PROBLEM SOLVING TASK $$ Due December $1,2023$Service Business Accounting CycleOn November $1,2023$ a newly incorporated physiotherapy clinic, $\_($your last name$)\_\_$Physiotherapy Inc. is formed. The chart of accounts for $\_($your last name$)\_\_$ PhysiotherapyInc. is listed below. Follow the instructions to complete the accounting records for the month ofNovember.$\_\_($your last name$)\_\_$Physiotherapy Inc.Chart of AccountsASSETS$101$ Cash$111$ Accounts Receivable$121$ Supplies$134$ Prepaid Insurance$137$ Land$141$ Buildings$142$ Accumulated Depreciation $$ BuildingsLIABILITIES$202$ Accounts Payable$208$ Salaries Payable$210$ Unearned Revenue$215$ Income Tax Payable$222$ Mortgage PayableOWNERS$$ EQUITY$301$ Common Shares$309$ Retained Earnings$311$ Dividends DeclaredREVENUE$410$ Physiotherapy Fees EarnedEXPENSES$511$ Salaries Expense$517$ Supplies Expense$523$ Depreciation Expense$525$ Interest Expense$526$ Insurance Expense$531$ Utilities Expense$535$ Repairs Expense$540$ Income Tax Expense$601$ Income Summary

TRANSACTIONSNovember:$1$ Issued$940,064$of common shares in the new company for cash$\mathrm{.}1$ Purchased land and a building for the new clinic site worth $$435,000$ and $$200,000$respectively, by making a down payment of $$90,000$ and securing a mortgage throughRBC for the difference$\mathrm{.}1$ Purchased a two$-$year insurance policy for $$26,100$ effective today$\mathrm{.}1$ Maple Leaf Sports & Entertainment paid $$49,000$ in advance for physiotherapy servicesto be provided to Pascal Siakam for the basketball season$\mathrm{.}3$ Purchased $$1,300$ of office supplies from Staples on account$\mathrm{.}12$ Paid employees $$7,500$ representing two weeks$$ salary$\mathrm{.}21$ Summarized and recorded the billings to customers for the first three weeks ofNovember for physiotherapy services rendered. Billings totaled $$92,000\mathrm{.}26$ Paid another $$7,500$ for two weeks$$ salary$\mathrm{.}28$ Received $$55,000$ from clients in partial settlement of accounts billed on the $21$st$\mathrm{.}29$ An early ice storm caused some minor damages to the roof. A roofing company repairedthe damages and invoiced $$1,950$ for the work$\mathrm{.}29$ Paid Staples for the office supplies purchased on November $3\mathrm{.}30$ Paid a total of $$4,600$ for the month$$s utilities$\mathrm{.}30$ Paid out dividends to shareholders totaling $$3,000\mathrm{.}30$ Made a mortgage payment of $$3,220$ to the bank consisting of $$1,700$ in interest and$$1,520$ in principal.Use the following information to journalize and post the adjustments for the month.a$.$ One month's insurance coverage was consumed.b$.$ There were $$700$ of office supplies on hand at the end of the month.c$.$ The building has an estimated useful life of $30$ years and a salvage value of $$30,000.$d$.$ Employees earned $$1,500$ of unpaid and unrecorded salary.e$.$ A review of the contract with Maple Leaf Sports & Entertainment, revealed that one$-$seventh of the services were provided to Siakam in the month.f$.$ The company earned $$19,200$ of fees that had not yet been billed.g$.$ Income taxes for the month were estimated to be $$2,450.$This should matchthe last $5$ digits ofyour student ID $+$$$875,000$

REQUIRED:$1.$ Prepare journal entries for each transaction with descriptions. $($Including adjusting journalentries$)\mathrm{.}2.$ Prepare T accounts and post the transactions$\mathrm{.}3.$ Prepare an adjusted trial balance as at November $30\mathrm{.}4.$ Prepare an income statement for the month$\mathrm{.}5.$ Prepare a statement of changes in equity$\mathrm{.}6.$ Prepare a classified statement of financial position$\mathrm{.}7.$ Prepare closing journal entries$\mathrm{.}8.$ Post the closing entries to T accounts$\mathrm{.}9.$ Prepare a post closing trial balance.