u v u \\ P On July 1, 2019, Amy Young created a new self-storage business called Young Storage Co. Instructions: 8) b) C) d) e) f) Record all the transactions for October in the General Journal provided using accounts provided in the ledger. For journal entries show the date indicated. All adjusting entries are to be dated July 31. (15 marks) Post each Journal entry to the General Ledger of accounts. Use the journal Posting reference column (PR) to indicate that the entry has been posted. No explanations required. (5 marks) Prepare a trial balance showing account balances after all adjusting entries are posted. (3 marks) Prepare an Income Statement, Statement of Changes in Owners' Equity, and a Classified Balance Sheet. Use the forms provided. ( 15 marks) Prepare journal entries in the General Journal to record the closing entries. Post these entries to the ledger accounts. (5 marks) Prepare a Post-Closing Trial Balance (2 marks) Total 45 Marks Use the forms provided and produce a handwritten copy. Hand in your hard copy of the assignment stapled, single sided. October transactions: July 1 July 1 July 1 July 1 July 5 Amy Young used her personal assets to invest $300,000 cash into the business. Purchased a building for $500,000 with a cash down payment of $100,000 and a mortgage of $400,000. Paid $5,400 for a one-year insurance policy effective today. Purchased equipment for $6,500 on account. Purchased office supplies for $4,600 cash. July 24 Collected $17,600 of storage revenue from customers. July 28 Paid $3,600 for employee salary. July 29 Paid $600 for phone service for the month. July 30 Repaired leaking roof for $1,700 on account. July 30 Young withdrew $3,200 cash from the business for personal use. Use the following information for adjustments at the end of July: a b. c. . One month of insurance coverage has been used. There were $3,100 of office supplies on hand at the end of the month The equipment has an estimated life of 5 years and a salvage value of $500. Depreciation is to be calculated using the straight-line method. The emnlovee has earned $360 of salarv since the last navdav that was unrecorded and unpaid as