Q6. Dollarama Inc. completed the following transactions during November 2019, its first month of operations:

Nov. 1 Received $25,000, and issued common shares.

Nov. 5 Purchased $800 of office supplies on account.

Nov. 6 Paid $20,000 cash for land to use as a building site.

Nov. 10 Performed service for customers, and received cash of $5,000.

Nov. 15 Paid $100 on accounts payable.

Nov. 18 Performed service for Waterloo School Board on account totaling $1,500.

Nov. 25 Collected $1,000 from Waterloo School Board on account.

Nov. 30 Paid the following expenses: salary, $1,000; rent, $500.

Requirements:

1. Record the transactions in the journal of Dollarama Inc. Key transactions by date, and include an explanation for each entry, as illustrated in the chapter.

2. After journalizing the transactions, post the entries to the ledger using T-accounts. Key transactions by date. Date the ending balance of each account November 30, 2019.

3. Prepare the trial balance of Dollarama Inc., as at November 30, 2019.

4. How much are total assets, total liabilities, and total shareholders equity on November 30, 2019.