Question
After three months of operations, Mr. John Dazzle has asked you to prepare the books for Razzle Dazzle Hotel and Resort as he has a
After three months of operations, Mr. John Dazzle has asked you to prepare the books for Razzle Dazzle Hotel and Resort as he has a progress meeting with the financial institution. The transactions that occurred are as follows:
2020
Jan 1 John Dazzle invested $3,000 cash and $15,000 of equipment in Razzle Dazzle Hotel and Resort.
Jan 2 Paid $600 cash for furniture for the hotel.
Jan 3 Paid $500 cash rent.
Jan 4 Purchased $1200 of Linens on credit for the entity from Linens R Us.
Feb 5 Cash payments from room sales were $825.00
Feb 15 Received a cheque for $100 for one nights stay.
Feb 17 Received a cheque for $100 for one nights stay.
Feb 20 Cash payment from room sales $930.
Feb 21 Paid $125 to an assistant for working overtime.
Mar 31 Paid $400 towards purchase made on January 4.
Mar 31 John withdrew $900 cash for personal use.
QUESTION 1: (A) Prepare a trial balance as at March 31, 2020
(B) Prepare an income statement for March 31, 2020
(C) Prepare a statement of owners equity for March 2020
(D) Prepare a balance sheet as of March 31, 2020
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