ACCT 20 PROJECT #2 July 2025 You and a partner, Santa Claus, started a kayak and canoe retail business in Brighton on July 1, 2025. You invested $50,000 in cash and Mr. Claus gave the business a new van worth $50,000, he owned, to make deliveries and other business activities as required. The van is estimated to be used for 5 years and could be sold for $5,000 then. On July 5 th you and Santa went to the TD Bank and secured a $100,000 loan, interest 5% annually paid 5 th of next month. July 6 th the business purchased 8 kayaks, costing $400 each, and 8 canoes,costing $600 each. On July 7 th the business had its first sale, 4 kayaks cash sale. Kayaks sell for $1,000 each and canoes for $2,000 each. On July 7 th the business hired an employee to help with sales and deliveries, salary of $800 per week. July 10 th , the business sold 5 canoes, customers given credit terms 3/15 N45. Customers paid July 24 th . On July 15 th additional stock was purchased, 3 more kayaks and 2 more canoes for same price as initial purchase. On July 20 th 1 kayak and 1 canoe were returned as they were the incorrect colours. $800 of cleaning supplies, for use in July, were purchased from Staples paying cash. The hydo bill for July was received July 28 th and it will be paid in August. On July 29 th 1 kayak and 1 canoe were sold for same price as previous ones, 2/10 N60. On July 30 th the canoe was returned. Rent for your facility is $5,000 which you paid July's on the 15 th of the month. On July 31 st you paid your instructor his salary for July. You and Santa each had withdrawals of $3,000. 1. Prepare a Chart of Accounts for your business. 2. Record all journal entries for July 3. Prepare an Adjusted Trial Balance for July 31 st