Questions:
1. Create a chart of accounts for the business in the space below.
2. Use the Journal paper to journalize all of the transactions.
Your journal entries must include the applicable source document information, HST where appropriate, and proper formatting.
Transaction #5: Additionally on December 7, Momin's Electronic Fix Administrations bought administration supplies on account adding up to $1,500. The organization got supplies along these lines we will record a charge to expand supplies. By the expressions "on account", it implies that the sum has not yet been paid; thus, it is recorded as a responsibility of the organization. Transaction #6: On December 9, the organization got $1,900 for administrations delivered. We will at that point record an increment in real money (charge the money account) and an expansion in pay (credit the pay account). Transaction #7: On December 12, the organization delivered administrations on account, $4,250.00. According to concurrence with the client, the sum is to be gathered following 10 days. Under the accumulation premise of bookkeeping, pay is recorded when procured. In this exchange, the administrations have been completely delivered (which means, we made a payment; we simply haven't gathered it yet.) Thus, we record an expansion in pay and an increment in a receivable record. Transaction #8: On December 14, Mr. Momin put an extra $3,200.00 into the business. The passage would be like what we did in exchange #1, for example, increment money and increment the capital record of the proprietor. Transaction #9: Delivered administrations to a major organization on December 15. According to the arrangement, the $3,400 sum due will be gathered following 30 days. Transaction #10: On December 22, the organization gathered from the client in transaction #7. We will record an increment in real money by charging it. At that point, we will credit debt claims to diminish it. We are decreasing the receivable since it has effectively been gathered. Transaction #11: On December 23, the organization paid a portion of its risk in transaction #5 by giving a check. The organization paid $500 of the $1,500 payable. To record this exchange, we will charge Records Payable for $500 to diminish it by the said sum. At that point, we will credit money to diminish it because of the installment. Transaction #12: On December 25, the proprietor pulled out cash because of a crisis need. Mr. Momin pulled out $7,000 from the organization. We will diminish Money since the organization paid Mr. Momin $7,000. Furthermore, we will record withdrawals by charging the withdrawal account - Mr. Momin, Drawings. Transaction # 13: On December 29, the organization paid the lease for December, $ 1,500. Once more, we will record the cost by charging it and lessening cash by crediting it. Transaction #14: On December 30, the organization procured a $12,000 transient bank advance; the whole sum in addition to a 10% premium is payable following 1 year. Once more, the organization got cash so we increment it by charging Money. The organization currently has a responsibility. We will record it by crediting the responsibility account - Advances Payable. Transaction #15: On December 31, the organization paid compensations to its workers, $3,500. For this exchange, we will record/increment the business ledger by charging it and decline cash by crediting it. (Note: This is an improved on passage to introduce the installment of pay rates. In real practice, diverse finance bookkeeping techniques are applied.) Transaction #16: On December 31, the proprietor pulled out extra money because of a crisis need. Mr. Momin pulled out $1,500 from the organization. We will diminish Money since the organization paid Mr. Momin $1,500. Also, we will record withdrawals by charging the withdrawal account - Mr. Momin, Drawings
