Basketball Superstars Inc.

Set up ledger accounts using the figures in this trial balance. Then, make changes to each account using the following transactions that occur during the month of May $(21$ marks$0\mathrm{.}5$ marks x $2$ each transaction$)$

Transactions

Fellowes sends a cheque for $$400.$

Basketball Superstars Inc. holds a clinic for Jeanne Lajoie in the amount of $$1500.$ $$575$ is paid in cash and the remainder is placed on account.

An employee is paid $$70$ in gas mileage for running the clinic.

$$1250$ of basketball equipment is purchased using cash.

$$700$ is paid off of the bank loan.

An employee is given a paycheck for $$550.$

Basketball Superstars Inc. holds a clinic for Fellowes in the amount of $$850.$ $$500$ is

paid in cash and the rest is placed on account.

$$300$ is paid to Wilson.

Basketball Superstars Inc. has an ad placed in the newspaper for $$65.$

Jeanne Lajoie sends a cheque for $$450.$

$$200$ of office supplies is purchased from Staples on account.

Fellowes sends a cheque in the amount of $$670.$

$$200$ is paid to the bank loan.

$$1000$ of basketball supplies are purchased from Wilson. $$250$ is paid in cash and the rest is paid on account.

An employee is paid $$200.$

A cheque is sent to Staples for $$200.$

A cheque is sent to Wilson for $$500.$

A clinic is run for Jeanne Lajoie in the amount of $$500.$ They pay $$100$ in cash and put the rest on account.

Gas mileage is paid in the amount of $$40$ for the clinic.

Jeanne Lajoie sends a cheque for $$400.$

A cheque is sent to Wilson for $$700.$

Calculate your pin totals and account balances for each account in the ledger. $(5$ marks$)$

Perform a trial balance for May $31,20(5$ marks$)$

Create an Income Statement to calculate Net Income $(5$ marks$)$