5.5. You must have completed the Support Questions in this lesson in order to successfully complete this Key Question You will be required to send your printed answers to ]L. C. August transactions Record the August transactions for Conway Services , using* Simply Accounting . Print the journal. (`8 marks ) bij Print the income statement and the balance sheet for the June to August 31 period . 12 marks ! AUG . 2 Paid Bytown Equipment on account , $92010 . Cheque no . 18 $ Performed services $500 for R. Zircon . Invoice 1 . GOT $30, total $530, not 30 Performed services $80` for 1 . Renner , Invoice 5 . GET $18, total $818, net $.0 Performed services $900 for HI. Bourgon , Invoice 6 , GET S51, total $951, net 30 Received cash for services . Cash slip ] , $1200 plus GS'T of $72, total $ 1272 10 Bought supplies on account , $ 100 from Supply Deput , not 15. Invoice 1512. GST Recoverable $:24. Total $124 20 Paid the hydro bill , $200 , Cheque no . 19 ( utilities ) Paid salaries , $2010 , Cheque no. 20 Paid Supply Depot on account , $700 , Cheque no. 21The owner , M. Conway , withdrew $20:00 for personal use , Cheque no. 22 Paid rent for August , $900 , Cheque no. 23 Paid the telephone bill , $140 , Cheque no. 24 81 Adjusting entries ( for three months ) _ Fiquipment depreciates 20 percent per year Supplies on hand , Aug . 31, $800 . Balance in Supplies account $2100 Record three months' insurance expense ( see June 2 entry ) Record three months" interest on the bank loan at $ percent per year ( see June 2 entry ) 56. February transactions - Singh Products a ) Record the February transactions using Simply Accounting* software . Print the journal . 140* 1 for each part of each entry = 10 marks ) b ) Print a trial balance ( 1 mark ; and an income statement for the period January 1 to February 28 ( 1 mark ) . Remember to act the dates for this period of time (Jan . 1 to Feb . 28 ). Feb . 2 Sales invoices :" No . 103 to H1. Liu , $1800, 1/30 . GST $108, total $1908 Cost of items sold , $900 No. 104 to B. Klassen , $900, 1/30. GST $54, total $95.1. Cost of items, $100 No . 105 , cash sales , $ 1000 . GST $210, total $ 1210. Cost of items , $150010 Received cheques: $1060 from H. Liu for Invoice 100 $636 from B. Klassen for Invoice 101 12 Purchase invoices: No. 416 from Grant Wholesale, for merchandise, $2000, net 30. GST recoverable, $120 ght @ 2007 The Ontario Educational Communications Authority. All rights reserved. www.lic.org cial Accounting Fundamentals BAF3M-B Lesson 18, page 23 ..... . . No. 2337 from BC Supply, for supplies $500, net 30. GST recoverable, $30, total $530 20 Cheque copies: No. 6 for February rent, $1000 No. 7 for salaries, $2000 No. 8 $500 for advertising No. 9 for the telephone bill, $100 No. 10, $2500 withdrawal by the owner 20 Sales invoice 106, cash sales, $2000. GST $120, total $2120. Cost of items sold, $800 28 Sales invoice 107, H. Liu, net 30, $3000. GST payable, $180, total $3180 Cost of goods sold, $100028 Adjusting entries for two months ." Supplies account balance , $800 . Supplies on hand , $500 . Supplies used $30.0 Equipment depreciates 20 percent per Year
