194 Introductory Financial Accounting Individual Assignment 1 (Deadline: 21 Oct 2020 (Wed)12:00 noon) Lisa started her own consulting firm, Lisa Consulting Co on Dee 1, 2019. During December, the following transactions were completed 124 Dec 1 Shareholders invested $16,000 cash in the business in exchange for ordinary shares. 4 Paid $2,880 cash on one-year insurance policy effective Dee 1. 5 Purchased supplies for $1,500 on account. 6 Purchased equipment for $12,000, paying $7,000 cash down payment and issued a 3 month 6% note payable for the remaining balance. 10 Received $2,600 cash from a customer, in advance for the consulting services to be performed later. 12 Billed other customers 54,780 for construction services performed, receiving $1,000 cash with the rest on account. 15 Paid $3,000 for employee salaries. 21 Collected from customers billed on Dec 12 in full. 24 Billed customers $4,000 for construction services performed 27 Paid $1,000 for Dec's rent expense. 29 Paid the amount owed for supplies purchased on 5 Dec. 31 Declared and paid dividend of $400. The Supplies 100 The chart of accounts for Lisa Consulting Co contains the following accounts: Itse Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable and Notes Payable Unearned Service Salaries Payable Revenue Jeans Pharifa Afya Accumulated Depreciation X41414147 - Equipment Share Capital-Ordinary y Service Revenue Pk BudaRent Expense Salaries Expense Ry Supplies Expense en Depreciation Expense 3A Insurance Expense Utilities Expense MOPA Interest Expense 4 | 051) Income Tax Expense Dividends 11:41 Income Tax Payable Interest Payable Instructions (a) Journalize the December transactions. (b) Prepare a trial balance at December 31. (c) Refer to the following information, journalize adjusting entries for the month of December 2019 and prepare the adjusted trial balance at December 31: 1. $1,000 of supplies are counted as at December 31. 2. Utilities expense incurred but not paid on Dec 31, 2019, $200. 3. The insurance policy is for 1 year 4. $1,000 of the balance in the Unearned Service Revenue account remains uncarned at the end of the month. 5. Salaries for Dec 2019 not yet paid to employees totaled $400. 6. The equipment has a 10-year life with no residual value. 7. Invoices representing $1,100 of services performed during the month have not been recorded as of Dec 31. 8. Interest for the 3 month notes payable is not yet recorded. 9. The company's CPA estimates that income taxes expense for December is $900. (d) Prepare the adjusted trial balance at December 31, 2019