The owner of Texana Restaurant, Gram Disk, commenced his business on 1 July, 2003. He made the following 8 transactions:

1 July: He made an initial investment of $500,000 cash to begin operations

4 July: He purchased a former restaurant building for $150,000, paying 45,000 in cash and the rest on credit

5 July: He purchased kitchen equipment on credit for $90,000

10 July: He purchased $8,000 food inventory for cash

11 July: He sold food sales for $25,000, receiving $15,000 in cash and the rest on credit

18 July: He paid $90,000 for the kitchen equipment that purchased on 5 July

24 July: He received $10,000 for the food sold on 11 July

31 July: He took $3,000 back out of the business account and put it in his personal account

Required

Record all 8 transactions in a journal entry accounting

Post all accounts impacted into a T account identifying the balance for each account separately

Instruction for the assignment:

Type of attached file: word document file attached through course messages on the BlackBoard

Name of word file: Assignment 2

Deadline: Monday, 16th November, 2020 before the time of the lecture

Grades assigned: 5 Marks

You should have a cover page for your assignment involving the following information: Course Name and its Code; Assignment Title; Student Full Name; Student ID No.; Submitted to whom, Date of Submission