Below are various transactions for the month of August, 2016, for BOLA Co. This is their first month of operations. 1. Issued share capital in exchange for $3,000 cash. 2. Received an invoice from the utilities company for electricity in the amount of $200. 3. Bank approved a loan and deposited $10,000 into the company's bank account. Exercises 77 4. Paid employee salaries in the amount of $2,000. 5. Received repair services worth $5,000 from a supplier in exchange for a note due in thirty days. 6. Completed service work for a European customer. Invoiced $8,000 EURO (European funds). The Canadian currency equivalent is $12,000 CAD. (hint: Recall the monetary unit principle.) 7. Completed $7,000 of service work for a customer on account. 8. Purchased $1,000 of equipment, paying cash. 9. Received $8,000 EURO ($12,000 CAD) cash for service work done regarding item (6). 10. Rent of $5,000 cash was paid for the current month's rent. 10. Rent of $5,000 cash was paid for the current month's rent. 11. Made a payment of $1,500 cash as a loan payment regarding item (3). The payment covered $150 for interest expense and the balance of the cash payment was to reduce the loan balance owing. 12. Reimbursed $25 in cash to an employee for use of his personal vehicle for company business for a business trip earlier that day. 13. Received a cash of $5,000 regarding the service work for item (7). 14. Vehicle worth $30,000 purchased in exchange for $10,000 cash and $20,000 note due in six months. 15. Paid the full amount of the utilities invoice regarding item (2). 16. Purchased $3,000 of furniture on account. 17. Completed $2,000 of service work for a customer and collected cash. 18. Received a cheque in the amount of $2,000 from a customer for service work to be done in two months. 19. Purchased office supplies for $3,000 on account. 20. Completed a project for a customer and billed them $8,000 for the service work. 21. Purchased a laptop computer for $2,500 in exchange for a note payable. 22. September rent of $5,000 was paid two weeks in advance, on August 15. Required: Create a separate T-account for each asset, liability, equity, revenue and expense ac- count affected by the transactions above. Record the various transactions debits and credits into the applicable T-account (similar to the two T-accounts shown in Section 2.1, under the heading T-accounts, for Cash and Accounts payable). Calculate and record the ending balance for each T- account. (Hint: Include the reference to the transaction number for each item in the T-accounts, to make it easier to review later, if the accounts contain any errors.)