The following is the Trial Balance as at December1, 2020 for Ben's Barber Shop.

 

Bank	Debit 2 000	Credit
Accounts Receivable	220
Supplies	1 300
Furniture and Fixtures Accounts Payable	12 100	300
Bank Loan		7 000
Ben Capital		8 320
The Chart of Accounts isas follows:	15 620	15 620

 

100	Bank	230	Bank Loan
110	Accounts Receivable (all)	300	Ben Capital
112	Supplies	301	Ben Drawings
130	Furniture and Fixtures	400	Fees Earned
210	Accounts Payable (all)	501	Utilities Expense
221	HST Payable	502	Bank Charges
222	HST Recoverable	503	Rent Expense

 

 

1. Record the following transactions in the general journal. HST is calculated at 13%.

 

1. Post the transactions in the generaljournal to the T-account general ledger.

 

1. Prepare the Trial Balance

 

1. Prepare the Income Statement

 

1. Prepare a new Balance Sheet as at Dec 31 2020

 

Transactions for  December 

1. Cheque #30, paid monthly rent of $1000 plus HST
2. Purchase Invoice #108, bought hair salon supplieson account from Johnson's for $300 plusHST
3. Cash sales slipsfor the day, $500 plus HST
4. Sales Invoice #60, M. Swat, $40 plus HST
5.  Bank Debit Memo from the bank for servicecharges of $50
6. Cheque #31, paid Sam Beauty Supplies $100 onaccount
7. Cash Receipt #20, received $50 on accountfrom F. Banzo
8. $400 monthly automatic payment on the bank loan is transferred from the bank account
9. Cash sales slipsfor the day, $600 plus HST
10. The owner withdrew $200 worth of the business furniture and took it home for his personal use
11. Purchase Invoice #100 from Union Energy for natural gas $200 plus HST
12. Owner deposited $1400 in business bank account from personal funds (additional investment in the business)