Comprehensive Problem Journalizing, Posting, Adjusting, Preparing, and Closing Financial Statements Brava Landscaping, Inc., completed the following transactions during its first month of operations for January 2018: a. Gabrielle Brava invested $8,500 cash and a truck valued at $16,000 to start Brava Landscaping, Inc.; the business issued common stock in exchange for these assets. b. Purchased $450 of supplies on account. c. Paid $1,800 for a six-month insurance policy. d. Performed landscape services for a customer and received $925 cash. e. Completed a $5,300 landscaping job on account. 1. Paid employee salary, $820. g. Received $1,560 cash for performing landscaping services. h. Collected $1,350 in advance for landscaping service to be performed later. i. Collected $2,800 cash from a customer on account. j. Purchased fuel for the truck, paying $110 with a company credit card; credit Accounts Payable. k. Performed landscaping services on account, $2,130. 1. Paid the current month's office rent, $1,150. m. Paid $400 on account. n. Paid cash dividends of $1,000. 158 Requirements 1. Record each transaction in the general journal, Use the letter corresponding to each transaction as the transaction date. Explanations are not required. 2. Post the transactions you recorded in Requirement 1 in the following T-accounts. Cash Accounts Receivable Supplies Prepaid Insurance Truck Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Insurance Expense Depreciation Expense, Truck Fuel Expense Accumulated Depreciation, Truck Accounts Payable Rent Expense Supplies Expense 3. Prepare an unadjusted trial balance as of January 31, 2018. 4. Journalize and post the adjusting journal entries on January 31, 2018, based on the following information: a. Accrued salaries expense, $470. b. Depreciation expense, $330. c. Record the expiration of one month's insurance. d. Supplies on hand, $85. e. Earned two-thirds of the Unearned Service Revenue during January. 5. Prepare an adjusted trial balance as of January 31, 2018. Use the adjusted trial balance to prepare Brava Landscaping's income statement and statement of retained earnings for the month ending January 31, 2018, and a balance sheet at January 31, 2018. On the income statement, list expenses in decreasing order by amount-that is, the largest expense first and the smallest expense last. 6. Journalize and post the closing entries. 7. Prepare a post-closing trial balance at January 31, 2018. Industry Analysis Purpose: To help you understand and compare the performance of two companies in the same industry. Go to the Columbia Sportswear Company Annual Report located in Appendix A. Now access the 2016 Annual Report for Under Armour, Inc. For instructions on how to access the report online, see the Industry Analysis in Chapter 1 Requirement 1. By reviewing the financial statements of both companies, can you determine which basis of accounting, cash or accrual, each of the companies used? How did you determine this? If one of the companies used the cash basis and the other used the accrual basis, would it affect your ability to compare the two companies? Explain your