Accounting Cycle Project Principles of Accounting Spring Semester 2022 On December 1, Ed Washington began an auto repair shop Washington's Quality Automotive. The following traction occurred during the month of December 12:01-Washington contributed 564,000 the business for shares of common stock 12:01-Purchased 59,000 of equipment, paying ca 1201-Paid $500 for a four-month insurance policy starting on December 1 12:09-Paid $17,000 cash to purchase and the 12/10-Purchased office supplies on account $1,500 12/19-Bowed $28,000 tum the bank for bu Washington signed at payable to the bank in the of the corporation. The note is due in 5 years 12/22 Paid $1,100 cash for advertising expe 12/26-Paid $300 on account action 12:10) 12/28-The business received a bill for stilities to be paid in January, $180 1231-Revenues ned during December included $20,500 cash and $2,400 account +1231-Paid employees salaries $3,200 and buildings $500. (Note: recond this as a compound entry) 12/31 The business received $1,160 for ong services, to be performed meth 12/31-Paid cash dividends of 55,000 to stockholders The business used the following account Cash Accounts Receivable, Office Supplies Prepaid Insurance Land Equipment Accumulated Depreciation Equipment Accus Payable, Unites Payable, Interest Payable, Uncamel Revenuc Notes Payable Common Stock Retained Eps Devindic Income Summary Service Revenue Salaries Expense Rest Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Dep Expense-Equipment Following is adjusting dat Office Supplies used during December-$700 Depreciation for December - $150 One month of insurance has expired Accrued Interest Expe- $120 Following are requirements for this ag 1. Prepare the journal entries for transactions and post to T 2 Prepare an unadjusted wil hulance 3 Prepare necessary adjusting joal entries and pot 4 Prepare an adjusted trial balance For Washington Quality Automotive at December 31 6 Classified balance sheet in pot form Prepare closing entries and post to Taccount 7. Prepare a post-closing trial balance Explanations for journal entries are not necessary. The assignment is due at midnight on Wednesday, 058422 A suggestion, Excel simplifies much of the assignment. Yur lation must be turned in as an attachment to an All financial reports must be in good onder-e.proper headings Examples of "good order are in the first four chapter of your sextbook. Please be sure to include your your submission (this may be done with a cover the