Zoom EXPANDED LEDGER HOMEWORK ASSIGNMENT K.L. Contracting INSTRUCTION: On the form provided students will apply the Debit and Credit Theory to the expanded ledgers of the T-Accounts. Students will now record the transactions, with revenue, expenses and drawings accounts. Once students have properly calculated the final total for each account students will prepare the Trial Balance, Income Statement and Classified Balance Sheet (3 column) for the end of the month, reflecting the changes made due to the expanded ledger. BUSINEESS INFORMATION: K.L. Contracting has the following opening balances, the owner is Kiran Logan. The business has Accounts Payable Pro Hardware $10,000, A/P Western Rentals $1,300 Supplies $18,000, Bank $20,000, A/R F. Sawchuck $4,000, A/R W. Scott $1,500, A/R J. Millar $1,700, A/R P. North $1,890, TD Bank Loan $50,000, Building $80,000, CIBC Mortgage Payable $70,000, Truck $24,500, Equipment $24,000, and Land $90,000 1. Open the ledgers accounts (T-accounts) for K.L. Contracting in order of liquidity and assigning correct account numbers based on asset (100), liabilities (200) and equity (300), Revenue (400) and Expenses (500). Remember to use the transaction number to assist you properly entering the amounts into the accounts. 2. Calculate the Capital amount. 3. Record the following transactions in the T-accounts TRANSACTIONS: October 2020 18 The business performed a $2,900 Service for T. Bee for cash. 19 The owner withdrew $700 from the business for personal use. 20 The business purchased $125 worth of supplies from Pro Hardware for $150 on account 4. The business paid Hydro-One $310 for the electricity for the month. 21 The business performed a Service for $1,500 on credit for F. Sawchuck. 22 The business paid Western Rentals $1,200 for the month's rent. 23 The business received a bill from the Banner News regarding a $150 advertisement placed in the newspaper on account. The business received a notice form the bank stating that it had taken $3,000 Trom the business's bank account to pay for $2,000 to reduce the CIBC Bank Loan and $1,000 for the interest charges on the bank loan. $5,000. The business issued a cheque for $100 to G. Yung for the week's wages. U The business performed a $1,800 service for Peter North on account. COO OCCO 24 25 30 3 F % & 2 4 H