+ Brian graduated from York University with his BAS, his parents and grandparents were very proud and happy of this achievement. As a graduation gift, Brian's Grandfather gave him $55,000 to buy a car or start his own business. So, on March 1, 2011, Brian started a small retail business called "Funny Stuff". "Funny Stuff" is a joke and novelty store. As a student, he worked at a few Joke and Novelty stores in the country and made some good friends with their owners. Linda was a successful owner of four stores in Montreal, and Sydney owned six stores in Vancouver and Calgary. Since he was very good friends with them and Brain was just starting out in Toronto, both agreed to sell them their stock at their cost to Brian. The following is a list of transactions that occurred during the first month of operations of "Funny Stuff": March Description Amount $55,000 1 Opened a business bank account with private resources for $50,000 - money given to Brian from his Grandfather as a gift - while the rest $5,000 are kept in cash 1 Signed 24 month rental contract for office space for $2,000 per month $2,000 per month for 2 years 2 Purchase Office Supplies for new business in cash $450 3 Paid one month's rent by cheque $2,000 4 Bought goods to sell from Linda - Paid Cash $3,500 5 10 Purchased Car: Salvage value $1,500, 36 months life - using Straight line method -, payment in two installments on April 5th and May 5th Purchased goods for sale on credit from Sydney $41,100 $3,000 10 Cash sale of goods to various customers $9,000 11 20 Paid employees in cash for working 150 hours at $11.00 per hour Purchased more goods on account from Linda to sell $1,650 $10,000 22 Sold goods to Ann - On Account $8,000 24 Cash sales from Various customers $6,000 25 26 Paid employees in cash for working 200 hours at $11.00 per hour Brian withdrew some cash for personnel reasons $2,200 $500 28 Cheque received from Ann for payment $5,500 29 Paid office supplies in cash $250 30 telephone bill for $135 was received for the month of March - $135 payment due April 15th, 2011 30 Send cheque to Linda for payment $8,000 31 Send cheque to Sydney for payment $2,000 31 Paid next month's rent with a cheque $2,000 31 Brian put in additional capital into the business (bank deposit) $5,000 Additional information 31 All employees are paid $11.00 per hour, total hours worked for the month of all employee 650 31 Inventory of Office Supplies showed that there was $365 remaining 31 Inventory available for sale was $4,500 at end of month Prepare "T" Accounts in Accrual Basis for "Funny Stuff".