Question

> nase a new catering van for the business D K ABC F H 1 1 AMAZING GRACE MVENT CATERING 2 LIST OF TRANSACTIONS 3 2020 4 5 The following is a list of transactions for 2020 for Amazing Grace Event Catering (Assume this is the first year of operations) 8 9 Ex. John and Jane Doe start a new business, Amazing Grace Event Catering a caterer. The first 10 transaction is the Does' personal investment of $10,000 in cash in exchange for ownership of 11 the company 12 13 business byretting a loan from the bank for 14 $25,000. The Does estimate that the wan will have a useful life of 60 months and at the 15 end of its useful We, the van will be worth $5,000. 16 17 b. John pays for insurance on the catering van in the amount of $250. 18 19 c John Doe purchases catering supplies on Amazon for too and pays in emh. 20 21 d. There are several events schedule for the week se Jane Doe purchases food from a local supplier for $4,500 on account. The amount is due in 30 days 24 e. The first catering event is a Missions trip fundraiser at a local church on a Wednesday evening, 25 The fee for the event is 53,700 and is paid in cash at the end of the event. 26 The second event is a Gala for a local non-profit organization on a Friday evening. The fee for 28 the event is $5,500 on account and is due in 30 days 29 30 The third event is a wedding on a Saturday aftemoon. The fee for the event as she $5,500 on 31 account and is due in 30 days. h. The Does hired water for each event and promised to pay $250 per event. The Dees pald 34 the waiters the next Friday for their services 35 36 They receive payment for the wedding event from transaction f. 37 38 At the end of the month, the Does received a bill for the utilities for the month in the amount 39 of $1,500. The bis due in 30 days. klane pays the food supplier for the food purchased in transaction. Arrating Grace Event Catering paid a cash distribution to John and Jane Doe in the amount of $4,000. m The Does make a payment in the amount of $425 on the loan from the bank used to purchase the catering van in transaction Depreciation expense on the catering recorded for the month round to the nearest whole number 50 As these transactions are dechrader Instruction Transactions Journal Entries TAccounts Income