November 1 1 1 1 322 12 21 $375.000 Issued SXXX,XXX of common shares in the new company for cash. Purchased land and a building for the new clinic site worth $435,000 and $200,000 respectively, by making a down payment of $90,000 and securing a mortgage through RBC for the difference. Purchased a two-year insurance policy for $26,100 effective today. Maple Leaf Sports & Entertainment paid $49,000 in advance for physiotherapy services to be provided to Pascal Siakam for the basketball season. Purchased $1,300 of office supplies from Staples on account. Paid employees $7,500 representing two weeks' salary. Summarized and recorded the billings to customers for the first three weeks of November for physiotherapy services rendered. Billings totaled $92,000. Paid another $7,500 for two weeks' salary. Received $55,000 from clients in partial settlement of accounts billed on the 21st. 26 28 29 29 Paid Staples for the office supplies purchased on November 3. 30 888 30 An early ice storm caused some minor damages to the roof. A roofing company repaired the damages and invoiced $1,950 for the work. Paid a total of $4,600 for the month's utilities. Paid out dividends to shareholders totaling $3,000. 30 Made a mortgage payment of $3,220 to the bank consisting of $1,700 in interest and $1,520 in principal. Use the following information to journalize and post the adjustments for the month. One month's insurance coverage was consumed. There were $700 of office supplies on hand at the end of the month. The building has an estimated useful life of 30 years and a salvage value of $30,000. Employees earned $1,500 of unpaid and unrecorded salary. a. b. C. d. e. f. The company earned $19,200 of fees that had not yet been billed. g. A review of the contract with Maple Leaf Sports & Entertainment, revealed that one- seventh of the services were provided to Siakam in the month. Income taxes for the month were estimated to be $2,450. 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 November 30. 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.