Question

# need answer as soon as possible. please

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.

Answer 1

Requirement 1:

Date	General Journal	Debit	Credit
Nov,01	Cash	$      25,000
	Common Stock		$      25,000
	(To record common stock issued)
Nov,05	Office supplies	$            800
	Accounts payable		$            800
	( To record office supplies purchased)
Nov,06	Land	$      20,000
	Cash		$      20,000
	( To record payment for land)
Nov,10	Cash	$         5,000
	Service revenue		$         5,000
	( To record service revenue)
Nov,15	Accounts payable	$            100
	Cash		$            100
	(To record payment for accounts payable)
Nov,18	Accounts receivable-Waterloo school board	$         1,500
	Service revenue		$         1,500
	(To record service revenue)
Nov,25	Cash	$         1,000
	Accounts receivable-Waterloo school board		$         1,000
	(To record collection of service revenue)
Nov,30	Salaries expense	$         1,000
	Rent expense	$            500
	Cash		$         1,500
	( To record payment of expenses)

Requirement 2:

Cash
Nov,01	$ 25,000	Nov,06	$ 20,000
Nov,10	$    5,000	Nov,15	$       100
Nov,25	$    1,000	Nov,30	$    1,500
End Balance	$   9,400
Common Stock
		Nov,01	$ 25,000
		End Balance	$ 25,000
Service Revenue
		Nov,10	$    5,000
		Nov,18	$    1,500
		End Balance	$   6,500
Land
Nov,06	$ 20,000
End Balance	$ 20,000
Rent expense
Nov,30	$       500
End Balance	$       500
Office supplies
Nov,05	$       800
End Balance	$       800
Accounts Receivables-waterloo school board
Nov,18	$    1,500	Nov,25	$    1,000
End Balance	$       500
Service revenue
		Nov,18	$    1,500
		End Balance	$    1,500
Account Payable
Nov,15	$       100	Nov,05	$       800
		End Balance	$       700
Salaries expense
Nov,30	$    1,000
End Balance	$    1,000

Requirement 3:

Dollarama Inc
Trail Balance
As at November 30,2019
	Balance
Account title	Debit	Credit
Cash	$    9,400	$          -
Accounts Receivables-waterloo school board	$       500	$          -
Office supplies	$       800	$          -
Land	$ 20,000	$          -
Accounts Payable	$          -	$       700
Common stock	$          -	$ 25,000
Service Revenue	$          -	$    6,500
Salaries Expense	$    1,000	$          -
Rent Expense	$       500	$          -
Total	$ 32,200	$ 32,200

Requirement 4:

Total assets: $30,700

Total Liabilities: $30,700

Total shareholders equity: $ 30,000

Working:

Dollarama Inc
Balance sheet
As at November 30,2019
Assets
Current assets:
Cash	$    9,400
Accounts Receivable	$       500
Office supplies	$       800
Total Current Assets		$ 10,700
Property ,plant, and equipment:
Land		$ 20,000
Total Assets		$ 30,700
Liabilities and stockholder's Equity
Current liabilities:
Accounts Payable	$       700
Total Liabilities		$       700
Shareholder`s Equity:
Common Stock	$ 25,000
Retained Earnings (6500-1000-500)	$    5,000
Total Shareholder`s Equity		$ 30,000
Total liabilities and shareholder's equity		$ 30,700