S&M Delights is a newly developed business, this business is located in the capital of Trinidad which is Port of Spain on Fedrick street where the population is very high for gaining profits, especially for a new business. S&M Delights is a service business that is aimed to prepare delicious traditional foods such as Roti, Pealau and, a variety of soups for the target market of both spicy and unspicy food lovers in any age group and also provides deliveries to customers out of reach. S&M delights works with a fixed date and time being Mondays to Saturdays at 9A.M to 7P.M. With this particular time frame, it will be easier to obtain the expected returns for the year to potentially grow the business to a point where it can compete with Franchises such as KFC and Pizza Hut.

(Record all your transactions in a journal and on T-accounts for December 20X5)

1) The contribution of the owner in the business $12000

2) Purchase of a Cash register $600

3) Prepayment of rent for three months in advance $1500

4) Purchase of refrigerator $1800 on credit

5)Purchase of stove 1200 in cash

6)Purchase of motor vehicle $6500

7)Purchase of furniture on credit $800

8)Payment of water bill $250

9)Payment of telephone bill $200

10)Purchase of cookware 600

11)Sold soups to 12 customers at $45 on December 11th

12)Double declining Depreciation on motor vehicle with a useful life of 5 years and a $3500 residual value

13)Sold Pealau to 23 customers at $30 each on December 13^th

14)Catering service performed for customer and received a payment of $400

15)Performed $200 worth of catering service for a customer on account

16)Withdraw $900 from the business for personal use

17)On December 1^st S&M delights applied and received a $8000 short term bank loan with monthly interest expense of $200

18)Depreciation on refrigerator $100 per year

19)Purchase two tanks of cooking gas $350

20)Paid flour Mills $600 by cheque for goods and received a discount of $100

21)Paid wages of 1200 by cash

22)Repairs on motor vehicle $500

23)Sold Roti to 25 customers at $40 each on 21^st December