Record the following transactions within the T-accounts provided. October 02: A. Ascenzo invests his $3,000.00 drum set (drum equipment) into his brand new business, "Have Drums, Will Travel" October 04: Borrowed $2,000.00 from the Royal Bank (This is a demand loan.) October 11: Bought wooden drumsticks and a new kick drum skin (drum supplies - to be consumed within the accounting period) for $85.00 Paid cash October 17: A Ascenzo plays his first paying gig at Phoenix Concert Theatre Receives $700.00 cash for his drumming services, November 15: Purchased a new 15" Zildjian K-Custom Dark Crash Cymbal (drum equipment for $255.00 from Babik Music. Pald $50.00 cash, the balance is payable in 60 days November 17: Returned the 15* Zildjian K-Custom Dark Crash Cymbal (drum equipment) November 22: Played a gig at the Horseshoe, Received $900.00 cash, November 24: Received and paid a bill from Bell Telephone for $35.00, November 25: Purchased an advertisement in Eye Magazine for $800.00. This amount is payable in 15 days December 04: Purchased a Paste 12" AAX Medium Cymbal (drum equipment). This cymbal costs $239.00. Paid the full amount in cash December 12: Paid the balance owing to Eye Magazine December 19: Provided $375.00 of drumming services to Matthew Baxter for a private function Received $100.00 in cash, the balance is placed on account December 23: Received a bill from Bell Telephone for $38.00. Payable in 15 days December 31: A. Ascenzo withdraws $100.00 for personal use Cash Debit Credit AP-Bell Telephone Debit Credit A. Asconzo - Capital Dobit Credit Drum Equipment Debit Credit Fees Earned Debit Credit A/R - M. Baxter Debit Credit Supplies Expense Debit Credit Bank Loan Payable - Royal Bank Debit Credit Advertising Expense Debit Credit - A/P - Babik Music Store Debit Credit Phone Expense Debit Credit A/P - Eye Magazine Debit Credit A. Ascenzo, Drawings Debit Credit Page 2 Completing Financial Statements 1. Using the final balances from the completed T-accounts, prepare an Income Statement for the quarter ended October 31, 2003. (4 marks) ii. Using the final balances from the completed T-accounts, prepare a Balance Sheet (next page) as at October 31, 2003. (6 marks)