Completly forgot about this project and would love some help please and thanks
Requirements
1. Prepare the jornal entries, and post to the General Ledger-accounts.
2. Prepare an unadjusted trial balance
3. Prepare the adjusting entries, and post to the General Ledger- Accounts.
4. Prepare an adusted trial balance
5. Prepare the income statment, the statement of retained earnings, and the classified balance sheet in report form.
6. Prepare the closing entries, and post to the General Ledger- accounts.
7. Prepare a post-closing trial balance.
ACG 2021 - DUE DATE Completing the Accounting Cycle - Comprehensive Practice Set transactions occurred during December: Dec. 1 Waldo contributed 570,000 cash to the business in exchange for shares of common stock Purchased $12,000 of equipment paying cash. Paid $1,750 for a five-month insurance policy starting on December 1 V. Paid S20,000 cash to purchase and to be used in operations. Purchased office supplies on account, $2,800. Rorrowed $15.000 from the bank for business use. Waldo signed a note payable to the bank in the name of the corporation. The note is due in five years. Paid $1,300 for advertising expenses. Paid $900 on account The business received a bill for utilities to be paid in January, 5280. Revenues carned during the month included S16,000 cash and $3.600 on account. Paid employees' salaries $3,800 and building rent $1,200. Record as a compound entry. The business received $1,440 for auto screening services to be performed next month. Paid cash dividends of $5,500 to stockholders. The business uses the following accounts: Cash: Accounts Receivable: Office Supplies: Prepaid Insurance, Land; Equipment: Accumulated Depreciation Equipment: Accounts Payable; Utilities Payable; Interest Payable; Uneared Revenue: Notes Payable: Common Stock: Retained Earnings: Dividends: Income Summary: Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Office Supplies Expense; Insurance Expense: Interest Expense; and Depreciation Expense Equipment. Adjustment data: a. Office Supplies used during the month, $1,800. b. Depreciation for the month, $200. c. One month insurance has expired. d. Accrued Interest Expense, $75. Requirements 1. Prepare the journal entries, and post to the General Ledger-accounts, 2. Prepare an unadjusted trial balance. 3. Prepare the adjusting entries, and post to the General Ledger-accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. 6. Prepare the closing entries, and post to the General Ledger-accounts. 7. Prepare a post-closing trial balance. Credit Debit 8 70.000 $ 70.000 Requirement #1 Accounts and Explanation Date Cash Dec 1st Waldo invested cash in a bus. 655_issued Comoshx $12.000 B12,000 1st Equitment I Dec Cash Purchased couitment with cash B1,750 $1,750 Dec 1st Pre Paid Insurance Cash Insurance Policy paid for 5 month 1820,000 $20.000 Dec 9th Land Cash I Purchased Land with Cash 527800 1 Dec 10th los 182,800 Office Supplies Account fatable Purchased Supplies on Account $15.000 Dec 19th cash Date Accounts and Explanation Debit Dec 19th Notes I Borrowed | Potable of Payable from book $15.000 Credit $15.000 and in owes a note 5 Yous. Dec 22 181,300 Advertising Expense Cash Paid for Advertising extree. 51-300 Decab 18900 9900 | Accounts Payable Cash paid $900 on account utilites Expense utilities Patable Service Revenue 180 Dec 28 gaso 5:19. boo Dec 31st 85.000 Dec 3151 Revenue Charlained I Accounts Panule I cash To record lots 185.000 on no $1,440 Dec 315 $1,440 LAGOS chiable Servat paid for Services next $5.500 Dec 31st I Dividends Cash To record form 35.500 of Sinds Balance Credit Credit Debit CASH Post Ref. Debit Item Date 370.000 Dec 1st Dec 1st Dec 1st Dec 9th Dec 19th Dec 22nd $70,000 $12,000 $56000 $ 1750 856,250 820-000 $36250 851,250 $1,300 49,950 315.000 Dec 26 9900 $5,000 $49,060 $45,060 50.050 Dec 31st Dec 3/ $5,000 55,990 280 1440 ACCOUNTS RECEIVABLE Post. Date Item Ref. Balance Debit Credit Debit Credit OFFICE SUPPLIES Balance Post. Ref. Date Item Debit Credit Debit Credit PREPAID INSURANCE Balance Post. Ref. Item Debit Date Credit Debit Credit Balance Credit Credit Debit EQUIPMENT Post. Ref. Debit Item Date Balance ACCUMULATED DEPRECIATION Post. Credit Credit Debit Debit Ref. Date Item LAND Balance Post. Ref. Date Item Debit Credit Debit Credit ACCOUNTS PAYABLE Balance Date Item Post. Ref. Debit Credit Debit Credit UTILITIES PAYABLE Balance Post. Ref. Date Item Debit Credit Debit Credit INTEREST PAYABLE Balance Post. Ref. Debit Credit Date Item Debit Credit Balance RETAINE Credit Debit Credit Date VABLETpost Debit pebil NOTES PAYABLE Ref: Item Date Balance UNEARNED REVENUE Credit Post. Credit Ref: Debit Debit Item Date COMMON STOCK Balance Post. Ref. Date Item Debit Credit Debit Credit RETAINED EARNINGS Post. Date Item Ref. Balance Debit Credit Debit Credit DIVIDENDS Balance Date Item Ref. Debit Credit Debit Credit INCOME SUMMARY Balance Post. Ref. Date Item Debit Credit Debit Credit Balance UTILITIES Credit Credit Debit Date SERVICE REVENUE Post Ref. Debit Trem Date Balance SALARIES EXPENSE Post. Credit Credit Debit Debit Ref. Date Item RENT EXPENSE Balance Date Post Ref. Item Debit Credit Debit Credit UTILITIES EXPENSE Date Post Ref. Balance Item Debit Credit Debit Credit ADVERTISING EXPENSE Balance Date Item Post. Ref. Debit Credit Debit Credit OFFICE SUPPLIES EXPENSE Post. Balance Date Item Ref. Debit Credit Debit Credit Balance quirement Credit Credit Debit Tpost. Ref. Debit INSURANCE EXPENSE frem Date Balance INTEREST EXPENSE Credit Post Credit Debit Debit Ref. Date Item DEPRECIATION EXPENSE Balance Post. Ref. Date Item Debit Credit Debit Credit quirement #2 WALDO'S QUALITY AUTOMOTIVE Unadjusted Trial Balance December 31, 2018 Debit Account Name Credit Total $_108.220 S. 108.220 {equirer Debit Credit Requirement 3 Accounts and Explanation oment #4 WALDO'S QUALITY AUTOMOTIVE Adjusted Trial Balance December 31, 2018 Debit Account Name Credit $ 108,495 $ 108,495 Total Requirements WALDO'S QUALITY AUTOMOTIVE Income Statement Month Ended December 31, 2018 WALDO'S QUALITY AUTOMOTIVE Statement of Retained Earnings Month Ended December 31, 2018 WALDO'S QUALITY AUTOMOTIVE Balance Sheet December 31, 2018 Assets Current Assets: Total Current Assets Property, Plant, and Equipment: Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: Total Current Liabilities Long-term Liabilities: Total Liabilities Stockh Stockholders' Equity Total Stockholders' Equity otal Liabilities and Stockholders' Equity Require Credit Debit Accounts and Explanation Requirement #6 Date ement #7 WALDO'S QUALITY AUTOMOTIVE Post-Closing Trial Balance December 31, 2018 Debit Account Name Credit Total $93,990 $ 93,990
