Please complete all of the following problems using the templates provided to you on the LMS site. Ensure that you have provided your name on each of the templates, zip the files and upload to the LMS once you have completed them (8 points). 1. Prepare general journal entries on December 31, 2015 to record the following unrelated year- end adjustments. a. On December 2, 2015, $6,200 of supplies were purchased and recorded as an asset. A count revealed $1,000 still on hand at December 31, 2015. c. b. Services performed during December but not yet billed to customers totaled $5,000. Depreciation of equipment is recorded using the straight-line method over 10 years. The equipment was purchased on December 1, 2015 for $300,000, and has no residual value at the end of its useful life. d. Prepaid insurance expired during the month of December was $2,500. 2. Using the below Adjusted Trial Balance, complete Reuben's Cubic Storage Income Statement, Statement of Changes to Owner's Equity and their Balance Sheet. When completing the Statement of Changes in Owner's Equity, Mr. Clausen's capital account balance of $30,520 consists of a $20,520 balance on January 1, 2015, plus an additional $10,000 investment during 2015 (20 points). Cash Accounts receivable Prepaid insurance Office supplies Office equipment Reuben's Cubic Storage Adjusted Trial Balance December 31, 2015 Accumulated depreciation, office equipment Buildings Accumulated depreciation, buildings Land Wages payable Property taxes payable Interest payable Unearned rent Long-term notes payable Ruben Clausen, capital Ruben Clausen, withdrawals Rent earned $3,050 400 830 80 4,200 98,000 115,000 21,000 $1,100 28,000 880 1,400 2,200 460 178,000 30,520 48,600 Rent earned Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense, office equipment Depreciation expense, building Interest expense Totals 28,880 1,900 2,400 800 250 400 48,600 5,570 8,400 $291,160 $291,160 3. Fiona's Store had the following transactions during December, the last month of the accounting period (20 points): Dec. 1 3 4 5 11 15 18 23 24 31 Sold merchandise on credit for $6,000, cost $4,000 terms 1/10, n/30. Purchased merchandise for cash, $900. Purchased merchandise on credit for $4,600, terms 2/10, n/30. Issued a credit memorandum for $500 to a customer who returned merchandise purchased November 29, cost $300. Received payment for merchandise sold December 1. Received a credit memorandum for $500 for the return of faulty merchandise purchased on December 4. Paid freight charges of $100 for merchandise ordered last month. Paid for the merchandise purchased December 4 less merchandise returned. Sold merchandise on credit for $8,000, terms 1/10 n/30, cost $6,500. Received payment for merchandise sold on December 24. Required: Prepare general journal entries to record these transactions, using a perpetual inventory system. 4. The bank statement and relevant portions of Baldwin Company's cash records for the month ended June 30, 2015 are given on the next page 25 points). Cheque Register Date Explanation 31-May Deposit 01-Jun Cheque 01-Jun Cheque 01-Jun Cheque 01-Jun Cheque 03-Jun Cheque 04-Jun Cheque 09-Jun Deposit 12-Jun Cheque 12-Jun Cheque 12-Jun Cheque 18-Jun Deposit 20-Jun Cheque 21-Jun Cheque 24-Jun Cheque 26-Jun Cheque 29-Jun Deposit 882 876 883 884 885 886 887 888 889 890 891 892 893 Debit 10,050.00 2,680.00 2,920.00 3,695.00 Credit 3,659.00 126.00 3,290.00 868.00 1,424.00 252.00 2,113.78 2,169.43 1,248.00 2,369.00 6,669.00 1,452.00 256.00 Balance 22,242.92 18,583.92 18,457.92 15,167.92 14,299.92 12,875.92 12,623.92 15,303.92 13,190.14 11,020.71 9,772.71 12,692.71 10,323.71 3,654.71 2,202.71 1,946.71 5,641.71 Cheques/Charges #884 #883 #876 #889 # 882 # 887 #885 #891 #886 SC 6/1 6/4 6/9 6/12 6/14 6/18 6/20 6/21 6/29 6/30 Bank Statement 868.00 3,290.00 126.00 1.248.00 3,659.00 2,003.78 1,424.00 6,569.00 252.00 89.30 Deposits/Credits 31-May 6/1 10,050.00 6/9 6/18 6/30 2,680.00 2,920.00 Balance Notes: Cheque # 887 was recorded incorrectly by the bookeeper for equipment purchase. Cheque #891 was recorded incorrectly by the bank. Required: Prepare the bank reconciliation as of June 30, 2015. 12,192.92 21,374.92 18,084.92 20,638.92 19,390.92 15,731.92 16,648.14 15,224.14 8,655.14 8,403.14 8,313.84 5. A company's 18 sales personnel earned salaries of $15,000 during the period March 5-10, all of which were subject to 4.95% CPP and 1.83% El. All personnel are entitled to 2 weeks' paid annual vacation. In addition, the company has agreed with its employees to withhold the following amounts: $900 for hospital insurance, $2,600 for federal and provincial income taxes, and $180 for union dues (7 points). Required: Prepare the March 10 general journal entries to record the payroll.