= 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. The note is due 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. Junel - 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 S160,000 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 $135,600 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 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable 112 520 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 I Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 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 ye 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 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. onto bar the due date > Jx A c D F H Account and explanations 1 Date 2 Asst Debit Credit 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 29 30 31 32 33 34 35 36 37 38 29 40 41 42 43 44 45 46 47 48 49 + 50 51 52 53 54 Journal entries Trial Balances Income Statement Statement of Retained earnings JX A D E F G H . 1 1 T Balance Worksheets 2 Adjusting Wisterialen Dit Closintenties Credit Adjusted tribalance Debelt Closed Trial Balance Rohit Credit Deba Ccedit 4 Can 5 Accounts receivable & Supplies 7 Prepaid insurance & Equipment Accumulated depreciation 10 Accounts payable 11 Unearned service revenue 12 Wages payable 1) Interest payable 14 Notes payable 15 Common stock 16 Retained earnings 17 Dividendi 18 Service revenue 19 Wage experts 20 Utilities expense 21 Saling pen 22 Administrative expenses 23 Mapan expense 24 urance expense 25 interest expense 26 Supplies expense 27. Depreciation expense 28 20 30 31 12 13 14 35 36 17 30 39 40 41 42 44 45 45 67 68 49 50 51 53 Journal entries Trial Balances Income Statement Nateront of Retained earnings Taccounts Balance Sheet + Ready MacBook Pro