The following is the Trial Balance as at December1, 2020 for Ben’s Barber Shop.

Cash	Debit 2 000	Credit
Accounts Receivable	220
Supplies	1 300
Furniture and Fixtures Accounts Payable	12 100	300
Bank Loan		7 000
Ben Capital		8 320
	15 620	15 620

The Chart of Accounts is as follows:

100	Bank	230	Bank Loan
110	Accounts Receivable (all)	300	Ben Capital
112	Supplies	301	Ben Drawings
130	Furniture andFixtures	400	Fees Earned
210	Accounts Payable (all)	501	Utilities Expense
221	HST Payable	502	Bank Charges
222	HST Recoverable	503	Rent Expense

Required

1. Prepare the Trial Balance

Prepare the Income Statement

Prepare a new Balance Sheet as at Dec 31 2020

1. Transactions for December
2. Cheque #30, paid monthly rent of $1000 plus HST
3. Purchase Invoice#108, bought hair salon supplies on account from Johnson’s for $300 plus HST
4. Cash sales slips for the day, $500 plus HST
5. Sales Invoice #60, M. Swat, $40 plus HST
6. Bank Debit Memo from the bank for service charges of $50
7. Cheque #31, paid Sam Beauty Supplies$100 on account
8. Cash Receipt#20, received $50 on account from F. Banzo
9. $400 monthly automatic payment on the bank loan is transferred from the bank account
10. Cash sales slips for the day, $600 plus HST
11. The owner withdrew $200 worth of the business furniture and took it home for his personal use
12. Purchase Invoice#100 from Union Energy for natural gas $200 plus HST
13. Owner deposited$1400 in business bank account from personal funds (additional investment in the business)

Answer rating: 100% (QA)

Trial Balance December 1 2020 Account Title Debit Credit Cash 2000 Accounts Receivable 220 Supplies ... View the full answer