Required 1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following October transactions. 3. Post the October entries. 4. Prepare a trial balance at October 31, 2014. 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2014, as well as a balance sheet at October 31, 2014. Oct. 1 Mary Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. Paid rent in advance of $9,000. 2 6 8 10 12 15 17 20 22 28 31 31 Purchased computer supplies on credit for $2,640 from Abbott Office Products. Paid $4,320 cash for one year's premium on a property and liability insurance policy. Billed Capital Leasing $6,600 for installing a new computer. Paid for the computer supplies purchased from Abbott Office Products. Hired Carly Smith as a part-time assistant for $200 per day, as needed. Billed Capital Leasing another $2,400 for computer services rendered. Received $6,600 from Capital Leasing on its account. Paid $1,410 to repair computer equipment damaged when moving into the new office. Paid $3,720 for an advertisement in the local newspaper. Received $2,400 from Capital Leasing on its account. Billed Decker Company $6,450 for services. Paid Carly Smith for seven days' work. Mary Graham withdrew $7,200 cash from the business for personal use.

1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following October transactions. 3. Post the October entries. 4. Prepare a trial balance at October 31,2014. 5. Prepare an income statement and a statement of changes in equity for the month ended October 31,2014, as well as a balance sheet at October 31,2014. Oct. 1 Mary Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. 2 Paid rent in advance of $9,000. 3 Purchased computer supplies on credit for \$2,640 from Abbott Office Products. 5 Paid $4,320 cash for one year's premium on a property and liability insurance policy. 6 Billed Capital Leasing $6,600 for installing a new computer. 8 Paid for the computer supplies purchased from Abbott Office Products. 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed. 12 Billed Capital Leasing another $2,400 for computer services rendered. 15 Received $6,600 from Capital Leasing on its account. 17 Paid $1,410 to repair computer equipment damaged when moving into the new office. 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company \$6,450 for services. 31 Paid Carly Smith for seven days' work. 31 Mary Graham withdrew $$7,200 cash from the business for personal use. PART B CHECK FIGUAES: 8. Total Dr =$184,950 9. Net income = 527,920, Total assets = $161,120 Part B Required 6. Prepare journal entries to record each of the following November transactions. 7. Post the November entries. 8. Prepare a trial balance at November 30,2014. 9. Prepare an income statement and a statement of changes in equity for the two months ended November 30,2014 , as well as a balance sheet at November 30,2014. Nov. 1 Reimbursed Mary Graham's business automobile expense for 1,000 kilometres at $1.00 per kilometre. 2 Received $9,300 cash from Elite Corporation for computer services rendered. 5 Purchased $1,920 of computer supplies for cash from Abbott Office Products. 13 Notified by Alamo Engineering Co. that Echo's bid of $7,500 for an upcoming project was accepted. 18 Recelved \$3,750 from Decker Company against the bill dated October 28 . 22 Donated \$1, 500 to the United Way in the company's name. 24 Completed work for Alamo Engineering Co, and sent a bill for $7,500. 25 Sent another bill to Decker Company for the past due amount of \$2,700. 28 Reimbursed Mary Graham's business automobile expense for 1,200 kllometres at $1.00 per kilometre. 30 Paid Carly Smith for 14 days' work. 30 Mary Graham withdrew $3,600 cash from the business for personal use