as follows: - January 2 - Issued 600,000 shares of stock for $10,500,000 January 10 - Acquired equipment in exchange for $2,500,000 cash and a $5,500,000 note payable. Thc note is duc in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 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. Juneli - 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 $560,000 of services rendered. June 30 - Collected $300,000 on accounts receivable. July 10 - Purchased $155,000 of supplies on account August 25 - Paid SIGO,000 for administrative expenses, September 23 - Paid $30,000 for warehouse repairs. October | -- Paid general wages of $90,000. November 20 - Purchased supplies for $60,000 cash. December 15 - Collected $135,600 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: 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 diNotes payable 504 Stockholders' Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other: 601 Income summary 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 $520,000 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 end 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. B 1 N John Marshal Company Income Statement for the Year ended 12/31/2019 5 6 7 Expenses 8 9 10 11 12 13 14 15 16 17 min 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 83 84 35 36 1 2 3 John Marshal Company Balance Sheet as of 12/31/2019 5 Assets 6 Current Assets: 7 8 9 10 11 12 13 Non-current assets 14 15 16 17 18 Total Assets 19 20 Liabilities and Equity 21 Current Liabilities: 22 23 24 25 26 27 28 Non-current liabilities 29 30 Total Liabilities 31 32 Stockholders' Equity 33 34 35 36 37 Total abilities and Stockholders' Equity 38 40 42 44 45 49 SO
