Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi Student, Thank you for assisting me with the accounting for my piano-teaching business. Here are some transactions to be recorded: December 1: Opened

image text in transcribedimage text in transcribed

Hi Student, Thank you for assisting me with the accounting for my piano-teaching business. Here are some transactions to be recorded: December 1: Opened a business chequing account at the Royal Bank of Canada and deposited $2,000 of my own money into it. December 1: Purchased business cheques from the bank for $$75.00. This amount was withdrawn from my bank account by the Royal Bank. [Debit 'Bank Charges Expense] December 2: Paid the December rent of $500 for the studio space; cheque #100. December 2: Received cash and cheques totalling $$900.00 from the 1-hour students. This is payment for the 5 weeks in December (3 students X $60 X 5 weeks). [Credit 'Unearned Lesson Revenue'] December 3: Received $60.00 ($30.00 from each student) from the two half-hour students. These students will pay each week for the first month. December 5: Purchased $85.00 in office supplies. Paid using cheque #101. December 7: Paid $145.00 for a few days of advertising in the classified of the Vancouver Sun newspaper. Used cheque #102. Thanks again, Rose Temple

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Auditing Cases An Interactive Learning Approach

Authors: Steven M Glover, Douglas F Prawitt

4th Edition

0132423502, 978-0132423502

More Books

Students also viewed these Accounting questions

Question

Briefly describe Kants theory of moral development.

Answered: 1 week ago