Journalize and post adjusting entries please

4. Analyze the following information to determine/calculate adjustments: a. Supplies were used during the month. An inventory taken on October 31 showed supplies of $750 on hand. b. Rent expired for the month of October (see October 2'nd rent transaction). c. Insurance expired insurance for the month (see October 9'th transaction). d. The equipment brought into the business on October 1'st has a useful life of 3 years and no (zero) residual value. The first adjustment for depreciation for the new equipment (purchased October 30) will not be recorded until next month (November). Note: round this entry to whole dollars. e. You and your partner estimated on October 31'st that $312 of the receivable balance will not be collected (hint: consider Expense Recognition (matching principle) for clues about this entry - this is a bonus mark if your entry is correct). Your October 25 entry must be consistent with your choice of entry here. 5. Journalize and post the adjusting entries based on part 4 above. 6. Prepare an adjusted trial balance. 7. Prepare a single step income statement for the month. 8. Prepare a statement of shareholders' equity. 9. Prepare a classified statement of financial position. 10. Journalize and post the closing entries. 11. Prepare a post closing trial balance. 1 You contribute cash of $10000 for 100 shares of common stock in the new company. 1 Yunis Fazili.5 contribution to the business is $2,190 due on existing customer receivable accounts, $10,247 of new equipment. He receives 100 shares of common stock for this contribution. 2 Paid $10,800 for next 6 months of rent by issuing Cheque 1008 . Purchase supplies for $1,500. Cheque 1009 . Provided services for $6,351 in cash and $745 on credit during the first week of October. 9 Purchased a one-year insurance policy for $4,800; issued Cheque 1010 to pay the full amount in advance. 11 Collected a total of $395 on account from credit customer (related to October 7 sales ignore subsidiary ledger). 12 Isgued Cheque 1011 for $433 to pay for advertising on the local radio station during the month. 13 Collected a total of $500 on account from credit customers during the second week of October (ignore subsidiary ledger). 14 Returned some supplies that were damaged for a cash refund of $40. 15 Provided services for $8,500 in cash and $400 on credit during the second week of October. 18 Purchased supplies for $800 from Fellowes, Inc. received Invoice 3284, payable in 30 days. 19 Provided services for the $3,890in cash and $2,560 on credit during the third week of October. 20 Collected a total of $750 on account from credit customers during the third week of October (ignore subsidiary ledger). 21 Issued Cheque 1012 for $1,396 to pay for maintenance work on the office equipment. 22 Issued Cheque 1013 for $164 to pay for October advertisements in the local newspaper. 23 Received the monthly telephone bill (current month usage) for $235 and paid it with Cheque 1014. 23 Collected a total of $1,560 on account from credit customers during the fourth week of October (ignore subsidiary ledger). 25 Driving through town you notice that one of your new customers, a used book store, has put up an "OUT OF BUSINESS" sign in its window and the building is empty. You look and notice that the business still owes you $450 for work you've completed and invoiced - you don't expect that this amount will ever be collected. (Note: the "Allowance Method" is used to account for bad debt - recall Shpt. 4 accrual accounting discussion). 26 Sent Cheque 1016 for $235 in payment of the monthly bill for utilities. 27 Provided services for $5,890 in cash and $675 on credit during the fourth week of October. 28 Issued Cheques 1017-1022 for $5,913 to pay the monthly salaries of the regular employees and three part-time workers