Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chlo Mathieu has just set up a tax service. She wants to file income tax returns for individuals and small farm businesses and offer them

Chloé Mathieu has just set up a tax service. She wants to file income tax returns for individuals and small farm businesses and offer them consulting services. She opens an account at the Caisse Populaire de Roxton Pond in the name of her company: Chloé Mathieu, a tax specialist.

Here are the operations for the month of February 20X7 for the opening of his business:

Feb. 01

Transfer of $9,000 from his personal savings account to the account of Chloé Mathieu, a tax specialist.

✓ Feb. 05

Deposit of $5,000 following a loan via the line of credit.

Feb. 06

The signing of a two-year lease and payment by check No. 1001 of $846.57 (taxes included) for the first month's rent to Gestion Lamoureux inc. (use Rent Prepaid account).

Feb. 16

Check n° 1002 for $7393.31 (taxes included) payable to Bureau Beauregard for the acquisition of computer equipment (invoice n° 225521).

Feb. 21

- Check No. 1003 for $3,781.31 (taxes included) payable to Ameublement Cordeau for the purchase of office furniture (invoice No. 3181).

Feb. 27

The hiring of Simon Carle as company secretary at a weekly salary of $750. His first day of work will be February 28.

Answer the questions :

a) Record the operations of Chloé Mathieu, tax specialist, in the general journal.

b) Post entries to general ledger accounts.

c) Produce the trial balance as of February 28, 20X7.

d) Prepare the balance sheet for Chloé Mathieu, tax specialist, as of February 28, 20X7.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Solution a b c d Account Debit Credit Date 01Feb Bank 9000 Ca... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Operations Research

Authors: Frederick S. Hillier, Gerald J. Lieberman

10th edition

978-0072535105, 72535105, 978-1259162985

More Books

Students also viewed these Finance questions