BUSI-1003 Survey of Accounting Assignment 3 Your assignment submission must be in Excel and uploaded (one file only) to the assignment drop-box in culean before midnight Wednesday February 10 (2 day extension). Financial information for the year ending December 31 2020 is provided in the excel file called "Assignment 3 General Ledger. The books are only closed at the end of the year. The following items are not reflected in the General Ledger balances provided. Other information: A. The Note Receivable was issued on April 1st 2020. Interest of 15% per year and principal is due on March 31 2021. B. Depreciation for the year for the building is $850. C. The bank statement was received in early January. The bank statement showed items that were not reflected in the General Ledger: a. A cheque was returned for $500. This related to a sale. It is most likely that this amount will be collected in the near future. b. The bank charged $20 in service charges for the month of December. C. A cheque to pay an accounts payable in the amount $450 was incorrect posted as $540 D. The $4,200 in the Prepaid Expense represents a transaction posted on November 1 for the prepayment of rent for November, December and January. E. The $3,600 in Deferred Revenues represents funds received in November for work performed in December ($1,100) and work to be performed in January ($2,500) F. The $700 in Wages payable was posted in December 31 2019 for wages incurred in 2019 but paid in 2020. G. $1,000 in wages was paid on On January 5, 2021: $400 related to December 2020 and $600 for January 2021 H. A $260 invoice was received on January 21 for Hydro the period December 15 2020 to January 15 2021 Required a. In the file provided "Assignment 3 General Ledger, record each of the transactions as they relate to the year ended December 31, 2020. b. Prepare an Income Statement and Balance Sheet. Assets Liabilities + Shareholder Equity Accounts Receivable Transaction Accruals Payable. Other Accruals payable Prepaid Expenses Interest Receivable Note Receivable Building Accumlated Depreciation Building CR 2.000 Deferred Revenue Retained Earnings Dividens Paid Cash DR 20.000 Revenues DR CR Interest and Bank Expenses DR 540 DR CR DR CR DR CR DR CR DR DR CR Wages Payable DR CR 700 DR Capital Stock c 2.000 CR DR CR DR CR DR CR DR Wages Expense DR 8,700 CR CR CR Other Expenses DR 3.470 CR PROOF T.LIDR TOLICK 82.910 82,910 Balance Dec 31 4,200 12,000 30.000 9.200 3.600 39,710 4.000 25.700