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On November 1, Randy Conway opened a uniform supplying company that purchases uniforms and resells them to businesses in the Vancouver area. Randy's accountant set up his Chart of Accounts as follows: Account Name Cash Accounts Receivable Office Supplies Prepaid Insurance Prepaid Rent Merchandise Inventory Sewing Equipment Accumulated Depreciation, Sewing Equipment Accounts Payable Wages Payable Unearned Revenue Randy Conway, Capital Randy Conway, Withdrawals Sales Sales Discounts Sales Returns and Allowances Cost of Goods Sold Depreciation Expense, Sewing Equipment (G&A) Wages Expense Insurance Expense Rent Expense Office Supplies Expense Advertising Expense Mileage Expense (Sales) Repairs Expense (G&A) Randy's first two months of transactions can be found here: Randy's first two months of transactions can be found here November 1 Randy invested $130,000 into his business. November 1 Purchased a new sewing machine that will be scrapped in three years for $2,7000 November 1 Prepaid rent in a downtown commercial building for four months for $2,16 sales work will be done out of the space. November 1 Paid cash for two year's premium on liability insurance for $2400 November 3 Booked a conference in March, a deposit will be due in February November 4 Hired Conor Reid for $120 a day to assist in SALES. November 6 Purchased 320 uniforms for $22 each to resell as inventory November 7 Esthers Inn purchased 20 uniforms at $40 each on credit November 13 Randy made a withdrawal from the business for the amount of $4460 November 15 Purchased office supplies on credit from Onward Supplies for $1580 November 20 Mileage expense was paid in cash for $880 November 21 Ordered office supplies from Onward Supplies on credit for $2050 November 24 Purchased 150 uniforms for $24 each to resell as inventory, November 26 Hired the radio to air ads today for $2510 November 27 Bought office supplies from Onward Supplies on credit for $1160 November 29 The building required repairs paid in cash for $1158 November 30 Paid Conor Reid for 5 days December 1 Randy made a withdrawal for personal use for the amount of $2970 December 3 Purchased 90 uniforms for $24 each to resell as inventory December 6 Put an advertisement in the local newspaper for $2570 December 8 Sold 110 uniforms to Chicken Buddies for $40 a unit at a cost of $22 each December 12 Paid Conor Reid for 6 days December 13 Randy withdrew cash for personal use in the amount of $2310 December 14 Sold 80 uniforms to Gregan Industries for $40 a unit at a cost of $22 each December 14 The company put ads on Instagram and paid immediately for $1930 December 18 The sewing machine had urgent repairs paid in cash for $1540 December 19 Esthers in paid their outstanding bill. December 19 A return was made of $400 worth of inventory and cash was paid to the customer, the returned inventory was trashed December 20 A deposit was made on an embroidery job of $4.800 December 22 Sold 130 uniforms to Austin Hotels for $40 a unit at a cost of $19 each December 28 Sold 200 uniforms to CMR Manufacturing for $40 a unit at a cost of $24 December 31 At the end of the year, 9 days of pay was owed to Conor Reid December 31 At the end of the year, there was 800 of office supplies remaining, December 31 There are three additional adjusting entries required at the end of the yed Required: Required: 1) Journalize the transactions (25 marks - 15 for regular entries, 10 for adjustments - marks include using general ledger) 2) Prepare a Multi-Step Income Statement and a Single-Step Income Statement (15 marks - 12 for MS, 3 for SS) 3) Close the Temporary Accounts (10 marks) 4) Prepare a Classified Balance Sheet (15 marks)

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