Can you help please with this assignment !!!!

On December 1, 2017, Jacqueline Mitchell formed a corporation to provide moving services for business and residential customers. Information about the first month of operation for Mitchell Moving, Inc. follows: Reference Date Transaction 12/1 12/3 12/3 12/4 12/8 12/10 Investors provided $350,000 of cash in exchange for stock of Mitchell Corporation Purchased a fleet of delivery trucks costing $600,000 in exchange for 200,000 cash and a $400,000 note payable Paid for a one-year insurance policy for $24,000 cash. 4 Purchased $40,000 of packing supplies from Smith Inc. on account, Paid wages of S35,400 Billed customers for services provided in the amount of $100,000 12/12 12/13 12/13 12/15 12/15 Paid $30,000 of the amount owed for the transaction on Dec 4 Collected $50,000 on accounts receivable Paid wages of S45,000 Paid $15,000 for fuel costs used Collected $85,000 as deposits from customers who contracted for future moving services Paid $5,500 for lodging costs incurred by crew Paid $15,000 of the Note Payable. Billed customers for services provided in the amount of S75,000 Collected $25,000 on accounts receivable Purchased $10,000 of packing supplies on account Paid a $25,000 dividend to shareholders. 12 12/18 12/19 12/19 12/20 12/20 12/31 13 15 16 17 0 Mitchell Company uses the following Chart of Accounts: Accounts Payable Dividends Cash Accounts ReceivableWage Payable Supplies Supplies Expense Revenues Unearned Revenue Wage Expense Prepaid Insurance Notes Payable Fuel Expense Delivery Trucks Common Stock Lodging Expense Accum. Depreciation Depreciation Expense Insurance Expense REQUIRED 1 Prepare journal entries for transactions 1 - 17. 2 Post the transactions to the appropriate general ledger T accounts. Use the Ref#. 3 Prepare a trial balance as of December 31 4 Prepare adjusting entries on December 31 based on the following additional information. a. The delivery trucks have a 5-year life, with no salvage value. b. Supplies on hand at year end amount to $20,000. c. Employees earned wages of $25,000 during December 2017, which will be paid in January 2018. he insurance policy covered a 12-month period. e. Provided services in the amount of S50,000 for customers who paid deposits on December 15th 5 Prepare an adjusted trial balance as of December 31. Post the adjusting entries using the format in Exhibit 3-4 from your text as a guide (p. 133) Prepare an income statement, statement of stockholders' equity and a classified balance sheet as of the end of 2017. Please use good form including company name and date 6 7 Prepare closing entries. 8 Prepare a post-closing trial balance as of December 31,2017. 9 Mitchell started out the month with $0 in cash. Compare the increase in cash to the amount reported as Net Income on the Income Statement. What are the reasons that these amounts differ? Be specific and explain in terms of accrual accounting principles. Comment on Mitchell Inc. 's profitability and its ability to pay its short and long term obligations. 10 Mitchell Unadjusted Trial Balance Adjusted Trial Balance December 31, 2017 Adjustments Debit Credit Debit Credit Debit Credit Cash 350,000 50,000 Common Stock 350,000 350,000 Totals 350,000 350,000 137,000 137,000 350,000 350,000 alance Sheet Assets Revenue Cash 350,000 Expenses: Total Assets 350,000 Liabilities Total Expenses Net Gain Statement of stockh olders'EQUI Common Stock Retained Earings Total Total Liabilies Stockholder's Equity: Common Stock Dividends 1-Dec Common Stock Issued Net Gain Dividends 350,000 350,000 350,000 Total Stockholders Equitu 350,000 31-Dec 350,000 350,000 Total Stockholders' Equity and Liabilities 350,000 Propaid Insu Common Stock Delivery Trucks Notes Payable Revenue Unearned Revenue 1 350,000 350,000 1 350,000 350,000 Dividends Accounts payable Wage expense Accounts receivable Fuel Expense Lodging Expense Date Description Ref# Debit Credit Dec. 1 Cash 1 350,000 Common stock 350,000 To record issuance of stock 3-Dec To record purchase of Delivery truck with cash and notes payabe 3-Dec To record purchase of annual insurance poli 4-Dec 4 To record purchase of packing supplies 8-Dec To record payment of wages 10-Dec 6 To record sales revenue 12-Dec To record payment of accounts payable balance 13-Dec To record payment received on Accounts receivable 13-Dec To record payment of wages 15-Dec 10 To record payment of fuel costs 18-Dec 12 To record lodging costs 19-Dec 13 To record payment on Notes payable 19-Dec 14 To record services rendered 20-Dec 15 To record cash received from Accounts receivable 20-Dec 16 To record purchase of supplies on account 31-Dec 17 To record payment of dividend to shareholders Adjusting Journal Entries 31-Dec To recod one month of depreciation expense on delivery trucks 31-Dec To recod one month of depreciation expense on delivery trucks 31-Dec To record accrual of wages owed in Jan 31-Dec To record one month insurance exnense 31 -Dec To record accrual of wages owed in Jan. 31-Decl To record one month insurance expense 31-Dec To record revenue on services rendered