Prepare T-accounts with ending balances for all necessary accounts. Jan The owners, Brad &…

 
   

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Prepare T-accounts with ending balances for all necessary accounts. Jan The owners, Brad & Jennifer, each put up $250,000 cash as an initial investment into the company. 2 Purchased a pizza oven for $22,000. 3 Purchased inventory from Sysco Company on account for $21,000. 4 Hired five employees to begin work on Feb 15; the salaries for each employee will be set at $12/hour and they are each expected to work 20 hours per week. 5 Took out a loan with TD Bank for $50,000 payable in 90 days. Purchased land adjacent to the restaurant for customer parking at a cost of $10,000; the company paid $5,000 cash and signed a note for the balance due December 31, 2018. 7 Brad purchased a garage behind the restaurant to store personal items for $15,000 cash. 8Purchased a trademark for the company's pizza logo for $21,000 cash. 9 Ashley, Jennifer's sister, decided to join the partnership, and put up $250,000 as an initial investment. 10 Returned spoiled inventory purchased on Jan 3 for a credit equal to $11,000; no sales had occurred at this time. 11 Paid the Sysco Company account balance in-full. 12 Purchased short term investments equal to $5,000 cash. 13 Took out a bank loan with CIBC Bank for $1,000 payable in 10 years. 14 Purchased inventory from HSJ Foods for $10,000: 50% paid cash and the rest on account. 15 Provided a cash loan to a local supplier equal to $15,000; the loan must be repaid within 30 days. 16 Paid insurance on the store front in-advance for $1,500 cash; the coverage begins Feb 1. 19 Declared a dividend of $2,000 for each of the owners. 31 Depreciation on the pizza oven for January was calculated as $1,000. 31 Paid the dividend in-full declared on Jan 19. 31 Income tax payable for the month was calculated as $1,700. 31 The ending balance of the short term investments at January 31 was $2,000. 31 Sales for the month of January totalled $80,000 of which $1,000 was owed on account. 31 | Cost of goods sold for the month of January was $19,000