1. make up a name and description of the type of services your business provides.
2. make up a list of transactions for the business for the fiscal period ending Dec 31, 2020.

Using the list of transaction types below, describe in plain words 16 typical & unique

transactions that could take place in the first month of your company. You are not

creating Journal Entries, just a transaction description.

Example: Dec 1 - Purchase Invoice #502 from Staples for office supplies in the amount

of $450 plus HST.

When you are creating the transactions make sure you consider the timeline and the

actual activities of a real business. For example, you cannot make up a cheque to pay an

Account Payable when you have not first made a purchase from the supplier.

Create only one for each of the below scenarios, source document MUST be

provided and HST must be indicated where appropriate:

investing an initial amount in the business.

Obtaining a bank loan

Purchase of office supplies

Purchase of equipment or vehicle. If you are paying with cash, make sure you

have enough to cover the purchase.

Paying an expense

Recording a sale not yet paid for in the amount of $3000.

Recording a purchase to be paid within 30 days

Recording a sales return by customer who returned something bought

Paying an amount owed to a supplier

Receiving payment on account from a customer

Recording an owner taking out money for personal use

Recording a purchase refund - you returned something you bought

Partial payment of the bank loan with interest

Purchase at least one year's worth of insurance starting mid-year.

Pay for one year of rent

Another transaction specifically related to your own business.