During September the following summary transactions were completed.

Sept. 8 Paid 1,250 for salaries due employees, of which 500 is for August.

9 Shareholders invested 14,000 cash in the business in exchange for ordinary shares.

10 Received 1,400 cash from customers for services billed in August.

12 Received 3,400 cash for services performed in September.

15 Purchased store equipment on account 5,000.

17 Purchased supplies on account 1,400.

20 Paid 3,100 for accounts payable due.

25 Paid salaries 1,700 for September.

27 Performed services on account and billed customers for services provided 1,800.

28 Declared and paid a 600 cash dividend.

29 Received 950 from customers for future service.

30 Paid rent 2500 for 1 September to 31 January.

Adjustment data consist of:

A count of supplies on September 30, 20X1 indicates that supplies on hand 1,600.

Accrued salaries payable 700.

Depreciation is 170 per month.

Unearned service revenue of 1,600 is earned.

The prepaid insurance is the remaining cost of a fully paid 9-month insurance policy, effective May 1, 20X1.

There is only one note payable which is a 10,000 24%, 9-month note dated September 1, 20X1. (Note: 24% is the annual rate)

The adjustment data is shown under the picture

Assignment One On September 1, 20X1, the account balances of Rand Equipment Repair, Inc. were as follows. Debits No. 101 No. 152 Cash 14,580 1,500 Credits Accumulated Depreciation Accounts Payable 111 3,520 201 3,400 Accounts Receivable Supplies Prepaid Insurance 125 132 2,000 300 202 204 Notes Payable Unearned Service Revenue 10,000 1,400 151 Store Equipment 15,000 205 310 320 Salaries Payable Share Capital-Ordinary Retained Earnings 500 15,000 3,600 35,400 35,400 **Transactions in September and adjustment data are shown in blackboard. ** The information will be released on 8 February 2021, 14:30 pm The alternative treatment in Slide 18 of Lecture 4 powerpoints is not adopted by Rand Equipment Repair, Inc. Instructions (The following is the procedures of the accounting cycle after analyzing the source documents for transactions taken place) (a) Enter the September 1 balances in the ledger accounts. (for your own reference) (b) Journalize the September transactions. Use the following additional accounts: No.134 Prepaid Rent No.203 Interest Payable No.330 Dividends No.400 Service Revenue, No.612 Depreciation Expense, No.613 Interest Expense, No. 614 Insurance Expense, No.615 Supplies Expense, No.616 Salaries Expense, and No.617 Rent Expense. (c) Post to the ledger accounts. (for your own reference) (d) Prepare a trial balance at September 30. (e) Journalize and post adjusting entries. (the posting is for your own reference) (f) Prepare an adjusted trial balance. (for your own reference) (g) Prepare an income statement and a retained earnings statement for September and a statement of financial position as at September 30. 1 Requirements for submission This Individual Assignment is graded by the Blackboard automatically, please input the 128 items onto the blackboard-assessment-test when you attempt the assignment. The deadline for submission is 27 February 2021, 23:58. Be fair to all students, if you do not follow the instruction of inputting items, NO marks will be given by Blackboard. (1) Input the Journal Entries required in part (b) with the Account No and Amount into blackboard. Please input the items required as shown in page 3. (52 points) Account No 101 111 125 132 134 151 152 201 202 203 204 205 310 320 330 400 612 613 614 615 616 617 Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Store Equipment Accumulated Depreciation Accounts Payable Notes Payable Interest Payable Unearned Service