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ACCOUNTING CYCLE ASSIGNMENT Service Business Accounting Cycle On July 1, 2015 a new incorporated self-storage business, (Baqadu) Storage Inc. is formed. The chart of accounts for (Baqadu) Storage Inc. is listed below. Follow the instructions to complete the accounting records for the month of July. (Baqadu)__ STORAGE INC. Chart of Accounts ASSETS 101 Cash 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Land 141 Buildings 142 Accumulated Depreciation - Buildings LIABILITIES 202 Accounts Payable 211 Salaries Payable 222 Bank Loan Payable OWNERS' EQUITY 301 Common Shares 309 Retained Earnings 311 Dividends REVENUE 410 Storage Fees Earned EXPENSES 511 Salaries Expense 517 Supplies Expense 523 Depreciation Expense 525 Interest Expense 526 Insurance Expense 532 Telephone Expense 535 Repairs Expense 601 Income Summary TRANSACTIONS This should match the last 5 digits of your student ID : July 1 $30,511 of common shares in the new company are sold for cash. 1 Purchased land and building, worth $120,000 and $240,000 respectively by borrowing all the funds from the bank on a long-term loan. 1 Paid $10,800 for the premium on a one-year insurance policy effective today. 2 Purchased $5,600 of office supplies for cash. 14 Paid an employee $1,800 for two weeks' salary. 21 Summarized and recorded the billings to customers for the first three weeks of July for storage fees earned. Billings totaled $15,000. 28 Received $9,000 from customers in partial settlement of accounts billed on the 21st. 28 Paid another $1,800 for two weeks' salary. 29 Paid the month's $600 phone bill. 30 Repaired leaking roof for $1,700 on account. 31 Paid out dividends to shareholders of $3,200. 31 Made a payment to the bank of $1,000 interest and $4,000 to pay the amount owing for the bank loan. Use the following information to journalize and post the adjustments for the month. a. One month's insurance coverage was consumed. b. There was $3,100 of office supplies on hand at the end of the month. c. Depreciation on the buildings was estimated to be $2,400 per month. d. The employee had earned $360 of unpaid and unrecorded salary. e. The company had earned $1,900 of storage fees that had not yet been billed. REQUIRED: 1. Analyze each transaction and record it in the general journal. 2. Post the transactions to T accounts. 3. Prepare an adjusted trial balance as at July 31. 4. Prepare an income statement for the month. 5. Prepare a statement of changes in equity. 6. Prepare a classified statement of financial position. (Note: $48,000 of the bank loan is due within the next year.) 7. Prepare closing journal entries. 9. Post the closing entries to T accounts. 10. Prepare a post closing trial balance. Page No. 1 Date Particulars PR DR CR Page No. 2 Date Particulars PR DR CR Adjusted Trial Balance DEBIT CREDIT Income Statement Statement of Changes in Equity Common Shares Retained Earnings Total Equity Statement of Financial Position Page No. 3 Date Particulars PR DR CR Post Closing Trial Balance DEBIT CREDIT Cash Accounts Receivable Buildings Supplies Accumulated Depreciation - Buildings Bank Loan Payable Common Shares Retained Earnings Salaries Expense Repairs Expense Depreciation Expense Telephone Expense Income Summary Prepaid Insurance Accounts Payable Land Salaries Payable Dividends Storage Fees Earned Interest Expense Insurance Expense