Stephanie Deaville is the owner of Beta Services. She has hired you to update the transactions for her business. Stephanie has provided you with the opening balances and a list of transactions for the month of June. The opening balances for the month of June are as follows: Beta Services Balance Sheet As at May 31, 2020 Assets Liabilities Cash $20,000 Accounts Payable $11,000 Accounts Receivable 9,500 Unearned Revenue 5,200 Prepaid Insurance 0 Note Payable 6,300 Supplies on hand 800 Equipment 10,000 Accumulated Depreciation (4,000) Total Liabilities 22,500 Owner's Equity Deaville, Capital 13,800 Total Assets $36,300 Total Liabilities & Owners' Equity $36,300 Transactions for the month of June: Jun 1 Stephanie transferred personal equipment into the business. The equipment had a fair value of $8,000. $8,000 Jun 4 Received $20,000 cash for services provided. $20,000 Jun 7 Received $1,200 cash for services to be provided next year. $1,200 Jun 10 Paid insurance of $2,400 for the upcoming year. $2,400 Jun 12 Paid $2,300 cash to reduce the balance of accounts payable. $2,300 Jun 15 Paid payroll worth $7,800. $7,800 Jun 18 Paid $350 interest on the note payable. $350 Jun 23 Received telephone bill for $550 which will be paid next month. $550 Jun 25 Recorded business travel expenses worth $4,300 which will be paid next month. $4,300 Jun 30 Purchased $320 of supplies for cash. $320 REQUIRED: 1. Journalize the transactions using proper bookkeeping format. Use the general journal on the following pages. (12 marks) 2. Post only the cash transactions to the general ledger found on page 5. (5 marks) Acct 122 - Introductory Financial Accounting Fall Part I - JOURNAL Page 5 Date Account Title & Explanation PR Debit Credit Acct 122 - Introductory Financial Accounting Fall4 of 8 Part I - continued JOURNAL Page 5 Date Account Title & Explanation PR Debit Credit Acct 122 - Introductory Financial Accounting Fall Part I - - continued Account Number 101 DATE PR DEBIT CREDIT BALANCE GENERAL LEDGER EXPLANATION Cash Acct 122 - Introductory Financial Accounting Fall 6 of 8 Part II - Financial Statements (11 marks) The alphabetized, adjusted trial balance for Zood Services' at the Dec 31, 2020 year-end is as follows. Debit Credit $6,700 4,600 36,000 52,300 6,000 110,000 7,600 30,000 800 1,000 15,000 50,000 136,600 50,000 20,000 8,000 $267,300 $267,300 Steve, Capital (Note 2) Steve, Withdrawals Unearned Revenue Total Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Cash Depreciation Expense Equipment Interest Expense Note Payable (Note 1) Account Title Accounts Payable Accounts Receivable Accumulated Depreciation, equipment Note 1: The note payable is payable in 5 annual payments beginning Jan 1, 2021. Note 2: The owner invested $10,000 of his own money in 2020 REQUIRED: Using the following a(n): 1. Income Statement (2.5 marks) 2. Statement of Changes in Equity (2 marks) 3. Classified Balance Sheet (6.5 marks) Ensure to use proper formatting. Acct 122 - Introductory Financial Accounting Fall 7 of 8 Part II - Required #1 - Income Statement Required #2 - Statement of Changes in Equity Acct 122 - Introductory Financial Accounting Fall 8 of 8 Part II - (continued) Required #3 - Classified Balance Sheet