Service Business Accounting Cycle On November 1, 2021 a newly incorporated physiotherapy clinic, (your last name) Physiotherapy Inc is formed The chart of accounts for (your last name) Physiotherapy Inc is listed below Follow the instructions to complete the accounting records for the month of November (your last name) Physiotherapy 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 208 Salaries Payable 210 Unearned Revenue 215 Income Tax Payable 222 Mortgage Payable OWNERS EQUITY 301 Common Shares 309 Retained Earnings 311 Dividends Declared REVENUE 410 Physiotherapy Fees Earned EXPENSES 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 TRANSACTIONS This should match the last 5 digits of your student ID $875,000 November Issued $XXX,XXX of common shares in the new company for cash 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 through RBC for the difference Purchased a two year insurance policy for $26,100 effective today Maple Leaf Sports Entertainment paid $49,000 in advance for physiotherapy services to be provided to Pascal Siakam for the basketball season Purchased $1,300 of office supplies from Staples on account Paid employees $7,500 representing two weeks salary Summarized and recorded the billings to customers for the first three weeks of November for physiotherapy services rendered Billings totaled $92,000 Paid another $7,500 for two weeks salary Received $55,000 from clients in partial settlement of accounts billed on the 21st An early ice storm caused some minor damages to the roof A roofing company repaired the damages and invoiced $1,950 for the work Paid Staples for the office supplies purchased on November 3 Paid a total of $4,600 for the months utilities Paid out dividends to shareholders totaling $3,000 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 REQUIRED Prepare journal entries for each transaction with descriptions (Including adjusting journal entries) Prepare T accounts and post the transactions Prepare an adjusted trial balance as at November 30 Prepare an income statement for the month Prepare a statement of changes in equity Prepare a classified statement of financial position Prepare closing journal entries Post the closing entries to T accounts Prepare a post closing trial balance Notes Only one set of T accounts are required Do not prepare a separate set of T accounts for requirement 8, for example Dates for the adjusting journal entries should be the last day of the month This assignment should be prepared using Microsoft Excel Within the Excel workbook, use a separate worksheet for each of the required, except for 2 and 8 which will appear on the same worksheet Do not duplicate T Accounts applicable, round to the nearest dollar

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Service Business Accounting Cycle On November 1, 2021 a newly incorporated physiotherapy clinic, _(your last name)__ Physiotherapy Inc. is formed. The chart of accounts for

Service Business Accounting Cycle

On November 1, 2021 a newly incorporated physiotherapy clinic, _(your last name)__ Physiotherapy Inc. is formed. The chart of accounts for _(your last name)__ Physiotherapy Inc. is listed below. Follow the instructions to complete the accounting records for the month of November.

__(your last name)__Physiotherapy 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
208	Salaries Payable
210	Unearned Revenue
215	Income Tax Payable
222	Mortgage Payable

OWNERS EQUITY
301	Common Shares
309	Retained Earnings
311	Dividends Declared

REVENUE
410	Physiotherapy Fees Earned

EXPENSES
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

TRANSACTIONS

This should match the last 5 digits of your student ID + $875,000

November:

Issued $XXX,XXX of common shares in the new company for cash.
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 through RBC for the difference.
Purchased a two-year insurance policy for $26,100 effective today.
Maple Leaf Sports & Entertainment paid $49,000 in advance for physiotherapy services to be provided to Pascal Siakam for the basketball season.
Purchased $1,300 of office supplies from Staples on account.
Paid employees $7,500 representing two weeks salary.
Summarized and recorded the billings to customers for the first three weeks of November for physiotherapy services rendered. Billings totaled $92,000.
Paid another $7,500 for two weeks salary.
Received $55,000 from clients in partial settlement of accounts billed on the 21st.
An early ice storm caused some minor damages to the roof. A roofing company repaired the damages and invoiced $1,950 for the work.
Paid Staples for the office supplies purchased on November 3.
Paid a total of $4,600 for the months utilities.
Paid out dividends to shareholders totaling $3,000.
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.

REQUIRED:

Prepare journal entries for each transaction with descriptions. (Including adjusting journal entries).
Prepare T accounts and post the transactions.
Prepare an adjusted trial balance as at November 30.
Prepare an income statement for the month.
Prepare a statement of changes in equity.
Prepare a classified statement of financial position.
Prepare closing journal entries.
Post the closing entries to T accounts.
Prepare a post closing trial balance.

Notes:

Only one set of T accounts are required. Do not prepare a separate set of T accounts for requirement #8, for example.

Dates for the adjusting journal entries should be the last day of the month.

This assignment should be prepared using Microsoft Excel. Within the Excel workbook, use a separate worksheet for each of the required, except for #2 and #8 which will appear on the same worksheet. Do not duplicate T-Accounts.