On November 1, Randy Conway opened a uniform supplying company that purchases uniforms and resells them to businesses in the Vancouver area. Randys accountant set up his Chart of Accounts as follows:

Account Name

Cash

Accounts Receivable

Office Supplies

Prepaid Insurance

Prepaid Rent

Merchandise Inventory

Sewing Equipment

Accumulated Depreciation, Sewing Equipment

Accounts Payable

Wages Payable

Unearned Revenue

Randy Conway, Capital

Randy Conway, Withdrawals

Sales

Sales Discounts

Sales Returns and Allowances

Cost of Goods Sold

Depreciation Expense, Sewing Equipment (G&A)

Wages Expense

Insurance Expense

Rent Expense

Office Supplies Expense

Advertising Expense

Mileage Expense (Sales)

Repairs Expense (G&A)

Randys first two months of transactions can be found here:

November	1	Randy invested $130,000 into his business.
November	1	Purchased a new sewing machine that will be scrapped in three years for $2,7000.
November	1	Prepaid rent in a downtown commercial building for four months for $2,160. No sales work will be done out of the space.
November	1	Paid cash for two year's premiums on liability insurance for $2400
November	3	Booked a conference in March, a deposit will be due in February.
November	4	Hired Conor Reid for $120 a day to assist in SALES.
November	6	Purchased 320 uniforms for $22 each to resell as inventory.
November	7	Esthers Inn purchased 20 uniforms at $40 each on credit
November	13	Randy made a withdrawal for personal use for the amount of $1920
November	15	Bought office supplies from Onward Supplies on credit for $670
November	20	The equipment had repairs made paid in cash for $1980
November	21	Mileage expense was paid in cash for $630
November	24	Purchased office supplies on credit from Onward Supplies for $2260
November	26	Paid Conor Reid for 6 days
November	27	Paid Conor Reid for 5 days
November	29	Paid out mileage expense in cash for $740
November	30	Put an advertisement in the local newspaper for $1120
December	1	Purchased 120 uniforms for $21 each to resell as inventory.
December	3	Randy made a withdrawal from the business for the amount of $3230
December	6	Sold 110 uniforms to Chicken Buddies for $40 a unit at a cost of $22 each.
December	8	Sold 80 uniforms to Gregan Industries for $40 a unit at a cost of $22 each.
December	12	Ordered office supplies from Onward Supplies on credit for $2140
December	13	The company put ads on Instagram and paid immediately for $2970
December	14	The sewing machine had urgent repairs paid in cash for $1970
December	14	Hired the radio to air ads today for $1140
December	18	Purchased 150 uniforms for $24 each to resell as inventory.
December	19	Esthers Inn paid their outstanding bill.
December	19	A return was made of $400 worth of inventory and cash was paid to the customer; the returned inventory was trashed.
December	20	A deposit was made on an embroidery job of $4,000
December	22	Sold 130 uniforms to Austin Hotels for $40 a unit at a cost of $19 each.
December	28	Sold 200 uniforms to CMR Manufacturing for $40 a unit at a cost of $24 each.
December	31	At the end of the year, 9 days of pay was owed to Conor Reid.
December	31	At the end of the year, there was 800 of office supplies remaining.
December	31	There are three additional adjusting entries required at the end of the year.

Required:

1. Journalize the transactions (25 marks 15 for regular entries, 10 for adjustments marks include using general ledger)
2. Prepare a Multi-Step Income Statement and a Single-Step Income Statement (15 marks 12 for MS, 3 for SS)
3. Close the Temporary Accounts (10 marks)
4. Prepare a Classified Balance Sheet (15 marks)