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Part 1 - Business Bookkeeping Stephanie Deaville is the owner of Beta Services. She has hired you to update the transactions for her business, Stephanie has provided you with the opening balances and a list of transactions for the month of June. The opening balances for the month of June are as follows: Beta Services Balance Sheet As at May 31, 2020 Assets Liabilities Cash $20,000 Accounts Payable Accounts Receivable 9,500 Unearned Revenue Prepaid Insurance O Note Payable Supplies on hand 800 Equipment 10,000 Accumulated Depreciation (4,000) Total Liabilities Owner's Equity Deaville, Capital Total Assets $36,300 Total Liabilities & Owners' Equity $11,000 5,200 6,300 22,500 13,800 $36,300 Transactions for the month of June: Stephanie transferred personal equipment into the business. The equipment had a fair value Jun 1 of $40,000. Jun 4 Received $100,000 cash for services provided. Jun 7 Received $6,000 cash for services to be provided next year. Jun 10 Paid insurance of $12,000 for the upcoming year. Jun 12 Paid $11,500 cash to reduce the balance of accounts payable. Jun 15 Paid payroll worth $39,000. Jun 18 Paid $1750 interest on the note payable. Jun 23 Received telephone bill for $2750 which will be paid next month. Jun 25 Recorded business travel expenses worth $21,500 which will be paid next month. Jun 30 Purchased $1600 of supplies for cash. REQUIRED: 1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following pages. (12 marks) 2. Post only the cash transactions to the general ledger found on page 5. (5 marks) Page 2 of 8 Part 1 - Answer sheet JOURNAL Date Page Credit PR Debit Account Title & Explanation N 2020 Part II - Financial Statements (11 marks) The alphabetized, adjusted trial balance for Zood Services' at the Dec 31, 2020 year-end is as follows. Account Title Accounts Payable Accounts Receivable Accumulated Depreciation, equipment Cash Depreciation Expense Equipment Interest Expense Note Payable (Note 1) Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Steve, Capital (Note 2) Steve, Withdrawals Unearned Revenue Total Debit Credit $33,500 23,000 180,000 261,500 30,000 550,000 38,000 150,000 4,000 5,000 75,000 250,000 683,000 250,000 100,000 40,000 $1,336,500 $1,336,500 Note 1: The note payable is payable in 5 annual payments beginning Jan 1, 2021. Note 2: The owner invested $50,000 of his own money in 2020 REQUIRED: Using the following answer sheets, create a(n): 1. Income Statement (2.5 marks) 2. Statement of Changes in Equity (2 marks) 3. Classified Balance Sheet (6.5 marks) Ensure to use proper formatting. Required #1 - Income Statement Required #2 - Statement of Changes in Equity Part II - Answer Sheets (continued) Required #3 - Classified Balance Sheet V