Simon Sayze formed a single-person window cleaning business in Prince George B.C., as a summer job. To start,

on May 1, 2020 he deposited $3,000 in a new bank account called Sayze cleaning for this proprietorship to start

purchasing needed items. The $3,000 consisted of a $1,500 loan from his father and $1,500 of his own money.

Simon rented scaffolding equipment, purchased supplies, and hired high school students to assist with customers

windows. At the end of each month, Simon emailed bills to customers owing for services provided. On August 31,

he was ready to return to university for the fall semester and closes up shop for summer #1. Simon has been so

busy, he had forgot the importance of keeping records of payment! Using online bank statements, expense receipts,

and a list of amounts owed/paid by customers, he had some serious accounting to do for the filing his 2020 income

tax return.

At August 31, the bank account shows a positive balance, so hes not worried about operations; just the CRA. Simon

has yet to collect $3,000 from customers. On August 7th, he collects $5,000 from Julys account customers. Services

in August total $3,500 on account receivable, however payment is not expected till September.

He made a payment from the business bank account June 6th for supplies kept in inventory, paying a total of $800.

At August 31, he still has an inventory of cleaning products and other supplies left at a value of $150.

Employees are paid $2,000 on Aug 22th, and are still owed $1,000 by August 31st

.

His marketing campaign consisted of brochures at a cost of $500 as paid on May 20th

.

Simon rented equipment from Scaffold Depot Ltd on May 1. The business signed a six-month lease on the

equipment and paid $600 on May 1st for the full lease period (until April 30 2021). Simon had an accident with

equipment, resulting in a further payment in cash of $300 for repairs on August 1st 2020.

To transport employees, equipment, and supplies to jobs the business purchased a used truck and trailer for $5,000

on May 1. Simon figures that the summers work used up one-fifth of the truck trailers service potential.

There was a bank transfer from the business bank account to Simons personal bank account of $1,000 on June

13th. Simon also paid his father back $1,500 on August 20th. Simon would like to see if the business shall continue

next summer.

1. Prepare the journal entries to record the transactions. Fill template assume explanations, JE#, accounts, and

dates are always required when asked to do a journal entry.

2. Post the journal entries to the general ledger (T-accounts).

3. Prepare the trial balance in the correct order (assets, liabilities, equity, revenue, expenses).

4. Prepare the income statement one-step.

5. Prepare the statement of owners equity

6. Prepare the balance sheet