Revenue Salaries Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Depreciation Expense Interest Expense Insurance Expense Supplies Expense Salaries Expense Rent Expense (2) Input the balance of each account of the trial balance required in part (d) into blackboard. Please input the items required as shown in page 4. (38 points) (3) Input the Journal Entries required in part (e) with the Account No and Amount into blackboard. Please input the items required as shown in page 4. (48 points) (4) Input the figures of part (g) including the income statement and retained earnings statement for September and statement of financial position as at September 30 into blackboard. Please input the items required as shown in page 5 & 6. (62 points) 2 Requirement 1 (52 points) Date Dr/Cr Amount Item 2 8-Sep Dr 8-Sep Dr Item 4 Cr Item 6 Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr 8-Sep 9-Sep 9-Sep 10-Sep 10-Sep 12-Sep 12-Sep 15-Sep 15-Sep 17-Sep 17-Sep 20-Sep 20-Sep 25-Sep 25-Sep 27-Sep 27-Sep 28-Sep 28-Sep 29-Sep 29-Sep 30-Sep Account No Item 1 (smaller Account No) Item 3 (larger Account No) Item 5 Item 7 Item 9 Item 11 Item 13 Item 15 Item 17 Item 19 Item 21 Item 23 Item 25 Item 27 Item 29 Item 31 Item 33 Item 35 Item 37 Item 39 Item 41 Item 43 Item 45 Item 47(smaller Account No) Item 49 (larger Account No) Item 51 Dr Item 8 Item 10 Item 12 Item 14 Item 16 Item 18 Item 20 Item 22 Item 24 Item 26 Item 28 Item 30 Item 32 Item 34 Item 36 Item 38 Item 40 Item 42 Item 44 Item 46 Item 48 Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr 30-Sep Dr Item 50 30-Sep Cr Item 52 3 Dr Requirement 2 (38 points) Trial Balance as at 30 September 101 Cash 111 Accounts Receivable 125 Supplies 132 Prepaid Insurance 134 Prepaid Rent 151 Store Equipment 152 Accumulated Depreciation 201 Accounts Payable 202 Notes Payable 204 Unearned Service Revenue 205 Salaries Payable 310 Share Capital-Ordinary 320 Retained Earnings 330 Dividends 400 Service Revenue 616 Salaries Expense 617 Rent Expense Total Cr Item 53 Item 54 Item 55 Item 56 Item 57 Item 58 Item 59 Item 60 Item 61 Item 62 Item 63 Item 64 Item 65 Item 66 Item 67 Item 68 Item 69 Item 71 Item 70 Requirement 3 (48 points) Adjusting Entries Dr/Cr (1) Dr (1) 1 Cr (2) Dr (2) Cr (3) Dr (3) Cr (4) Dr (4) Cr (5) Dr (5) Cr (6) Dr (6) ( Cr Account No Item 72 Item 74 Item 76 Item 78 Item 80 Item 82 Item 84 Item 86 Item 88 Item 90 Item 92 Item 94 Amount Item 73 Item 75 Item 77 Item 79 Item 81 Item 83 Item 85 Item 87 Item 89 Item 91 Item 93 Item 95 4 Requirement 4 (62 points) Each item carries 2 points except items 105, 106,107 and 108 carry 1 point cach Rand Equipment Repair, Inc. Income Statement For the month eneded 30 September 20x1 Item 96 Service Revenue Depreciation Expense Interest Expense Insurance Expense Supplies Expense Salaries Expense Rent Expense Item 97 Item 98 Item 99 Item 100 Item 101 Item 102 Total Expense Item 103 Net Income Item 104 Rand Equipment Repair, Inc. Retained Earnings Statement For the month ended 30 September 20x1 Beginning Retained Earning Net Income Dividend Ending retained Earning Item 105 Item 106 Item 107 Item 108 5 Rand Equipment Repair, Inc. Statement of Financial Position as at 30 September 20x1 Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Item 109 Item 110 Item 111 Item 112 Item 113 Item 114 Liabilities Accounts Payable Notes Payable Interest Payable Unearned Service Revenue Salaries Payable Item 119 Item 120 Item 121 Item 122 Item 123 Item 124 Property, Plant and Equipment Store Equipment Accumulated Depreciation Item 115 Item 116 Item 117 Equity Share Capital-Ordinary Retained Earnings Item 125 Item 126 Item 127 Total Assets Item 118 Total Liabilities & Equity Item 128 6