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Instructions: Mr. V has decided to start a business teaching Violin Lessons called V's Violins. This business is a sole proprietorship (he owns it himself).

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Instructions: Mr. V has decided to start a business teaching Violin Lessons called V's Violins. This business is a sole proprietorship (he owns it himself). He has decided to make his accounting class do his accounting. On December 31", V's Violins has the following balance sheet. V's Violins Balance Sheet As of December 31" 2020 Assets Cash Accounts Receivable Furniture Equipment 18,000 4,000 2,500 7,000 Liabilities Credit Card Payable Accounts Payable Bank Loan Total Liabilities Owner's Equity Total Liabilities + Net Worth 1,700 2,500 11,800 16,000 15,500 31,500 Total Assets 31,500 a) Journalize the following transactions for V's Violins. Assume Mr. Vis always acting on behalf of V's Violins. 1. On January 3, Mr. V prepays the Rent for the year for $6,000. 2. On January 5, Mr. V pays off the entire balance of the accounts payable account 3. On January 5, Mr. V Pays off the entire balance of his credit card payable account. 4. On January 6, Mr. V charges $800 of maintenance expenses to the company credit card. 5. On January 12, Mr. V teaches lessons worth $1,700 on account. 6. On January 13, Mr. Vinvests $15,000 into the business. 7. On January 18", Mr. V buys $2,300 of Violins (Equipment) on account. 8. On January 19, a customer prepays $2,000 for future lessons. 9. On January 24, Mr. V teaches $1,000 worth of the prepaid lessons 10. On January 25, Mr. V teaches $800 worth of lessons and is paid immediately. 11. On January 26, Mr. V gives $4,000 to the bank to pay down his loan. Of this, $200 is interest and the rest is principle. 12. On January 27, Mr. V receives a bill for $400 for utilities that he has used up. 13. On January 28, Mr. V withdraws $5,000 from his business. 14. On January 29, Mr. Vis paid $2,000 owed to him for lessons from last month. 15. On January 31, Record using up 1 month of the prepaid rent (you figure out the amount). b) Post all of your journal entries to a ledger. Remember to create opening entries for ALL accounts. c) Create a trial balance for Mr.V's Tutoring on January 31. d) Create an income statement for Mr. V's Tutoring for the accounting period. e) Create a Statement of owner's Equity for Mr. V's Tutoring for the accounting period. 6) Create a Balance Sheet for Mr. V's Tutoring for January 31

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