01-Oct You set up a business bank account and get a business credit card. The bank will charge a fee of $10 at the end of each month. 02-Oct You deposit $2,000 of your own money into the business bank account to start the business. 03-Oct You borrow $1,000 from the bank. 04-Oct You register your business name for $60 with Service Ontario, using the business credit card. 06-Oct You purchase, using the business credit card, ten cat toys for $200 plus HST. You expect the toys to last more than a year. 07-Oct You purchase, using the business credit card, 20 kilograms of kitty litter for $400 plus HST. 08-Oct You buy a one-year liability insurance policy for $1,500, plus 8% tax, paying cash. 10-Oct You purchase for $200 cash, plus HST, flyers to advertise your business. None of the flyers have been delivered yet. 11-Oct You pay a student $50 cash to deliver all your flyers to the homes in your area. You visited your first cat on the Thanksgiving weekend. 12-Oct Because this is your first customer you provide your services for free instead of charging her your usual $40 fee! 15-Oct Two more customers hire you for the upcoming Christmas holidays. They EACH pay you $20 now to reserve your services. 27-Oct Business is purring! You have provided services to 30 customers and collected $1,200 in cash. 28-Oct You now have only 5 kilograms of kitty litter left All the remainder has been used. You spent $156 from your personal funds in car expenses this month. 29-Oct One-third of this was business travel and the business pays you cash from the business bank account. You received your cell phone bill for the month of October. 30-Oct of the $88, half were business calls. The company will reimburse you the amount owed next month. 31-Oct You have used up 1 month of insurance coverage. 31-Oct The bank takes its monthly charge from the business bank account, plus an additional $5 for interest on your loan. 10-Oct You purchase for $200 cash, plus HST, flyers to advertise your business. None of the flyers have been delivered yet. 11-Oct You pay a student $50 cash to deliver all your flyers to the homes in your area. You visited your first cat on the Thanksgiving weekend. 12-Oct Because this is your first customer you provide your services for free instead of charging her your usual $40 fee! 15-Oct Two more customers hire you for the upcoming Christmas holidays. They EACH pay you $20 now to reserve your services 27-Oct Business is purring! You have provided services to 30 customers and collected $1,200 in cash. 28-Oct You now have only 5 kilograms of kitty litter left. All the remainder has been used. You spent $156 from your personal funds in car expenses this month. 29-Oct One-third of this was business travel and the business pays you cash from the business bank account. You received your cell phone bill for the month of October. 30-Oct of the $88, half were business calls. The company will reimburse you the amount owed next month. 31-Oct You have used up 1 month of insurance coverage. 31-Oct The bank takes its monthly charge from the business bank account, plus an additional $5 for interest on your loan. You visited your first customer's black cat on Halloween. 31-Oct The customer will pay you the $40 in November. 31-Oct You pay the entire balance owing on the business credit card. Record the transactions into the expanded accounting equation using account names. Use that information to answer all of the following questions. Question 55 (2 points) What is Total Liabilities on the Cat Lady's balance sheet for October 31? A Question 56 (2 points) What would be reported on the Cat Lady's income statement as Total Service Revenue on October 31? A Question 57 (2 points) If you were producing the company's December 31 year end financial statements, what would be the balance in Cat Lady's Prepaid Insurance account? A Previous Page Next Page Page 4 of 7 01-Oct You set up a business bank account and get a business credit card. The bank will charge a fee of $10 at the end of each month. 02-Oct You deposit $2,000 of your own money into the business bank account to start the business. 03-Oct You borrow $1,000 from the bank. 04-Oct You register your business name for $60 with Service Ontario, using the business credit card. 06-Oct You purchase, using the business credit card, ten cat toys for $200 plus HST. You expect the toys to last more than a year. 07-Oct You purchase, using the business credit card, 20 kilograms of kitty litter for $400 plus HST. 08-Oct You buy a one-year liability insurance policy for $1,500, plus 8% tax, paying cash. 10-Oct You purchase for $200 cash, plus HST, flyers to advertise your business. None of the flyers have been delivered yet. 11-Oct You pay a student $50 cash to deliver all your flyers to the homes in your area. You visited your first cat on the Thanksgiving weekend. 12-Oct Because this is your first customer you provide your services for free instead of charging her your usual $40 fee! 15-Oct Two more customers hire you for the upcoming Christmas holidays. They EACH pay you $20 now to reserve your services. 27-Oct Business is purring! You have provided services to 30 customers and collected $1,200 in cash. 28-Oct You now have only 5 kilograms of kitty litter left All the remainder has been used. You spent $156 from your personal funds in car expenses this month. 29-Oct One-third of this was business travel and the business pays you cash from the business bank account. You received your cell phone bill for the month of October. 30-Oct of the $88, half were business calls. The company will reimburse you the amount owed next month. 31-Oct You have used up 1 month of insurance coverage. 31-Oct The bank takes its monthly charge from the business bank account, plus an additional $5 for interest on your loan. 10-Oct You purchase for $200 cash, plus HST, flyers to advertise your business. None of the flyers have been delivered yet. 11-Oct You pay a student $50 cash to deliver all your flyers to the homes in your area. You visited your first cat on the Thanksgiving weekend. 12-Oct Because this is your first customer you provide your services for free instead of charging her your usual $40 fee! 15-Oct Two more customers hire you for the upcoming Christmas holidays. They EACH pay you $20 now to reserve your services 27-Oct Business is purring! You have provided services to 30 customers and collected $1,200 in cash. 28-Oct You now have only 5 kilograms of kitty litter left. All the remainder has been used. You spent $156 from your personal funds in car expenses this month. 29-Oct One-third of this was business travel and the business pays you cash from the business bank account. You received your cell phone bill for the month of October. 30-Oct of the $88, half were business calls. The company will reimburse you the amount owed next month. 31-Oct You have used up 1 month of insurance coverage. 31-Oct The bank takes its monthly charge from the business bank account, plus an additional $5 for interest on your loan. You visited your first customer's black cat on Halloween. 31-Oct The customer will pay you the $40 in November. 31-Oct You pay the entire balance owing on the business credit card. Record the transactions into the expanded accounting equation using account names. Use that information to answer all of the following questions. Question 55 (2 points) What is Total Liabilities on the Cat Lady's balance sheet for October 31? A Question 56 (2 points) What would be reported on the Cat Lady's income statement as Total Service Revenue on October 31? A Question 57 (2 points) If you were producing the company's December 31 year end financial statements, what would be the balance in Cat Lady's Prepaid Insurance account? A Previous Page Next Page Page 4 of 7