P5-3A. As the bookkeeper of Pete's Plowing of Fredericton, you have been asked to complete the entire accounting cycle for Pete from the following information (see the chart of accounts below): 2021 Jan. 3 Pete invested $7,000 cash and $6,000 worth of snow equipment in the plowing company. 3 Paid rent in advance for garage space, $2,000. 5 Purchased office equipment on account from Ling Corp., $7,200. 6 Purchased snow supplies for $700 cash. 9 Collected $15,000 from plowing local shopping centres. 12 Pete Mack withdrew $1,000 from the business for personal use. 20 Plowed North East Co, parking lots, payment not to be received until March, $5,000. 26 Paid salaries to employees, $1,800. 27 Paid Ling Corp. one-half amount owed for office equipment. 30 Advertising bill was received from Bush Co. but will not be paid until March, $900. 31 Paid telephone bill, $210. Adjustment Data a. Snow supplies on hand, $400 b. Rent expired, $600 c. Depreciation on office equipment, $120 $7,200 : 5 yr. $1,440 $120/mo. ..) d. Depreciation on snow equipment, $100 ($6,000 : 5 yr. e. Accrued salaries, $190 12 mo. $1,200 $100/mo.) 12 mo. Pete's Plowing Chart of Accounts Owner's Equity 311 Pete Mack, Capital 312 Pete Mack, Withdrawals 313 Income Summary Assets 111 Cash 112 Accounts Receivable 114 Prepaid Rent 115 Snow Supplies 121 Office Equipment 122 Accumulated Depreciation, Office Equipment 123 Snow Equipment 124 Accumulated Depreciation, Snow Equipment Revenue 411 Plowing Fees Liabilities 211 Accounts Payable 212 Accrued Salaries Expenses 511 Salaries Expense 512 Advertising Expense 513 Telephone Expense 514 Rent Expense 515 Snow Supplies Expense 516 Depreciation Expense, Office Equipment 517 Depreciation Expense, Snow Equipment