1 Prepare the journal entries (if needed) to record the December 2020 transactions found on page 4. The journal entries should be written on the "General Journal" pages provided on pages 7-8 of this practice set. Remember to skip a line between each journal entry and use J1, J2, J3, etc, instead of the date. 2 After you have prepared all of the necessary entries in Step #1, post these entries to the general ledger found on pages 9-14. In the general ledger the first two columns are used to post the applicable debitor credit amount from the journal entry. The second debit and credit columns are balance columns that show the balance of the applicable account. In the post ref (reference) column of the general ledger, use the journal entry number as the reference for each entry. Jl for the first entry, 12 for the second entry and so on. Explanations are not required in the general ledger, but are recommend for customer name or vendor name for Accounts Receivable and Accounts Payable accounts, respectively, 3 After all of the account balances have been determined, enter the balance of each account in the general ledger to the debitor credit unadjusted trial balance columns of the worksheet. Red Robin, Inc. December 2020 Transactions # i On December 1, Red Robin, Inc. received $12.000 from Poodle & Co. for partial payment of account. (First entry journalized and posted for you.) 2 On December 1, Red Robin, Inc. received 59,000 in advance for renting office space to Bullwinkle, Inc. for the December 1, 2020 through February 28, 2021 3 On December 6, Red Robin, Inc. issued checks to Acne Corporation for $11,000, Bow & Arrow, Inc. for $8,000, and Boa Construction Inc. for $15,000 in payment on accounts. 4 on December 10, the company purchased supplies in the amount of $4,000 on account from Boa Construction Inc. (FOB Shipping Point, terms 1/10, 1/30), order shipped in December 5 On December 10, Red Robin, Inc. received a check in the amount of $30,000 from Kanga Roo Inc. In payment of account. 6 On December 15, Red Robin, Inc. made a sale in the amount of $80,000 to Poodle & Co (terms 2/10,n/30). The cost of the inventory sold was $55,000. 7 On December 20, the company paid employees $31,000 for wages earned during the period from December 1 through December 15, 2020. 8 On December 25, received full payment from Poodle & Co. for sale made December 15 (6). within the discount period. 9 On December 25, Red Robin, Inc. made a sale in the amount of $140,000 to Bulldog Inc. (terms 2/10,n/30). The cost of the inventory sold was $90,000 10 On December 28, Bulldog Inc. returned goods purchased on December 25, in the amount of $14,000. The cost of inventory was $9,000 11 On December 28, Red Robin, Inc. ordered inventory from Bow & Arrow, Inc. in the amount of $50,000 (FOB Destination, terms 2/10,n/30), inventory is expected to arrive sometime in January 12 on December 31, the company purchased office equipment costing $60,000. They paid $15,000 down on the equipment and signed a promissory note for the remaining balance. The note is due March 31, 2021. 13 On December 31, Board of Directors declared $6,200 in dividends to be paid in January. 14 on December 31, Red Robin, Inc. paid utility bills totaling $10,000 for utilities used during the month of December CONTACT INSTRUCTOR KELLEY AT 559-549-7048 FOR QUESTIONS