Simon formed a grass-cutting and related services business in Prince George, B.C., Si - the Grass Guy proprietorship. To start the business on May 1, 2023 Simon deposited $3,000 in a new bank account under the businesss name. The $3,000 consisted of a $1,500 loan from his father and $1,500 of Simons own hard earned cash money. Simon rented the appropriate equipment needed, such as mowers, aerators, etc. Inventory of chemicals/supplies to be used in contract revenue performances over the summer (May 1 Aug 31 2023). Joe, a fellow UNBC student was hired to assist with services as well. At the end of each month, Invoices outstanding under Accounts Receivable (bills yet to be paid in full) are emailed/mailed to customers owing Simons business payment. On August 31, Simon returned to university for a full Sept to April semester. Because operations were so busy in the summer, Simon NOW had to report his income to the Canadian Revenue Agency! Simon kept records within a folder to support Journal Entries recorded via cash movements. Adjusting entries regarding Timing/Performance are all done as of the last reporting date, however recording all movements with a JE is also acceptable. The activity in this account is meant to represent all business operations; i.e. expenses, revenues, and balance sheet movements. Si has $500 to collect in cash from customers as of August 31st as well. Each month on the 15th, Simon creates and collects invoices billed for completion of the various jobs; Revenue paid in cash on the 15th is $10,000 in May; June $15,000; July $9,000; August $5,000. On August 31th, Simon needs to collect $1,000 from various customers. Simon made a payment from his business bank account June 6th for grass supplies kept in inventory, paying a total of $5,000. At August 31, he still has an inventory of products and other supplies leftover of $500 . Simon paid Joe $1,500 each month in cash, however he withdrew $1,500 for himself each Month end (through retained earnings). Advertising at a cost of $100 as paid on May 5th. Simon rented lawn equipment on May 1 for the next 4 months; total $2,500 paid. Simon had a serious accident with equipment, resulting in repairs required and on Account Payable; $600 charged to Simon on August 23rd. To transport employees, equipment and supplies a used truck and trailer was bought for $1,100 on May 10th. Simon depreciates the trailer value using 30% of the assets value per period. Simon paid his father back on August 20th. Simon would like to understand results from this summers operations. Should his proprietorship continue next summer? 100 marks total 1. Prepare the journal entries to record transactions above. Fill in the template JE#, T-accounts, and dates are always required in all journal entries. 2. Post the journal entries to the general ledger (T-accounts). 3. Prepare the trial balance (accounts in assets, liabilities, and RE, then revenues/expenses). 4. Prepare the income statement one-step. 5. Prepare the statement of Owners Equity. 6. Prepare the balance sheet 7. Was Si - the Grass Guys work successful? Explain your reasoning, using analysis of the FS.

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