Service Business Accounting Cycle On October 1, 2022 a newly incorporated physiotherapy clinic, (vour last name) Physiotherapy Inc. is formed. The chart of accounts for (vour last name) Physiotherapy Inc. is listed below. Follow the instructions to complete the accounting records for the month of October. (your last name)__Physiotherapy Inc. Chart of Accounts TRANSACTIONS October: 1 Issued $500,000 of common shares in the new company for cash. 1 Purchased land and a building for the new clinic site worth $150,000 and $397,000 respectively, by making a down payment of $80,000 and securing a mortgage through RBC (Royal Bank of Canada) for the difference. 1 Purchased a four-year insurance policy for $115,200 effective today. 1 Humber College's athletic department paid $29,100 in advance for physiotherapy services to be provided to various student-athletes throughout the season. 2 Purchased $1,750 of office supplies from Amazon on account. TRANSACTIONS October: 1 Issued $500,000 of common shares in the new company for cash. 1 Purchased land and a building for the new clinic site worth $150,000 and $397,000 respectively, by making a down payment of $80,000 and securing a mortgage through RBC (Royal Bank of Canada) for the difference. 1 Purchased a four-year insurance policy for $115,200 effective today. 1 Humber College's athletic department paid $29,100 in advance for physiotherapy services to be provided to various student-athletes throughout the season. 2 Purchased $1,750 of office supplies from Amazon on account. 14 Paid employees $10,500 representing two weeks' salary. 21 Summarized and recorded the billings to customers for the first three weeks of October for physiotherapy service rendered. Billings totaled $72,000. 28 Received $30,000 from clients in partial settlement of accounts billed on the 21st. 28 Paid another $10,500 for two weeks' salary. 30 A wall was damaged when moving in. Repaired the damaged wall for $2,690 on account. 30 Paid Amazon for the office supplies purchased on October 2. 31 Paid a total of $2,200 for the month's gas, water and electric bill. 31 Paid out dividends to shareholders of $350. 31 Made a mortgage payment of $4,350 to the bank consisting of $1,350 in interest and $3,000 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 was $400 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 $55,000. d. Employees earned $5,250 of unpaid and unrecorded salary. e. A review of the contract with Humber where Humber paid $29,100 in advance on October 1 for physiotherapy services to be provided over the season revealed that onesixth of the services had been completed in the month. f. The company earned $9,500 of fees that had not yet been billed. g. Income taxes for the month were estimated to be $780. REQUIRED: 1. Prepare journal entries for each transaction. 2. Prepare T accounts and post the transactions. 3. Prepare an adjusted trial balance as at October 31 . 4. Prepare an income statement for the month. 5. Prepare a statement of changes in equity. 6. Prepare a classified statement of financial position. 7. Prepare closing journal entries. 8. Post the closing entries to T accounts. 9. 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 will preferably be prepared using Microsoft Excel. Service Business Accounting Cycle On October 1, 2022 a newly incorporated physiotherapy clinic, (vour last name) Physiotherapy Inc. is formed. The chart of accounts for (vour last name) Physiotherapy Inc. is listed below. Follow the instructions to complete the accounting records for the month of October. (your last name)__Physiotherapy Inc. Chart of Accounts TRANSACTIONS October: 1 Issued $500,000 of common shares in the new company for cash. 1 Purchased land and a building for the new clinic site worth $150,000 and $397,000 respectively, by making a down payment of $80,000 and securing a mortgage through RBC (Royal Bank of Canada) for the difference. 1 Purchased a four-year insurance policy for $115,200 effective today. 1 Humber College's athletic department paid $29,100 in advance for physiotherapy services to be provided to various student-athletes throughout the season. 2 Purchased $1,750 of office supplies from Amazon on account. TRANSACTIONS October: 1 Issued $500,000 of common shares in the new company for cash. 1 Purchased land and a building for the new clinic site worth $150,000 and $397,000 respectively, by making a down payment of $80,000 and securing a mortgage through RBC (Royal Bank of Canada) for the difference. 1 Purchased a four-year insurance policy for $115,200 effective today. 1 Humber College's athletic department paid $29,100 in advance for physiotherapy services to be provided to various student-athletes throughout the season. 2 Purchased $1,750 of office supplies from Amazon on account. 14 Paid employees $10,500 representing two weeks' salary. 21 Summarized and recorded the billings to customers for the first three weeks of October for physiotherapy service rendered. Billings totaled $72,000. 28 Received $30,000 from clients in partial settlement of accounts billed on the 21st. 28 Paid another $10,500 for two weeks' salary. 30 A wall was damaged when moving in. Repaired the damaged wall for $2,690 on account. 30 Paid Amazon for the office supplies purchased on October 2. 31 Paid a total of $2,200 for the month's gas, water and electric bill. 31 Paid out dividends to shareholders of $350. 31 Made a mortgage payment of $4,350 to the bank consisting of $1,350 in interest and $3,000 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 was $400 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 $55,000. d. Employees earned $5,250 of unpaid and unrecorded salary. e. A review of the contract with Humber where Humber paid $29,100 in advance on October 1 for physiotherapy services to be provided over the season revealed that onesixth of the services had been completed in the month. f. The company earned $9,500 of fees that had not yet been billed. g. Income taxes for the month were estimated to be $780. REQUIRED: 1. Prepare journal entries for each transaction. 2. Prepare T accounts and post the transactions. 3. Prepare an adjusted trial balance as at October 31 . 4. Prepare an income statement for the month. 5. Prepare a statement of changes in equity. 6. Prepare a classified statement of financial position. 7. Prepare closing journal entries. 8. Post the closing entries to T accounts. 9. 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 will preferably be prepared using Microsoft Excel