Donald opened a pizza museum under the name of Donald’s Pizza Pie Museum, and during the first week completed the following transactions:
Mar 1 Donald invested $72,000 cash in the business for 5,000 common shares.
1 The business paid $1,000 for the first month’s rent on the building. This amount is not refundable if the business does not continue for the whole month.
2 The business purchased $6,000 worth of display equipment paying $2,000 in cash and the remainder on account.
3 Ticket sales and beverage sales totaled $3,000 and $500 respectively.
4 Received $100 for a deposit for ticket sales in June.
5 Placed an ad in the local paper for $300 on account.
6 Paid April rent in advance for $1,000.
7 Paid $500 wages for the week.
9 Paid $1,500 on account from March 2 transaction.
Required:
1) Referring to the transactions above and the chart of accounts for Donald’s Pizza Pie Museum, you are to journalize the above transactions. Use the form provided with this assignment (pages 3 & 4). Refer to the chart of accounts for accounts titles to use. Do not split a journal entry over two pages.
2) Post the journal entries, you are to post from the general journal to the accounts in the general ledger. Most of the accounts have been completed, you must complete the general accounts for account numbers; 530, 550, 570. Use the form provided with this assignment (pages 5 to 7). Use the account numbers supplied in the chart of accounts.
3) After posting from the journal to the general ledger, prepare a trial balance dated March 9, 2021. Use the form provided with this assignment (page 8).
4) Prepare a professional looking title page including your name and student number, and date. Attached the assignment to your title page.