Robert Warne opened Warne Hairdressing Salon business in November 2020 in a shopping mall. He rental a unit in the 3^rd floor of the mall to conduct his salon business. Robert Warne is the sole owner of the business. The following transactions occurred during the first month of his business:

Nov.1 Invested $15,000 in cash in the business and the cash was deposited into the business bank account.

3 Paid $950 for Novembers rental of premises.

4 Purchased equipment costing $7,700 with cash of $3,700 and the remainder by a 3-month note payable of 8% interest per annum,

5 Purchased hairdressing supplies costing $249 on credit.

6 Received $180 in advance for service from Ms. Shirley Goldstein. The hairdressing service is to be performed in January 15, the appointment date.

10 Performed service of $90 to a regular client on credit.

15 Service revenues earned for the first half of the month in cash was $1,530.

16 Performed service of $64 on account.

18 Paid supplier of hairdressing supplies for $249 (Nov 5 transaction)

19 Purchased one-year insurance policy for $720 to cover business assets.

20 Received $44 payment from a client on account (Nov 16) and deposited the amount into the business bank account.

27 Performed service for $180 that was recorded earlier as unearned service revenue.

28 Withdrew $1,600 from the business for personal use.

29 Received $85 from the regular client (Nov 10 transaction) and the remainder amount of $5 to be charged as discount allowed expense.

30 Service revenue earned for the second-half of month was $1,325 in cash and $55 on credit.

30 Paid telephone expense of $64 in cash.

The CHART OF ACCOUNTS of Warne Hairdressing Salon contains the following accounts:

ASSET ACCOUNT

No. 101 Cash

No. 112 Accounts Receivable

No. 126 Supplies

No. 130 Prepaid Insurance

No. 159 Equipment

No. 160 Accumulated DepreciationEquipment

LIABILITY ACCOUNT

No. 201 Accounts Payable

No. 212 Unearned Service Revenue

No. 222 Notes Payable

No. 225 Wages Payable

No. 228 Electricity Payable

No: 229 Interest Payable

OWNERS EQUITY ACCOUNT

No. 301 Warnes Capital

No. 306 Warnes Drawings

No. 350 Income Summary

REVENUE ACCOUNT

No. 400 Service Revenue

EXPENSE ACCOUNT

No. 631 Supplies Expense

No. 633 Discount Allowed Expense

No. 711 Depreciation Expense Equipment

No. 716 Telephone Expense

No. 720 Insurance Expense

No. 722 Electricity Expense

No. 723 Rent Expense

No. 726 Wages Expense

No. 727 Interest Expense

On November 30, 2020, Warne gathers the following information for the adjusting entries to determine profit and loss for the month.

1. One month depreciation on the equipment, $64.
2. Two employees who worked the last three (3) days of November were not paid by Warne. Their daily wage rate is $80 a day.
3. Hairdressing supplies on hand on November 30 was $60.
4. Electricity bill for $250 for the month of November was received on Nov 30. The amount was paid on December 5.
5. Insurance coverage is to begin on November 20.

(Note: To avoid rounding errors, base all adjusting entries and calculation of interest expense on a 30-day months or 360-day year)

REQUIRED

Complete the Accounting Cycle from Journal entries to Post closing Trial Balance.

(a) Journalize the above November business transactions. Explanation is required.

(b) Post the November transactions to the respect ledger accounts.

(c) Prepare the WARNE HAIRDRESSING SALONs Unadjusted Trial Balance as of November 30, 2020. (Hint: The total amount should be $22,244)

(d) Prepare a completed 10-column worksheet

(e) Prepare the WARNE HAIRDRESSING SALONs Adjusted Trial Balance as of November 30, 2020. (Hint: the total amount should be $23,061)

(f) Prepare the three (3) following Financial Statement for November (Ensure proper Titles and Dates)

1) Income Statement for the Month Ended November 30, 2020

(Hint: Net Income is $2,147)

2) Statement of Owners Equity for the Month Ended November 30, 2020

3) Balance Sheet as of November 30, 2020

(g) Journalize the adjusting entries.

(h) Post the adjusting entries to ledger accounts.

(i) Journalize the closing process

(j) Post the closing entries to ledger accounts.

(i) Prepare a post-closing trial balance at November 30, 2020.