1 1 10 19 On December 1. Bob Waldo began an auto repair shop. Waldo's Quality Automotive. The following transactions occurred during December: Dec. Waldo contributed $70,000 cash to the business in exchange for capital. 1 Purchased $12,000 of equipment paying cash. Paid $1,750 for a five-month insurance policy starting on December 1. 9 Paid $20.000 cash to purchase land to be used in operations. Purchased office supplies on account, $2,800. Borrowed $15,000 from the bank for business use. Waldo signed a note payable to the bank in the name of the business. The note is due in five years. 22 Paid $1,300 for advertising expenses. 26 Paid $900 on account 28 The business received a bill for utilities to be paid in January, $280. Revenues earned during the month included $16,000 cash and $3,600 on account. 31 Paid employees' salaries $3,800 and building rent $1,200. Record as a compound entry. 31 The business received $1,440 for auto screening services to be performed next month. 31 Waldo withdrew cash of $5,500. 31 The business uses the following accounts: Cash; Accounts Receivable: Office Supplies: Prepaid Insurance; Land; Equipment; Accumulated Depreciation Equipment: Accounts Payable; Utilities Payable: Interest Payable; Unearned Revenue; Notes Payable: Waldo, Capital; Waldo, Withdrawals; Income Summary: Service Revenue: Salaries Expense: Rent Expense: Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. Adjustment data: a. Office Supplies used during the month $1,800. b. Depreciation for the month, $200. c. One month insurance has expired. d. Accrued Interest Expense, $75. Requirements Prepare the journal entries, and post to the T-accounts. Prepare an unadjusted trial balance. Complete the worksheet for the month ended December 31, 2018 (optional). Prepare the adjusting entries, and post to the T-accounts. Prepare an adjusted trial balance