1. Analyze each transaction below and record it in the general journal.

2. Post the transactions for the general ledger accounts.

3. Prepare a trial balance.

4. Analyze the following information to determine/calculate adjustments:

a. Supplies were used during the month. An inventorytaken on October 31 showed supplies of $680 on hand.

b. Rent expiredfor the month of October (see October 2nd rent transaction).

c. Insurance expired insurance for the month (see October 9th transaction).

d. The equipment brought into the business on October 1st has a useful life of 15 years and no (zero) residual value. Thefirst adjustment for depreciation for the new equipment will be recorded at end of October.

e. You and your partner estimated on October 31st that $312 of the receivable balance will not be collected (hint: see page 420 for entry this is a bonus mark if your entry is correct).

5. Journalize and post the adjusting entries based on part 4 above.

6. Prepare an adjusted trial balance.

7. Prepare a single step income statement for the month.

8. Prepare a statement of shareholders equity.

9. Prepare a classified statement of financial position.

10. Journalize and post the closing entries.

11. Prepare a post closing trial balance.