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In: Accounting

Jason wants to open a restaurant in Montreal. After analysing the market and requirement for resources...

Jason wants to open a restaurant in Montreal. After analysing the market and requirement for resources for opening a restaurant he finally starts his business in May. The following business transactions are occurred during its first month: May 2020.he named his restaurant as “Jason Delight”.
May 1 Invested $20,000 in cash and office equipment that had face value of $5000 in the business.
​2 Purchased office equipment $2500 and office supplies for $1900 on credit
​4. Paid the $1100 salary to manager
6 Performed food services for a wedding and received $12000 cash from the client on the same day.
7 Provided another Food services for a graduation event and sent the bill for $2000 to the client.
​8. Paid $2500 in cash regarding the accounts payable on May 2.
9 Paid salaries of $500, telephone Bill $100, Gas $120 and rent $1000. All payments made in cash
​10. Received $1600 from the client billed on May 7.
​11. Received the Utility bill for $2600 but will be paid on June 15.
​12. Signed for the security services contract to start in July 1
​13. Purchased Office supplies $5000 on credit.
​14. Received $1200 in Food Service Revenue from another client.
​15. office supplies worth $350 has been used leaving the balance of $1550.
Required:
a. Record the general entries and post them into their ledger accounts and trail balance (20 pts)
b. Prepare the financial Statements (30 pts: 10 each)
​a. Income statement for the month ended May 31 ,2020
​b. Statement of changes in Equity for the month ended May 31,2020
​c. Balance Sheet for the month ended as on May 31 ,2020

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ekkarill92 answered 2 years ago
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