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There were following activities occurred during the first month of Babaca Schmidt's new hair cutting business called The Cutlery: a. On Augusti, Schmidt put $3,000

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There were following activities occurred during the first month of Babaca Schmidt's new hair cutting business called The Cutlery: a. On Augusti, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned b. On August 1, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $600 cash for furniture for the shop- d. On August 3, she paid $900 cash to rent space in a strip mall for August e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $1,200. This amount is to be repaid in three equal payments at the end of August, September, and October { On August5, Cash receipts from haircutting services provided in the first week and a half of business (ended August15) were $225. g. On August15, Schmidt provided haircutting services on account for $100. h. On August 17, Schmidt received a 5100 cheque in the mail for services previously rendered on account. i On August17. Schmidt paid $125 to an assistant for working during the grand opening. j. On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part-time work starting in September k. On August18, a regular customer paid $500 for services to be provided over the next three month 1 Cash receipts from haircutting rendered during the 2nd half of August were $530. m. On August31, Schmidt paid an instalment on the accounts payable n. On August31, the August hydro bill for $75 was received. It will be paid on September 14 0. On August31, she withdrew $200 cash for her personal use. Required: Prepare necessary journal entries for above activities occurred during the August Prepare T-Accounts for all the accounts Prepare trial balance, balance sheet and income statement

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