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QUESTION 1 (30 marks PART 1: (18 marks) Toto Technology Ltd. started business operations on Sept 1", 2017. The company's president Terry Yates, envisions the company becoming the leading provider of information technology services in the Greater Toronto Area. Below is a summary of the transactions and events that occurred during the first month of operations at Toto Technology Ltd. September 1-Terry purchased 100 common shares at $100 each September 1- Received a $200,000 bank loan from the Royal Bank of Toronto. Terms of the loan were interest only payments for 2 years, payable on the 1" of every month, with the principal portion of the loan due on January 1,2019 The stated annual interest rate on the loan was S6%, compounded monthy. September 2- Purchased a commercial property lie. land and building) for $200,000 The value of the land was $150,000 and the building was valued at $50.000. All capital assets at Toto are depreciated on a straight-ine basis. The building and land have an expected useful life of 50 years September 2-Paid in advance a one year insurance policy premium of $3,000; paid in . September 3-Hired two IT consultants September 4-Various office supplies purchased for $2,000; paid cash . September 6-Performed IT services for a local manufacturer and immediately invoiced the customer for $6,000 . September 7- Paid $2,500 for salaries that were incurred to date September 15-Payment of $6,000 received for September 6 invoice September 17-Performed IT services for 3 customers, receiving $2,500 in cash and immediately invoiced the remaining amount e. $4,500 September 19-Purchased a car on credit for $20,000. The loan was provided by the car dealer at 0% interest. The amount wil be paid over 4 years with monthly payments due on the 19 of every month. The car has an expected useful life of 6 years, with an expected salvage value of $3,000 after 6years September 24-Received $5,000 from dient in advance of work being performed September 30- Dividends of $2,000 are paid to Terry . Page 1 2 alaries of $2,500 were paid on October 1st. The salaries were for work performed up to September 30 Terry has approached the bank and is looking for another bank loan to further expand his business. The bank has asked Terry to provide a set of financial statements prepared in accordance with generally accepted accounting principles for the month ended September 30, Journalize the above transactions, as well as any adjusting entries you think are required for the month of September, Asample of what the journal entry should look like is provided Date Accounts Sample Dr. Account Name Cr. Account Nome Sept I PART 1: (18 marks) Toto Technology Ltd. started business operations on Sept 1t, 2017. The company's president, Terry Yates, envisions the company becoming the leading provider of information technology services in the Greater Toronto Area. Below is a summary of the transactions and events that occurred during the first month of operations at Toto Technology Ltd.: September 1- Terry purchased 100 common shares at $100 each .September 1- Received a $200,000 bank loan from the Royal Bank of Toronto. Terms of the loan were interest only payments for 2 years, payable on the 1t of every month, with the principal portion of the loan due on January 1, 2019. The stated annual interest rate on the loan was $6%, compounded monthly .September 2- Purchased a commercial property (i.e. land and building) for $200,000 The value of the land was $150,000 and the building was valued at $50,000. All capital assets at Toto are depreciated on a straight-line basis. The building and land have an expected useful life of 50 years. .September 2- Paid in advance a one year insurance policy premium of $3,000; paid in cash .September 3- Hired two IT consultants .September 4-Various office supplies purchased for $2,000; paid cash .September 6- Performed IT services for a local manufacturer and immediately invoiced the customer for $6,000 .September 7- Paid $2,500 for salaries that were incurred to date September 15 Payment of $6,000 received for September 6 invoice September 17 - Performed IT services for 3 customers, receiving $2,500 in cash and immediately invoiced the remaining amount(i.e. $4,500) .September 19 Purchased a car on credit for $20,000. The loan was provided by the car dealer at 0% interest. The amount will be paid over 4 years with monthly payments due on the 19th of every month. The car has an expected useful life of 6 years, with an expected salvage value of $3,000 after 6 years. .September 24-Received $5,000 from dient in advance of work being performed .September 30- Dividends of $2,000 are paid to Terry Salaries of $2,500 were paid on October 1st. The salaries were for work performed up to September 30th. Terry has approached the bank and is looking for another bank loan to further expand his business. The bank has asked Terry to provide a set of financial statements prepared in accordance with generally accepted accounting principles for the month ended September 30, 2017. Required Journalize the above transactions, as well as any adjusting entries you think are required for the month of September. A sample of what the journal entry should look like is provided. Date Accounts Sample Dr. Account Name Debit Credit Cr. Account Name Sept 1
