3 6 . Trans Trans Date Description Activity Type No. (O, I, F) 1. 2nd May Credit payments for equipment $200,000 (Intelligent Pain Relief tools, 1 carbo acupuncture needles, electric medical slow treadmill) 2. 3rd May Purchase of property and land $200,000 1 3. 3rd May Loans from TD bank $60,000 F 4. 3rd May Credit payment for Inventory purchases $10,000 O 5. 5th May Accounts payable for buying physiotherapy machines $9,000 by O Credit line from famous manufactures 10th May Credit payments for purchases of cleaning supplies, Massage Gel & Lotion, Towel& pillows $6,000 7. 15th May Credit Payment for innovative advertisement and using digital marketing $4,000 8. 21st May Investment in joint ventures and affiliates $120.00 1 9. 28th May Issuance of common share $12,000 by shareholders F 10. 29th May Cash payments to employees $150,000 (high professional instructors, O medical practitioners, the staff) 11. 29th May Cash payment for dividends $5,000 F 12. 30th May Cash payments to lenders for interest on loans $2,000 O o O 1. Enter the journal entries to record all of the business activity for the month of May. 2. Compile a trial balance from the journal entries. 3. Prepare the income statement, statement of changes in equity and balance sheet for your client. 4. Prepare an email to Ms. Kontur to submit with the file. Discuss the following: o As you are very ambitious and want to demonstrate your analytical skills, provide your insight on the financial performand o After completing the financial statements, the client sent another email to you (see Appendix A). Explain to Ms. Kontur statements you already prepared using your knowledge of accrual accounting. Download Individual Assignment - Phase 2 Template (Excel (23 KB) - will open in new window) Download Appendix A (PDF (119 KB) - will open in a new window) Last modified: Friday, 4 December 2020, 3:42 PM