1. Prepare an unadjusted trial balance as of Dec 31, 2019.

2. Prepare an adjusted trial balance as of Dec 31, 2019.

EM Clipboard Font IV Alignment 8 A B D E F G H Waldo Industries completed the following transactions during December 2019: Dec. 1 Waldo contributed $70,000 cash to the business in exchange for shares of common stock. 1 Purchased $12,000 of equipment paying cash. 1 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. 10 Purchased office supplies on account, $2,800. 19 Borrowed $15,000 from the bank for business use. Waldo signed a note payable to the bank in the name of the corporation. 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. 31 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 Paid cash dividends of $5,500 to stockholders. Adjustment data: a. Accrued Interest Expense, $75. b. Depreciation was recorded on the equipment using the straight-line method. Assume a useful life of four years and a salvage value of $2,400. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $1,000. Data Review Problem + Elect destination and press ENTER or choose Paste O Type here to search EM Clipboard Font IV Alignment 8 A B D E F G H Waldo Industries completed the following transactions during December 2019: Dec. 1 Waldo contributed $70,000 cash to the business in exchange for shares of common stock. 1 Purchased $12,000 of equipment paying cash. 1 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. 10 Purchased office supplies on account, $2,800. 19 Borrowed $15,000 from the bank for business use. Waldo signed a note payable to the bank in the name of the corporation. 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. 31 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 Paid cash dividends of $5,500 to stockholders. Adjustment data: a. Accrued Interest Expense, $75. b. Depreciation was recorded on the equipment using the straight-line method. Assume a useful life of four years and a salvage value of $2,400. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $1,000. Data Review Problem + Elect destination and press ENTER or choose Paste O Type here to search