24 Required a Journalize and post the necessary closing entries. Omit explanations. Prepare a post-closing trial balance as of December 31. P4-11. Transaction Analysis; Journal Entries, Posting, Unadjusted Trial Balance, Adjusting Journal Entrie The Umbro Company, which is a finess center, was formed on January 2 of the current year. Tramactions completed during the first year of operation are presented below. January 2 January 10 February 111 February 22 March 1: March 23 1 April April 17 May 1: May 8 May 24 June 1: 16: June June 30 July 10 Aug 25: Sept 23 October 11 Nov 20 Dec 15 Dec 30 Issued 900,000 shares of common stock for $15,000,000, which is the par value of the stock Acquired equipment in exchange for $2,500,000 cash and a $6,000,000 note payable The note is due in 10 years. Paid $36,000 for a business insurance policy covering the two-year period beginning on February 1. Purchased $930,000 of vapplies on account. Paid wages of $194,600. Billed $2,820,000 for services rendered on account. Paid $130,000 of the amount due on the supplies purchased on February 22. Collected $190,000 of the outstanding accounts receivable Paid wages of $209,400. Received bill and paid $96,700 for utilities Paid $45,500 for sales commissions. Made the first payment on the note issued on January 10. The payment consisted of $50,000 of interest and $210,000 to be applied against the principal of the note Billed customers for $680,000 of services rendered. Collected $450,000 on accounts receivable. Purchased $166,000 of supplies on account. Paid $150,000 for administrative expenses. Paid $35,000 for warehouse repairs Paid wages of $100,000. Purchased supplies for $45,000 with cash. Collected $134,700 in advance for services to be provided in December and January of the following year Declared and paid a $50,000 dividend to shareholders. The chart of accounts ined by the Umbro Company follows: Chart of Accounts Group Account # Account Title 100 Assets 101 Cash 102 Accounts Receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 200 Liabilities RE 201 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Weges Payable 202 200 210 Interest Payable 220 Notes Payable 300 Stockholders Equty 301 310 320 400 Revenues 401 Common Stock Retained Earnings Dividends Service Revenue