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Hired Bob Smith as a part-time assistant at a rate of $200 per day as needed

During December the following transactions occurred: Date Dec 3 3 4 10 14 17 18 20 Transaction Paid $1,500 for advertising on the local radio station Paid $1,200 to repair the company computer Received $3,000 for the final payment on the November 12th billing Paid Bob Smith for 6 days of work Signed a contract to complete $15,000 of computer work for XYZ Co. XYZ paid $4,000 in advance on December 14th Purchased $1,800 of computer supplies on credit Received $5,000 from Y Co for the November 28th billing Received a cash payment of $7,000 from Z Co for work completed in December Took the week off to celebrate Christmas Paid Joseph for 800 km of business mileage at a rate of $.80/km Paid Joseph a $4,000 dividend Billed Y Ltd $2,000 for work completed in December 24-28 31 31 31 Additional information: a. Of the $4,000 advance payment received from XYZ Co, $2,500 has been earned b. A count of supplies on December 31 revealed $700 of supplies on hand C. Bob Smith worked for 10 days in December which have not been paid d. A project for T Ltd was completed in December but the $5,000 was not billed Part B Requirements: 1. Prepare a tabular analysis of all the December transactions. Include dates and descriptions to help organize your work. (11 marks] 2. Enter any month-end adjustments (accruals and deferrals) into the table, including dates and descriptions. [14 marks] 3. Prepare an income statement for the month ended December 31, 2020 (10 marks] 4. Prepare a retained earnings statement for the month ended December 31, 2020 [5 marks) 5. Prepare a balance sheet as at December 30, 2021. [20 marks] 4 Received $3,000 for the final payment on the November 12th billing During December the following transactions occurred: Date Dec 3 3 4 10 14 17 18 20 Transaction Paid $1,500 for advertising on the local radio station Paid $1,200 to repair the company computer Received $3,000 for the final payment on the November 12th billing Paid Bob Smith for 6 days of work Signed a contract to complete $15,000 of computer work for XYZ Co. XYZ paid $4,000 in advance on December 14th Purchased $1,800 of computer supplies on credit Received $5,000 from Y Co for the November 28th billing Received a cash payment of $7,000 from Z Co for work completed in December Took the week off to celebrate Christmas Paid Joseph for 800 km of business mileage at a rate of $.80/km Paid Joseph a $4,000 dividend Billed Y Ltd $2,000 for work completed in December 24-28 31 31 31 Additional information: a. Of the $4,000 advance payment received from XYZ Co, $2,500 has been earned b. A count of supplies on December 31 revealed $700 of supplies on hand C. Bob Smith worked for 10 days in December which have not been paid d. A project for T Ltd was completed in December but the $5,000 was not billed Part B Requirements: 1. Prepare a tabular analysis of all the December transactions. Include dates and descriptions to help organize your work. (11 marks] 2. Enter any month-end adjustments (accruals and deferrals) into the table, including dates and descriptions. [14 marks] 3. Prepare an income statement for the month ended December 31, 2020 (10 marks] 4. Prepare a retained earnings statement for the month ended December 31, 2020 [5 marks) 5. Prepare a balance sheet as at December 30, 2021. [20 marks] 4 Received $3,000 for the final payment on the November 12th billing

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