Part A

Required 1 Show the effects of the transactions on the Assets , Liabilities and Owners Equity in Column form.

2 Prepare the accounts to record the transactions . Show clearly the dates, details and amount.

Show the Balance B/D ( brought down ) to the next period.

3 Prepare the Unadjusted Trial Balance as at 30^th September 2020.

PART B :

Additional information :

CY DESIGNERS : The following adjusting entries at month end were not yet recorded.

(a) A new employees salary of $700 was still unpaid on 30^th September.

(b) At the end of 30^th September , 30 % of the office supplies was unused.

(c) The useful life of the furniture purchased during September is 2.5 years. The company uses the straight line method to compute depreciation. (Round up to whole numbers.)

(d) Accrued Revenues was worth $ 6,000 on 30^th September.

(e) Rental for the month of September amounting to $400 was not yet paid. This transaction had not been recorded at 30^th September.

Required:

1. Journalize the above adjusting entries (1) to (5)

2. Prepare a three column worksheet showing the Unadjusted Trial balance ( based on PART A answers ) , the Adjusting entries and the Adjusted Trial Balance

3. Prepare the Income Statement for the month ended 30^th September 2020.

4. Prepare a Statement of financial position ( Balance sheet ) as at 30^th September 2020.

CY Siew started her practice as a design consultancy firm, CY Designers on September 1, 2020. During the first month of operations, the business completed the following transactions : Sep 1 Received $47,000 cash from CY Siew and the business issued shares to the owner, CY Siew. 4 Purchased office supplies, $700, and furniture, $1,600, on account. 6 Performed services for a law firm and received $1,400 cash. 7 Paid $20,000 cash to acquire land to be used in operations. 10 Performed services for a hotel and received its promise to pay the $900 within one week. 14 Paid for the furniture purchased on September 4 on account. 15 Paid assistant's semimonthly salary, $1,480. 17 Received cash on account, $700. 20 Prepared a design for a school on account, $700. 25 Received $2,200 cash for design services to be performed in October. 28 Received $2,600 cash for consulting with Plummer & Gordon. 29 Paid $2,400 cash for a 12-month insurance policy starting on October 1. 30 Paid assistant's semimonthly salary, S1,480. 30 Paid monthly rent expense, $500. 30 Received a bill for utilities, $400. The bill will be paid next month. 30 Paid cash dividends of $3,000