuments and books as outlined in the requirements below.1 AugStarted business with $150, 000 in the bankBought supplies on credit from Right Way Manufacturers24 Boxes Air Filter96 Bottles fuel injector cleaner48 Boxes Spark Plug36 Boxes Brake Shoe24 Boxes Disc Pads3 Aug$720.00 per box$200.00 per bottle$300.00 per box$580.00 per box$400.00 per boxProvided services for cash less 10% discount12 small motorbike engines6 large motorbike engines (full service)8 medium size motorbike engines (full service)5 Aug$350.00 per engine$950.00 per engine$800.00 per engine$5,000.007 AugPaid Rent by cheque$8,000.0010 AugPaid Wages by cheque$3,500.00Bought Fixtures from CT Limitedpaying by cash10 AugProvided services on credit to Auto Care.24 small motorbike engines8 large motor bike engines (partial service)12 medium size motorbike engine (partial service)Bought Fixtures on credit from CT Ltd$350.00 per engine$650.00 per engine$550.00 per engine11 Aug12 Aug$8,000.0013 AugReceived a loan from NBC cash$25,000.0014 AugProvided services on credit to P&S Auto18 Large motorbike engines (full service)12 medium size motor bike engines24 medium size motorbike engines20 small motorbike engines$950.00 per engine$650.00 per engine$550.00 per engine$350.00 per engine21 AugPaid CT Ltd by cheque$8,000.0022 AugPaid wages cash$8,000.0023 AugPaid Right Way Manufacturer the amount owing to themby cheque, they allowed us a 15% discount27 AugP&S Auto paid the amount owing by them inCash less 10 % discount27 AugElectricity paid by cash$1,500.0028 AugThe owner took $5000 out of the bank for his personal use.Provided services for cash12 small motorbike engines6 medium size motorbike engines4 medium size motor bike engines28 Aug$350.00 per engine$550.00 per engine$800.00 per engineBought supplies on credit from big J Manufacturers4 Bottles Fuel Injector Cleaner9 Boxes Air Filters8 Boxes Sparks Plugs29 Aug$200.00 per bottle$720.00 per box$300.00 per box Styles30 AugProvided service for cash8 small motorbike engines7 Large motorbike engines8 Medium motorbike engines$350.00 per engine$950.00 per engine$550.00 per engine31 AugSupplies on hand5 Boxes Air Filter6 Bottles fuel injector cleaner12 Boxes Spark Plug13 Boxes Brake Shoe9 Boxes Disc Pads$720.00 per box$200.00 per bottle$300.00 per box$580.00 per box$400.00 per boxTo avoid duplication of account names and the use of improper account names, the company has provided the followinglist of accounts used to record its transactions as extracted from its chart of accounts:CapitalCashSuppliesRight Way ManufacturersJ ManufacturersP&S AutoCT LtdService RevenueDiscount AllowedRent ExpenseWages ExpenseSupplies ExpenseFixturesAuto CareLoan NBCDiscount ReceivedElectricity ExpenseDrawingsRequirements:A. Create a name for the owner of the company and give the business a name that reflects the operations of theorganization.B. Record the transactions stated above in the general journal.C. Post the transactions to the general ledger and balance off each accountD. Extract a trial balance on August 31st.E. Prepare an Income Statement for the month ended August 31st, the owner's equity statement and a Balance Sheetas at that date

Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Answered: B. Record the transactions stated above…

B. Record the transactions stated above in the general journal. C. Post the transactions to the general ledger and balance off each account D. Extract a trial balance on August 31st.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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