Question

References Mailings Review View Help nternet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Q6. Dollarama Inc, completed the following transactions during November 2019, its first month of operations: Nov. 1 Received $25,000, and issued common shares. Nov.5 Purchased $800 of office supplies on account. Nov. 6 Paid $20,000 cash for land to use as a building site. Nov. 10 Performed service for customers, and received cash of $5,000. Nov. 15 Paid $100 on accounts payable. Nov. 18 Performed service for Waterloo School Board on account totalling $1,500. Nov. 25 Collected $1,000 from Waterloo School Board on account. Nov. 30 Paid the following expenses: salary, $1,000; rent, $500. Requirements: 1. Record the transactions in the journal of Dollarama Inc. Key transactions by date, and include an explanation for each entry, as illustrated in the chapter. 2. After journalizing the transactions, post the entries to the ledger using T-accounts. Key transactions by date. Date the ending balance of each account November 30, 2019. 3. Prepare the trial balance of Dollarama Inc., as at November 30, 2019. 4. How much are total assets, total liabilities, and total shareholders' equity on November 30, 2019 Focus

Answer 1

1)
Date	Account Titles and explanation	Debit	Credit
1-Nov	Cash	$                      25,000.00
	Common stock		$ 25,000.00
	Issued common stock.
5-Nov	Office Supplies	$                           800.00
	Accounts Payable		$      800.00
	Purchased office supplies on account.
6-Nov	Land	$                      20,000.00
	Cash		$ 20,000.00
	Paid cash for land.
10-Nov	Cash	$                        5,000.00
	Service Revenue		$   5,000.00
	Performed services for cash.
15-Nov	Accounts Payable	$                           100.00
	Cash		$      100.00
	Paid cash on account.
18-Nov	Accounts Receivable	$                        1,500.00
	Service Revenue		$   1,500.00
	Performed services on account.
25-Nov	Cash	$                        1,000.00
	Accounts Receivable		$   1,000.00
	Collected cash on account.
30-Nov	Salary Expense	$                        1,000.00
	Rent Expenses	$                           500.00
	Cash		$   1,500.00
	Paid expenses.
2)	T account
	Cash						Accounts Payable
1-Nov	$                                       25,000.00	$                      20,000.00	6-Nov		15-Nov	$     100.00	$     800.00	5-Nov
10-Nov	$                                         5,000.00	$                           100.00	15-Nov				$     700.00	30-Nov
25-Nov	$                                         1,000.00	$                        1,500.00	30-Nov
30-Nov	$                                         9,400.00						Service Revenue
							$  5,000.00	10-Nov
	Common stock						$  1,500.00	18-Nov
		$                      25,000.00	1-Nov				$  6,500.00	30-Nov
		$                      25,000.00	30-Nov
			Accounts Receivables
	18-Nov	$                        1,500.00	$   1,000.00	25-Nov
	30-Nov	$                           500.00
3)
	Dollarama Inc.
	Trial Balance
	As at Nov 30,2019
		Debit	Credit
	Cash	$                        9,400.00
	Accounts Recivables	$                           500.00
	Office Supplies	$                           800.00
	Salary Expense	$                        1,000.00
	Rent Expenses	$                           500.00
	Land	$                      20,000.00
	Accounts payable		$      700.00
	Service Revenue		$   6,500.00
	Common stock		$ 25,000.00
	Total	$                      32,200.00	$ 32,200.00
4)
	Dollarama Inc.
	Income statement
Service Revenue	$                                         6,500.00
Salary Expense	$                                         1,000.00
Rent Expenses	$                                            500.00
Profit	$                                         5,000.00
	Dollarama Inc.
	Balance Sheet
Assets		Liabilities & Shareholders' equity
Cash	$                                         9,400.00	Accounts payable	$      700.00
Accounts Recivables	$                                            500.00	Total Liabilities		$      700.00
Office Supplies	$                                            800.00	Shareholder equity
Land	$                                       20,000.00	Common stock	$ 25,000.00
		Add: Profit	$   5,000.00
		Total sharehoders' equity		$ 30,000.00
Total Assets	$                                       30,700.00	Total Liabilities & Shareholders' equity	$ 30,700.00