On September 1, 20X1, the account balances of Rand Equipment Repair, Inc. were as follows.No.DebitsNo.Credits101Cash14,780152Accumulated Depreciation1,500111Accounts Receivable3,320201Accounts Payable3,400125Supplies2,000202Notes Payable10,000132Prepaid Insurance300204Unearned Service Revenue1,400151Store Equipment15,000205Salaries Payable500310Share Capital - Ordinary16,000320Retained Earnings2,60035,40035,400During September the following summary transactions were completed.Sept.8Paid 1,700 for salaries due employees, of which 500 is for August.9Shareholders invested 13,000 cash in the business in exchange for ordinary shares.10Received 1,100 cash from customers for services billed in August.12Received 3,300 cash for services performed in September.15Purchased store equipment on account 5,000.17Purchased supplies on account 1,200.20Paid 3,500 for accounts payable due.25Paid salaries 1,500 for September.27Performed services on account and billed customers for services provided 1,600.28Declared and paid a 400 cash dividend.29Received 950 from customers for future service.30Paid rent 2,400 for 1 September to 30 November.

Sept. 8 Paid 1,700 for salaries due employees, of which 500 is for August.

9 Shareholders invested 13,000 cash in the business in exchange for ordinary shares.

10 Received 1,100 cash from customers for services billed in August.

12 Received 3,300 cash for services performed in September.

15 Purchased store equipment on account 5,000.

17 Purchased supplies on account 1,200.

20 Paid 3,500 for accounts payable due.

25 Paid salaries 1,500 for September.

27 Performed services on account and billed customers for services provided 1,600.

28 Declared and paid a 400 cash dividend.

29 Received 950 from customers for future service.

30 Paid rent 2400 for 1 September to 30 November.

Adjustment data consist of:

1. A count of supplies on September 30, 20X1 indicates that supplies on hand 1,200.
2. Accrued salaries payable 600.
3. Depreciation is 200 per month.
4. Unearned service revenue of 1,700 is earned.
5. The prepaid insurance is the remaining cost of a fully paid 8-month insurance policy, effective May 1, 20X1.
6. There is only one note payable which is a 10,000 18%, 9-month note dated September 1, 20X1. (Note: 18% is the annual rate)

Assignment One On September 1, 20X1, the account balances of Rand Equipment Repair, Inc. were as follows. No. Debits No Credits 101 Cash 14.780 152 Accumulated 1,500 Depreciation 111 Accounts 3,320 201 Accounts Payable 3,400 Receivable 125 Supplies 2,000 202 Notes Payable 10,000 132 Prepaid Insurance 300 204 Unearned Service 1,400 Revenue 151 Store Equipment 15.000 205 Salaries Payable 500 310 Share Capital-Ordinary 16,000 320 Retained Earnings 2.600 35.400 35,400 **Transactions in September and adjustment data are shown in blackboard.** The information will be released on 21 September 2021, 18:30 pm The alternative treatment in Slide 18 / Slide 28 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. (e) 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) (1) Prepare an adjusted trial balance. (for your own reference) C) Prepare an income statement and a retained earnings statement for September and a statement of financial position as at September 30, Hints . For the prepaid insurance, what are the starting date and ending date? As at 31 August/1 Sept, the prepaid insurance amount covered how many months (count from 1 Sept to the ending date). Interest expense for Sept (one month) - Notes Payable x annual rate x 1/12 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 2 October 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 Uneared 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) Dr/Cr Date 8-Sep Dr 8-Sep Dr 8-Sep Cr 9-Sep Dr 9-Sep Cr 10-Sep Dr 10-Sep Cr 12-Sep Dr 12-Sep Cr 15-Sep Dr 15-Sep Cr 17-Sep Dr 17-SepCr 20-Sep Dr 20-Sep Cr 25-Sep Dr 25-Sep Cr 27-Sep Dr 27-Sep Cr 28-Sep Dr 28-Sep Cr 29-Sep Dr 29-Sep Cr 30-Sep Dr Account No Amount Item 1 (smaller Account Item 2 No* Item 3 (larger Account Item 4 No)* Item 5 Item 6 Item 7 Item 8 Item 9 Item 10 Item 11 Item 12 Item 13 Item 14 Item 15 Item 16 Item 17 Item 18 Item 19 Item 20 Item 21 Item 22 Item 23 Item 24 Item 25 Item 26 Item 27 Item 28 Item 29 Item 30 Item 31 Item 32 Item 33 Item 34 Item 35 Item 36 Item 37 Item 38 Item 39 Item 40 Item 41 Item 42 Item 43 Item 44 Item 45 Item 46 Item 47(smaller Item 48 Account No) Item 49 (larger Account Item 50 No) Item 51 Item 52 30-Sep Dr 30-SepCr *On 8 Sept, debit Cash account and Salaries Payable, since Account No. of Salaries Payable is 205 and Account No of Salaries expense is 616. Since 205