You together with your close friends decided to open a new business called PURES RENTALS, which is a property management company. Your Company address is 1450 Midland Ave, Scarborough, ON M1P 4Z8. You company follows the current calendar year started January 1, 2023. Company number is 787 377-3680. (Please Create a New Company with this information)

Transactions:

1) Please enter an entry on the General Journal as follows:

Source: 0001 01-01-2023
DR. Petty Cash $100
CR. Common Share $100


2) On January 15, 2023, you and your friends as a Shareholders of this Company, lent a total of $500,000 to
the Company. This was deposited in the Companys Chequing account in order to be used to commence the business. (Source 0002) (Clue: Loans from Shareholders)


3) Pures Rentals bought a building amounting to $500,000 on February 20, 2023. Paid the 20% down payment
using the Companys money in the Chequing account and the remaining was
loaned to a Bank, long term. (This is still a General journal entry, you entry
should contain 3 Lines no need for tax entry for now). (Source 0003)


4) Enter the following four (4) Purchase Invoices in any order. See attached documents:



5) On February 28, 2023, please enter a transaction in General Journal for February depreciation of Building. Amounting to $1,000. (Source 0004)



6) On March 1, 2023: Pures Rentals issue a Sales Invoice to its first customer, Parkview Residence for the Lease of one their spaces on the Companys Building for the month of March. Lease amount is 2,500/ month plus applicable taxes (in this case, HST). [Invoice No. 1]


Tips:
Under Item Number, create
a service as follows:
Item Number: Lease
Description: Lease
Type: Service
Revenue: 4200 Sales
Expense: Leave as Blank



7) On March 7, 2023, Pures Rentals issue another Sales invoices (No. 2) to its client, Jazz Residences for the billing of its first and last month rent. Lease amount is 2,500 / month plus taxes. (Take note you should have 2 items in your Sales invoice for this
number)



8) You paid all the outstanding amount for your WYSE and IKEA invoices only on March 15, 2023 using the Companys money (cash) in the Chequing account.




9) Pures Rentals collected the amount in Sales invoice number 1 on March 15, 2023. (Tip: Enter a Receipts
Journal)