1 On December 1, 2022, Divine Distributing Company had the following account balances. 2 3 Cash Accounts Receivable 4 5 Note Receivable 6 Inventory 7 Supplies 8 Prepaid Rent 9 Equipment 10 Debit 11,750.00 6,240.00 Accumulated Depreciation-Equipment 8,000.00 Accounts Payable 8,250.00 Unearned Service Revenue 1,710.00 Salaries and Wages Payable 12,000.00 Common Stock 47,000.00 Retained Earnings 94,950.00 11 During December, the company completed the following transactions. 12 Dec. 13 14 15 16 17 18 19 20 21 22 23 24 25 Adjustment data: Credit 8,700.00 9,850.00 2,500.00 1,800.00 50,000.00 22,100.00 94,950.00 6 Paid $3000 for salaries and wages due employees, of which $1,200 is for December and $1,800 was accrued in November to salaries and wages payable. 7 $250 of defective merchandise was returned from a November 30, 2022 sale on account 8 Received $2,240 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $8,200. The cost of the merchandise sold was $4,700. (2 entries required) 13 Purchased merchandise on account from Hecht Co. $5,700, terms 2/10, n/30. 15 Purchased supplies for cash $1450.00 18 Sold merchandise on account $15,700, terms 3/10, n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries and wages $2,100. 21 Paid $3,600 in advance for next year's annual insurance 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. 28 Received $800 from customers for services to be preformed in the future 29 Purchase Equipment on account for $7,000 26 1. Accrued salaries and wages payable were $1,150 at the end of the month. 27 2. Depreciation was $875 per month. 28 3. Supplies on hand were $1,260 29 4. One month of interest income should be recorded on the $8000 Note Receivable at an APR of 6% 30 5. Services were preformed to satisfy $1,050 of the unearned revenue 31 6. December's prepaid rent has been used (annual amount was $12,000 as recorded in Prepaid Rent). 32 33 34 Required: 35 Complete each tab of this Excel Worksheet: General Journal (all transactions in December), map into T Accounts (add any if necessary), prepare Trial Balance 36 prepare the adjusting entries (1-6 above), Prepare Financial Statements in good form (multi-step income statement, statement of retained earnings, balance sheet) 37 prepare the closing entries, prepare the required ratio computations