[ ACCT 215 (CT) Accounting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: L January 2-Issued 600,000 shares of stock for $10,600,000. January 10- Acquired equipment in exchange for $2,500,000 cash and a $5,500,000 note payable. The note is due in ten years. February 1-Paid $10,800 for a business insurance policy covering the two-year period beginning on February 1. February 22-Purchased $950,000 of supplies on account March 1- Paid wages of $185,600 March 23-Billed $2,820,000 for services rendered on account April 1 Paid $110,000 of the amount due on the supplies purchased February 22. April 17- Collected $240,000 of the accounts receivable May 1-Paid wages of $200.400. May 8-Received and paid bill for $96,200 for utilities. May 24-Paid $42,500 for sales commissions. June 1 - Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for $550,000 of services rendered. June 30 Collected $310,000 on accounts receivable. July 10 - Purchased $155,000 of supplies on account. August 25 Paid $160,000 for administrative expenses. September 23-Paid $30,000 for warehouse repairs. October 1 - Paid general wages of $90,000.- November 20- Purchased supplies for $60,000 cash. December 15 Collected $135,000 in advance for services to be provided in December and January. December 30- Declared and paid a $50,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: hp Enable Editi Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. The chart of accounts that Marshall Company, Inc. uses is as follows: W Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders' Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense net can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Stockholders' Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other: 601 Enable Editing Income summarye REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $85,000 of services related to the advance collection of December 15. d. There are $530,000 of supplies on hand at the end of the year. e. An additional $180,000 of interest has accrued on the note by the end of the year. f. Wilson accrued wages of $210,000 at the end of the ear. 5. Prepare an adjusted trial balance as of December 31. no nces Mailings Review View Help Tell me what you want to do Enable Editing contain viruses. Unless you need to edit, it's safer to stay in Protected View. REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. < 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. < b. Depreciation for equipment is $410,000. < c. The company provided $85,000 of services related to the advance collection of December 15. d. There are $530,000 of supplies on hand at the end of the year. < e. An additional $180,000 of interest has accrued on the note by the end of the year. f. Wilson accrued wages of $210,000 at the end of the ear. 5. Prepare an adjusted trial balance as of December 31. 6. Prepare a single-step income statement and statement of retained earnings for the year ended December 31 and a classified balance sheet as of December 31. 7. Journalize and post the closing entries 8. Prepare a post-closing trial balance as of December 31. Submit your completed Excel workbook in Black Board under assignments by the due date. Paste Clipboard C37 | BIU Font fx 1 2 3 4 5 Assets 6 Current Assets: 8 9 10 11 13 Non-current assets: 14 15 17 18 Total Assets 20 Liabilities and Equity 21 Current Liabilities: 22 23 24 25 26 27 John Marshal Company Balance Sheet as of 12/31/2019 28 Non-current liabilities 29 30 Total Liabilities 31 32 Stockholders' Equity 33 34 35 36 37 Total Liabilities and Stockholders' Equity 11 ab Wrap Text Alignment Merge & Center Custom %" .00 Number > Conditional Format as Cell Insert Delete Format Formatting Table Styles Styles Cells B C D E F G H I , K L M N 0 P Q R S T U V W X Y N Sort & Find & Filter Select Editing AA AB AC AD AE