Smart PLS (SPLS) was incorporated on November 1, 2020. During the first two months of SPLS operations of SPLS, the following events and transactions occurred (amounts in thousands).
Date		Description
Nov 1, 2020		SPLS received $30,000 cash from Sheena Bright and the business issue common stock to her.
Nov 2, 2020		SPLS paid $20,000 cash for land.
Nov 3, 2020		SPLS buys $500 of office supplies on account.
Nov 8, 2020		SPLS collected cash of $5,500 for service revenue that the business earned by providing e-learning services for clients.
Nov 10, 2020		SPLS performed services for clients, for which the clients will pay the company later. The business earned $3,000 of service revenue on account.
Nov 15, 2020		SPLS paid the following cash expenses:
		1)	Office rent, $2,000
		2)	Employee salaries, $1,200
Nov 21, 2020		SPLS paid $300 on the accounts payable created on Nov 3, 2020.
Nov 22, 2020		SPLS collected $2,000 cash from a client on Nov 10 ,2020
Nov 25, 2020		A payment of $5,000 cash was paid for dividend.
Dec 1, 2020		SPLS prepays three months office rent of $3,000 ($1,000 per month x 3 months).
Dec 1, 2020		SPLS paid employee salaries of $1,200.
Dec 1, 2020		SPLS purchased a $60,000 building in exchange for a $60,000, 2%, 24-month note payable.
Dec 1, 2020		SPLS received a contribution of furniture with a fair market value of $18,000 from Sheena Bright. In exchange, SPLS issued common stock.

Date		Description
Dec 15, 2020		SPLS received a telephone bill for $100 and will pay this expense next month. There is no cash payment now.
Dec 15, 2020		At the end of December, SPLSs employees are entitled to $2,400 as salary. SPLS paid employee salaries of $1,200 on Dec 15, 2020 and will pay the balance on the first day of the next month.
Dec 15, 2020		SPLS is hired to perform e-learning services, beginning on December 16. Under this agreement, the business will earn $1,600 monthly and receive payment on January 15.
Dec 21, 2020		A law firm engages SPLS to provide e-learning services and agrees to pay $600 in advance.
Dec 28, 2020		SPLS collected cash of $8,000 for Service Revenue that the business earned by providing e-learning services for clients.
Dec 31, 2020		SPLS counted the office supplies on hand and found that office supplies costing $100 remain on Dec 31, 2020.

Note:
1)	Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual value, if any, on a straight-line basis over their estimated useful lives as follows:
			Estimated useful lives		Estimated residual value
		Buildings	20 years		Nil
		Furniture and equipment	5 years		Nil

Required:
1)	Using the following standard account form to represent the general journal, prepare entries in the general journal to record each of the above transactions (Use J1, J2, J3 etc., for the journal page numbers)
2)	Using the following standard account form to represent the general ledger accounts, post the transactions recorded in the general journal. Post all companys transactions for the period from November 1, 2020 to December 31, 2020. When all transactions for this period have been posted to the general ledger accounts, determine the balance for each account.
3)	Assign a unique number to each general ledger account by yourself.
3)	Prepare an unadjusted trial balance as of December 31, 2020 (Before adjusting entries are posted).
4)	Record adjusting entries,which should be posted by the end of December 31, 2020, in the general journal; post these entries to the general ledger (standard account form).
5)	Prepare an adjusted trial balance as of December 31, 2020 (After adjusting entries are posted).
6)	Prepare the following financial statement based on the adjusted trial balance as of December 31, 2020.
	a)	Income Statements
	b)	Retained Earnings Statement
	c)	Report-Form Statement of Financial Position
7)	Record closing entries in the general journal; post these entries to the general ledger (standard account form)for the period ended December 31, 2020.
8)	Prepare a post-closing trial balance as of December 31, 2020.
9)	You can use any software (e.g. Microsoft Excel, Peachtree) for completion of this assignment.