answer question 8

Question 2-6: Analyze the impact of transactions on accounts: Douglas Malone started CityBnB, which is a bed and breakfast in Vancouver, CityBnB offers accommodations and breakfast to travellers exploring the city. The following are the transactions for the month of August. o On August 1. purchased an IKEA bed for $400 cash o On August 7, discussed the prices of staying at CityBnB with a customer over the phone. o On August 13, rented a room to a family and billed them $600 on credit. o On August 14, purchased and used cleaning services for $300 on credit. o On August 31, invested $25,000 cash into the business. Question 2-7: Prepare general journal entries: Using the information and analysis prepared in QS 2-6, prepare the journal entries for the month of August. Use the following template. Ensure to include the date, the account descriptions, the debit and credit amount, and a description of the journal entry Question 2-8: Posting entries to T-accounts: CityBnB's records showed the following beginning balances on July 31, 2020. Using the information provided and the analysis completed in QS 2-6 and QS 2-7, complete the following: o Post the journal entries to the general ledger using T-accounts. Include the date of each transaction next to your posting. o Calculate the balance in each T-account. o Prove the accounting equation (Assets = Liabilities + Equity) Cash Jul 31 25.000 Accounts Receivable Jul 31 1,500 - Accounts Payable . 500 Jul 31 o Douglas Malone, Capital 28,000 Jul 31 o Cleaning Expense Jul 31 1,500