Question

Question 2 (36 marks) Good Hope Service Limited began operations in November 2019. The company uses the following general ledger accounts: Cash Equipment Share Capital Salaries Expense Accounts Receivable Accounts Payable Retained Earnings Fuel Expense Office Supplies Notes Payable Service Revenue Office Rent The business transactions of the company for November 2019 are shown below: 1 Nov Issued 500 ordinary shares to John Eastward, a shareholder and a director of the company, for $1,000. 4 Nov Purchased office supplies $200 on account. 9 Nov Purchased equipment for $2,000. The company paid $800 cash and signed a 60-days note payable for the remaining balance. 10 Nov Paid November office rent for $200 by cash. 16 Nov Paid $25 cash for gasoline. All this fuel will be used in November. 21 Nov Billed Dragon Company $250 for services rendered to Dragon. The entire amount was due on 29 November 2019. 26 Nov Billed Willee Company $200 for service rendered to Willee and the entire amount was due on 31 December 2019. 29 Nov Collected $250 from Dragon Company for the bill issued on 21 November 2019. 30 Nov Paid $180 salary to Ginny, an employee of Good Hope Service Limited for her November salary. Record each of the above transactions in general journal form (Note: include a brief explanation of the transaction as part of each journal entry)., Prepare an unadjusted trial balance dated 30 November 2019 also Identify and name 4 business transactions above that will result in a change in the company's profit in November 2019.