Unit 3 Culminating Assignment On October 1st, the Courtland Cougars hockey Team, owned by J. Lambert, had the following accounts. Some of the accounts have balances, and some do not: 12 000 4000 Bank AIR Stokes Dept Stores Equipment Bus AJP Klaman Motors J.Lambert, Capital 15000 5300 25 700 Ticket Sales Earned Player Salaries Expense Bus Maintenance Expense Arena Rental Expense Advertising Expense HST Payable HST Recoverable 4 NO&2888 a) Set up a journal of accounts and record the transactions given below for the month of October as you have leared throughout the unit. All taxes are 13%. b) On October 31st, balance the accounts (T-Accounts) prepare a trial balance, an income statement and balance sheet (with an expanded equity section) Oct Received $120 000 + tax cash from season ticket sales Purchased equipment for $3000 cash + tax Received a $250 + tax bill from Klaman Motors for repairs to the team bus to be paid later Issued a bill for $2100 + tax to Stokes Dept Stores which bought 500 tickets Paid $350 rental fee for use of the arena for the last 2 weeks practice Issued cheques totalling $10 400 to pay the player's salaries for the past 2 weeks Paid $350 + tax in cash to KCV1V for advertising the first home game on Oct 26th Paid $470 + tax in cash to the Daily Reporter for advertising The week's sale of tickets for the opening game brought in $3500 + tax in cash Paid $50 + tax in cash for gas and oil for the bus on the first away from home game Received a further $8700 + tax cash from ticket sales on the opening game Paid $2100 cash to the arena for the last 2 weeks of rent Issued cheques for $9800 to pay the player's salaries for the rest of the month