For the month of September 2020, Bee-Kind Hives had the following transactions: Sept 1 Sept 2 Sept 5 Sept7 Sept 8 Sept 10 Sept 20 Sept 22 Sept 24 Sept 28 Sept 30 The owner invested $6,500 cash into the business Received an advertising bill for $500, which will be paid next month Purchased equipment with $8,140 cash Received $3,200 cash for work that will be provided in October Paid the $200 telephone bill with cash Provided $15,680 worth of services to customers who will pay later Received $2,000 in payment from customers paying their accounts Paid $1,500 toward accounts payable Paid $1,100 toward principal of the bank loan Paid salary of $2,500 to an employee The owner withdrew $1,750 cash for personal use At the end of September, the following adjustments had to be journalized to properly report the balances of the company's accounts. Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 One month of prepaid insurance worth $150 has been used Monthly depreciation on the new equipment and old equipment totals $544 (old equipment - $1,000 residual value over 10 years) Unearned revenue worth $1,200 has now been earned Interest of $75 has accrued on the bank loan Accrued salary expense of $500 for an employee Note: Of the remaining balance of the bank loan will Note: Of the remaining balance of the bank loan $5,000 will be paid within the next year. Required a) Enter the opening balances from the August 2020 balance sheet into general ledger accounts (8 marks) b) Prepare the journal entries for the month of September and post them to the appropriate general ledger accounts. (22 marks) c) Prepare a depreciation table for the equipment purchased on Sept 5th, the equipment is expected to last 5 years and has an expected residual value of $1,000. (20 marks) d) Create an unadjusted trial balance in a Trial Balance Worksheet and then complete the month end adjustments and the adjusted trial balance columns of the worksheet. (25 marks) e) Post the month end adjustments to the appropriate general ledger accounts. (5 marks) 1) Prepare the income statement. (9 marks) 8) Prepare the statement of owner's equity (6 marks) h) Prepare the dassified balance sheet. (18 marks) u Prepare the journal entries to close the books for the month of September 2020 (use the income summary account) and post the journal entries to the appropriate general ledger accounts (13 marks) i) Explain the difference between closing to the income summary account versus closing directly to owners capital. (2 marks) k) Create the post-closing trial balance. (13 marks) 1) Calculate Working Capital and the Current Ratio for September and explain what this means for Bee-Kind Hives. (4 marks) Bee-Kind Hives provides residential and commercial hive services. Its balance sheet at the end of August 2020 is shown below, along with its chart of accounts. (145 marks) Assets Cash Accounts Receivable Prepaid Insurance Equipment Bee-Kind Hives Balance Sheet As at August 31, 2020 Liabilities $5,580 Accounts Payable 4,000 Unearned Revenue 1,800 Bank Loan 52,000 Total Liabilities Owner's Equity Fred, Capital $63,380 Total Liabilities and Owner's Equity $12,800 6,200 20,000 39,000 24,380 $63,380 Total Assets Account Description Account # Account Description Account # REVENUE Sales 400 ASSETS Cash Accounts Receivable Prepaid Insurance Equipment Accum. Depreciation - Equip 101 105 110 120 500 125 510 EXPENSES Advertising Expense Depreciation Expense Insurance Expense Interest Expense Salaries Expense Telephone Expense 515 520 545 550 LIABILITIES Accounts Payable Interest Payable Salary Payable Unearned Revenue Bank Loan 200 205 210 215 220 300 OWNER'S EQUITY Fred, Capital Fred, Withdrawals Income Summary 310 315