The following business transactions of CHARTAC BUSINESS LIMITED for the month ended November 30, 2022, are given below: Requirements:

1. Prepare General Journal by passing journal entries using the proper format.

2. Prepare Accounting Equation using the proper format.

3. Prepare General Ledgers (T Accounts).

4. Prepare Trial Balance using proper format. 5. Prepare Financial Statements: Income Statement, Statement of Owners Equity and Balance Sheet Instructions: 1. Use MS Excel to prepare this project. Business Transactions:

November 1st. An amount of $950,000 invested in the business by the owner and deposited the amount in the name the company (Name of your company).

2nd. Purchased office building for $435,500 by check from Sutton Reality Ltd.

3rd. Purchased office supplies $7,325 on account from ABC Office Supplies Ltd by check.

3rd. Paid advance rent $48,000 for 6 months to a landlord named Bright Reality Inc. by check.

4th. Received $30,400 from a client named ABC Enterprises Ltd. for providing professional services by check.

4th. Performed professional services for $25,000 to a client named Royal Business House Inc. on account.

5th. Received check # 230 from client Royal Business House Inc. for the service provided on account $25,000

6th. The owner withdraws $5,500 for personal use.

6th. Borrowed $220,000 from the bank named Royal Bank Ltd. to finance the first phase of construction of the new theatre. Signed a note payable to the bank in the name of Baycrest Cinema Company.

7th. Paid property tax expense on the land for the new theatre, by check of $1,400 to the City of Surrey.

8th. Received $20,000 by check for providing services from your customer Western Distributors Inc. and deposited that amount in the bank.

10th Entertainment expense for $325 paid by the owner.

11th. Stationary items and printing purchased for $750 on account from STAPLES Ltd. 14th.

Commercial insurance covered obtained for the business from an insurance company named ALLIED INSURANCE SERVICES LTD The total annual premium $ 1,652.00 was paid in advance by check. 16th. Electric supply bill received from BC Hydro for October 2022 will be paid in November 2022 for $625.

18th. Heating gas bill received from FORTIS Gas Company on November 07, 2022, for $645.00 to be paid at the end of November 2022.

19th. Purchase goods for sales $125,785 on account. 20th Goods sold for cash $91,537 ( Cost of Goods Sold $56,224)

20th. Purchased electrical appliances for $ 16, 850 on account from Trail Appliances Ltd.

21st. Purchased office furniture for $13,568 on account from MNJ Furniture Ltd.

22nd. Purchased Computers and accessories for $13,750 on account from Best Buy.

22nd. Paid commercial insurance premium in advance for the entire year $2,152 by check to Allied Insurance Ltd.

25th. Goods purchased for $ 174,252 on account from Golden Boys Limited.

25th. Goods sold for $ 94,578 in cash. (Cost of Goods Sold $56,746).

30th. Record expenses for the month of November 2022 for expenses paid in advance.

30th. Record amortization expenses for the month of November, 2022 at rate given below: Office building @ 5% Electrical appliances @10% Office furniture @ 7% Computers @ 25%