4 Akita International Corporation (referred to as "AIC) completed the following transactions during December 2019. The closing date for a financial statement purpose is December 31. December 1 The AIC began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from AIC's president. The business issued its common stock in exchange for this contribution. 1 The AIC paid $1,000 cash for a four month insurance policy. The policy begins December 1. The AIC used an expense account to initially recognize this transaction. 4 12 26 - - 15 - 18 20 22 25 27 28 29 30 31 - - - - - paid $500 cash for office supplies. performed delivery services, for a customer and received $2,000 cash. completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week. paid employee salry, $1,000. received $15,000 cash for performing delivery services. collected $800 in advance for delivery service to be performed later. collected $2,500 cash from customer on account. purchased fuel for the truck, paying $300 on account. performed delivery services on account, $700. paid office rent, $1,600, for the month of December. paid $300 on account (on December 27) cash dividends of $3,000 were declared. Question 2 Journalize the adjusting entries using the following adjustment data. Explanations are not required. a) Accrued Salaries Expense $1,000 b) Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $5,000. c) Prepaid Insurance for the month has expired. d) Office supplied on hand, $100. e) Unearned revenue earned during the month, $300. f) Accrued Service Revenue, $650. Problem 4 Qustion 2 Date Example Cash a b C d f Dr Cr 1,000 Sales 1,000