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in Test BAF3M1, Chapter 5 _ "' art A: WM [24] Transactions . for KO M'""B Company in the month of August include the following. to be paid in 30 days. PUrchased Ofce Equipment from "Wonder Co." for $1300 on account 1. :- SOld moving services to "T. Loony" for $750 paid for in cash - Mr. KO (owner of the business) withdrew $500 for personal use. , 4 r moving services, paid in Put an advertisement in the local newspaper for $350 promoting that cash \"'5 '39" phone costs $80.00 per month and is used exclusively for the business. Used $75 of supplies to help with the move for T. Loony. Moved "Starlight Ltd.\" to their new offices at a price of $5000.00 to be paid in one month. Paid $800 for new brakes on the company truck. Received payment in full from B. Movie 10. Hydro bill came in at $185 11. Paid Smallco in Full. 12. Paid Wages to employees of $650. 13. Obtained a Bank Loan in the amount of $3500. 5 6. 7. 8. 9. Opening Balances for KO Moving Company include the following INSTRUCTIONS 1) Create Journal Entries for the above transactions. (26 marks) then record the transactio1 2) Update the T-accounts with their opening balances, update the nal balances. (8 marks) 3) Create a Trial Balance. (5 marks) ' 4) Create a Simple Income Statement. (5 marks) 5) Create a Balance Sheet (5 marks) Use the attached templates to help you