A. Below is the Trial Balance for Mehta Rickshaws as of November 30, 2020. Forward these balances into each Balance Column Account in the Ledger-these will be the forwarded balances for December 1.2020. MEHTA RICKSHAWS TRIAL BALANCE NOVEMBER 30, 2020 101 Bank $ 53 751.75 110 Accounts Receivable 2 719.75 120 Supplies 1 151.00 125 Prepaid Insurance 2 650.00 130 Land 1 200 000.00 140 Rickshaws 1 046 121.94 141 Accumulated Depreciation-Rickshaws $ 306 000.00 150 Equipment 138 000.00 151 Accumulated Depreciation - Equipment 16 000.00 201 Accounts Payable 21 386.09 210 HST Payable 105 682.68 211 HST Recoverable 101 629.28 250 Unearned Revenue 5 000.00 270 Bank Loan 20 000.00 280 Mortgage Payable 400 000.00 305 Mehta, Capital 1 075 359.23 310 Mehta, Drawings 115 000.00 405 Rental Sales 789 423.51 406 Repair Sales 41 034.20 500 Advertising Expense 4 516.50 510 Bank Interest Expense 5 650.20 520 Depreciation Expense-Rickshaws 0.00 530 Depreciation Expense-Equipment 0.00 540 Insurance Expense 0.00 550 Miscellaneous Expense 3 250.40 560 Supplies Expense 0.00 570 Telephone Expense 1 376.20 580 Utilities Expense 8 344.58 590 Wages Expense 95 724.11 600 Income Summary $2 779 885.71 $ 2 779 885.71 B. Journalize the following transactions for December 2020. Make sure each journal entry's explanation includes the source document. Use November's Trial Balance as your Chart of Accounts. Use the journal template provided in the Google Sheet. Start on Journal Page 8. December 1 Sales Invoice No. 636, to A. Newman, for repairing a rickshaw for the month, $7,900 plus HST $1,027 and total $8,927. 4 Cheque Copy No. 755, for December's Advertising. $1,250 plus HST $162.50, total $1,412.50 8 Sales Invoice No. 637, to L. Walker, to rent a rickshaw, $900 plus HST $117, total $1,017. 9 Cash Receipts List From A. Newman, on account. 12 Purchase Invoice From Staples, No. 472, for Supplies, $1,475 plus HST $191.75, total $1,666.75. 15 Bank Debit Advice #200 From Central Bank, for interest on bank loan, $1,200 17 Cheque Copy No. 757, to Mehta for personal use, $1,000 20 Internal Company Memo #39 Correction required: $56.20 of Miscellaneous Expense had been debited to Wages Expense by mistake. YOU MUST CORRECT IT! 24 Bank Debit Advice #201 Mehta reduces Bank Loan by $10,000 27 Cheque Copy No. 766, to Federal Government, payment of HST owed for the month of November (HINT: Look at November Trial Balance). 30 Credit Invoice Issued No. 69, to L. Walker, because of renting a faulty rickshaw. Full refund provided. (refer to Invoice No. 637). 31 Internal Company Memo #40 $5,000 cash was received in advance from client last month to repair rickshaw. Service is finally performed. Unearned Revenue is reversed. C. Post all your Journal entries into your Ledger. D. Complete a Trial Balance for December 31, 2020. E. Prepare an 8-column Worksheet using the additional information below. Use the Worksheet template provided in the Google Sheet. Remember: colour each adjustment so Total Debits Total Credits. ADJUSTMENTS 1. Supplies counted on December 31 is $500 2. Prepaid Insurance was purchased on March 31, 2020. It is a three-year policy. 3. Late arriving invoices as of December 31:1 Telephone Expense $3,000 Miscellaneous Expense $ 700 4. $2,500 of revenue received to repair rickshaws was received in advance during the month. The repair service will be performed in January 2021. 5. Depreciation for Equipment is calculated using the straight-line method. Estimated life-10 years Estimated salvage value - $48,000. 6. Depreciation for Rickshaws is calculated using the declining balance method. According to the government, electric rickshaws depreciate at 15% a year. F. Prepare an Income Statement for December 31, 2020. G. Prepare a Classified Balance Sheet. H. Journalize the adjusting and closing entries I. Post the adjusting and closing entries into the Ledger. J. Complete a Post-Closing Trial Balance