Business work company is Canada goose

Class4-Work.xlsx

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List of Transactions

Transaction 1: You and a few friends invest $50,000 to open a tutoring service business and issue ordinary share capital to the shareholders.

Transaction 2: You purchase land and pay cash of $40,000.

Transaction 3: The business buys office supplies on account, agreeing to pay $3,700 within 30 days.

Transaction 4: You earn $7,000 of service revenue by providing services for customers. The business collects the cash.

Transaction 5: You perform service on account totaling $3,000 which means you let some customers pay later.

Transaction 6: During the month, the business pays $2,700 for the following expenses: rented equipment, $1,100; employee salaries, $1,200; and utilities, $400.

Transaction 7: You pay $1,900 on account, which means to pay off an account payable.

Transaction 8: You paid $30,000 to remodel your downtown apartment.

Transaction 9: In Transaction 5, you performed tutoring services for a student on account. The business now collects $1,000 from the student.

Transaction 10: You sell half of the land you bought for $20,000. You receive $22,000 cash and makes a $2,000 gain on the sale of land.

Transaction 11: You declare a dividend and pay the shareholders $2,100 cash

Journal & Ledger

Journal						Ledger												RedLotus Travel Inc.
Transaction			Debit	Credit	Assets	Cash			Accounts Receivable			Office Supplies			Land			Trial Balance
1	Cash		$ 50,000			1)	50,000		5)	3,000		3)	3,700		2)	40,000		April 30th 2018
		Share Capital		$ 50,000		2)		40,000	9)		1,000				10)		20,000		Balance
						4)	7,000											Account	Debit	Credit
2	Land		$ 40,000			6)		2,700										Cash
		Cash		$ 40,000		7)		1,900										Accounts Receivable
						9)	1,000											Office Supplies
3	Office Supplies		$ 3,700			10)	22,000											Land
		Account Payable		$ 3,700		11)		2,100										Accounts Payable
																		Share Capital
4	Cash		$ 7,000				$ 33,300			$ 2,000			$ 3,700			$ 20,000		Dividends
		Service Revenue		$ 7,000														Service Revenue
																		Gain on Sale of Land
5	Account Receivable		$ 3,000		Liabilities	Accounts Payable												Rent Expense
		Service Revenue		$ 3,000		3)		3,700										Salary Expense
						7)	1,900											Utilities Expense
6	Rent Expense		$ 1,100
	Utilities Expense		$ 400
	Salaries Exepense		$ 1,200
		Cash		$ 2,700
7	Account Payable		$ 1,900
		Cash		$ 1,900
								1,800
8
9	Cash		$ 1,000		Owners' Equity	Service Revenue			Gain on Sale			Share Capital			Dividends
		Account Receivable		$ 1,000		4)		7,000	10)		2,000	1)		50,000	11)	2,100
						5)		3,000
10	Cash		$ 22,000
		Land		$ 20,000
		Gain on Sale of Land		$ 2,000
11	Dividends		$ 2,100
		Cash		$ 2,100
								$ 10,000			$ 2,000			$ 50,000		$ 2,100
						Rent Expense			Salary Expense			Utilities Expense
						6)	1,100		6)	400		6)	1,200
							$ 1,100			$ 400			$ 1,200

Making the Statements

			Income Statement	Balance Sheet
Trial Balance			April 30th 2018	Year Ending April 30th 2018
April 30th 2018			Revenues	Assets
	Balance			Current Assets
Account	Debit	Credit
Cash	$ 33,300		Total Revenues
Accounts Receivable	$ 2,000		Expenses
Office Supplies	$ 3,700			Total Current Assets
Land	$ 20,000			Long Term Assets
Accounts Payable		$ 1,800
Share Capital		$ 50,000	Total Expenses	Total Long Term Assets
Dividends	$ 2,100			Total Assets
Service Revenue		$ 10,000	Net Income
Gain on Sale of Land		$ 2,000		Liabilities
Rent Expense	$ 1,100		Statement of Retained Earnings	Current Liabilities
Salary Expense	$ 1,200		April 30th 2018
Utilities Expense	$ 400			Total Liabilities
	$ 63,800	$ 63,800		Shareholders' Equity
			Ending Retained Earnings
				Total Shareholders' Equity
				Total Liabilities & SE