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Ronnie opened Parkview Yoga Company ('PYC'), a fitness equipment centre, on 1 September 20x2. PYC completed the following transactions durino Sentemher 202 its first month

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Ronnie opened Parkview Yoga Company ('PYC'), a fitness equipment centre, on 1 September 20x2. PYC completed the following transactions durino Sentemher 202 its first month of oneration: Additional information: (a) Assume there is no shipping fee for all purchases and sales. (b) The monthly rent of the office is $10,000 in September. (c) Assume depreciation is recorded only at year end, thus it can be omitted at the month end. (d) Since the last day of the month is Sunday, the salary expense of $20,000 needs to be accrued at the month end. Required: 1 Prepare journal entries to record the above transactions, including any necessary month-end adjustments. Explanations are not required. (29 marks) 2 Open the following T-accounts: Cash; Prepaid rent; Office equipment; Inventory; Accounts receivable; Accounts payable; Unearned revenue; Salary payable; Capital; Withdrawals; Revenue; Cost of goods sold; Rent expense; and Salary expense. Post the journal entries from Requirement 1 to their relevant T-accounts. You are required to show the ending balance of each T-account. (14 marks) 3 Prepare PYC's income statement for the month ended 30 September 202. ( 8 marks) 4 Prepare PYC's balance sheet at 30 September 202. (14 marks)

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