Mar 1 Donald invested $72,000 cash in the business for 5,000 common shares The business paid $,000 for the first months rent on the building This amount is not refundable if the business does not continue for the whole month The business purchased $6,000 worth of display equipment paying $,000 in cash and the remainder on account Ticket sales and beverage sales totaled $,000 and $500 respectively Received $100 for a deposit for ticket sales in June Placed an ad in the local paper for $300 on account Paid April rent in advance for $1,000 Paid $500 wages for the week 9 Paid $1,500 on account from March 2 transaction Required Referring to the transactions above and the chart of accounts for Donalds Pizza Pie Museum, you are to journalize the above transactions Use the form provided with this assignment (pages 3 4) Refer to the chart of accounts for accounts titles to use Do not split a journal entry over two pages Post the journal entries, you are to post from the general journal to the accounts in the general ledger Most of the accounts have been completed, you must complete the general accounts for account numbers 530, 550, 570 Use the form provided with this assignment (pages 5 to 7) Use the account numbers supplied in the chart of accounts After posting from the journal to the general ledger, prepare a trial balance dated March 9, 2021 Use the form provided with this assignment (page 8) Prepare a professional looking title page including your name and student number, and date Attached the assignment to your title page Donalds Pizza Pie Museum Chart of Account Account Title Account No Assets Cash 100 Accounts Receivable 110 Beverage Inventory 120 Supplies 125 Prepaid Rent 140 Display Equipment 160 Accumulated Amortization, Display Equipment 170 Liabilities Accounts Payable 200 Unearned Ticket Sales 210 Notes Payable 220 Wages Payable 230 Shareholders Equity Common Stock 300 Retained Earnings 310 Revenue Ticket Sales 400 Beverage Sales 410 Expenses Advertising Expense 500 Amortization Expense 510 Automotive Expense 520 Rent Expense 530 Supplies Expense 550 Wage Expense 570 General Journal Page 1 Date Account Title and Explanation PR Debit Credit

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 28, 2020

Mar 1 Donald invested $72,000 cash in the business for 5,000 common shares.

The business paid $,000 for the first month’s rent on the building. This amount is not refundable if the business does not continue for the whole month.

The business purchased $6,000 worth of display equipment paying $,000 in cash and the remainder on account.

9 Paid $1,500 on account from March 2 transaction.

Required:

Referring to the transactions above and the chart of accounts for Donald’s Pizza Pie Museum, you are to journalize the above transactions. Use the form provided with this assignment (pages 3 & 4). Refer to the chart of accounts for accounts titles to use. Do not split a journal entry over two pages.
Post the journal entries, you are to post from the general journal to the accounts in the general ledger. Most of the accounts have been completed, you must complete the general accounts for account numbers; 530, 550, 570. Use the form provided with this assignment (pages 5 to 7). Use the account numbers supplied in the chart of accounts.
After posting from the journal to the general ledger, prepare a trial balance dated March 9, 2021. Use the form provided with this assignment (page 8).
Prepare a professional looking title page including your name and student number, and date. Attached the assignment to your title page.

Donald’s Pizza Pie Museum

Chart of Account

Account Title	Account No
Assets
Cash	100
Accounts Receivable	110
Beverage Inventory	120
Supplies	125
Prepaid Rent	140
Display Equipment	160
Accumulated Amortization, Display Equipment	170

Liabilities
Accounts Payable	200
Unearned Ticket Sales	210
Notes Payable	220
Wages Payable	230

Shareholders Equity
Common Stock	300
Retained Earnings	310

Revenue
Ticket Sales	400
Beverage Sales	410

Expenses
Advertising Expense	500
Amortization Expense	510
Automotive Expense	520
Rent Expense	530
Supplies Expense	550
Wage Expense	570