Chart of Accounts

ASSETS

101 Cash 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Land 141 Buildings 142 Accumulated Depreciation Buildings

LIABILITIES

202 Accounts Payable 208 Salaries Payable 210 Unearned Revenue 215 Income Tax Payable 222 Mortgage Payable OWNERS EQUITY 301 Common Shares 309 Retained Earnings 311 Dividends Declared

REVENUE

410 Physiotherapy Fees Earned

EXPENSES

511 Salaries Expense 517 Supplies Expense 523 Depreciation Expense 525 Interest Expense 526 Insurance Expense 531 Utilities Expense 535 Repairs Expense 540 Income Tax Expense 601 Income Summary

TRANSACTIONS

March: 1 Issued $XXX,XXX of common shares in the new company for cash. 1 Purchased land and a building for the new clinic site worth $371,000 and $225,000 respectively, by making a down payment of $85,800 and securing a mortgage through CIBC for the difference. 1 Purchased a three-year insurance policy for $26,100 effective today. 1 Maple Leaf Sports & Entertainment paid $65,000 in advance for physiotherapy services to be provided to Pascal Siakam for the basketball season. 3 Purchased $1,000 of office supplies from Staples on account. 12 Paid employees $5,800 representing two weeks salary. 21 Summarized and recorded the billings to customers for the first three weeks of March for physiotherapy services rendered. Billings totaled $175,000. 26 Paid another $5,800 for two weeks salary. 28 Received $42,000 from clients in partial settlement of accounts billed on the 21st. 30 A new employee left the water running in one of the treatment rooms which caused some minor water damage. A restoration company repaired the damages and invoiced $1,485 for the work. 30 Paid Staples for the office supplies purchased on March 3. 31 Paid a total of $5,400 for the months utilities. 31 Paid out dividends to shareholders of $2,200. 31 Made a mortgage payment of $3,735 to the bank consisting of $1,285 in interest and $2,450 in principal. Use the following information to journalize and post the adjustments for the month. a. One month's insurance coverage was consumed. b. There were $200 of office supplies on hand at the end of the month. c. The building has an estimated useful life of 25 years and a salvage value of $32,000. d. Employees earned $1,740 of unpaid and unrecorded salary. e. A review of the contract with Maple Leaf Sports & Entertainment, revealed that oneeighth of the services were provided to Siakam in the month. f. The company earned $8,300 of fees that had not yet been billed. g. Income taxes for the month were estimated to be $1,560. This should match the last 5 digits of your student ID + $1,050,000 REQUIRED: 1. Prepare journal entries for each transaction with descriptions. (Including adjusting journal entries). 2. Prepare T accounts and post the transactions. 3. Prepare an adjusted trial balance as at March 31. 4. Prepare an income statement for the month. 5. Prepare a statement of changes in equity. 6. Prepare a classified statement of financial position. 7. Prepare closing journal entries. 8. Post the closing entries to T accounts. 9. Prepare a post closing trial balance. Notes: Only one set of T accounts are required. Do not prepare a separate set of T accounts for requirement #8, for example. Dates for the adjusting journal entries should be the last day of the month. This assignment should be prepared using Microsoft Excel. Within the Excel workbook, use a separate worksheet for each of the required, except for #2 and 8 which will appear on the same worksheet. Do not duplicate T-Accounts. If applicable, round to the nearest dollar