COMPREHENSIVE PROBLEM1 MAMA AND PAPA's GARDENDING CENTER, INC. General Journal ecember Daily Transactions Dec 1 Cash 400,000 400,000 Capital Stock Owner invested cash in the business Dec1 Rental equipment 300,000 Cash Notes payable 100,000 purchased rental equipment Dec1 Prepaid rent Cash 15,000 advance rent paid for three months Dec 5 Office supplies 1,000 Accounts payable 1,000 office supplies purchased on account Dec 8 Cash 10,000 Unearned rental fees advance equipment rental received 10,000 Dec 13 Salaries expense 8,500 Cash salaries paid 8,500 15,000 4,000 Dec 15 Cash Account receivables Rental fee earned Dec 17 Maintenance expense 800 Accounts payable 800 tractor repair parts purchased on account Dec 22 Cash 2,000 Accounts receivable 2,000 cash collected on account Dec 26 No journal ent Dec 26 Salaries expense 8,500 Cash 8,500 alaries paid counts payable Cash cash paid on account Dec 27 800 800 Dec 28 Dividends (30000 x S0.20 6,000 Dividends payable declared cash dividends on shares 6,000 Dec 29 No journal ent 12,000 Dec 29 llUnexpired insuarnce 12,000 Cash urchased 12 months insurance polic Dec 31 Utilities expense Accounts 750 750 Utilities bill received Dec 31 Cash 18,500 5,500 Accounts receivable Rental fees earned 24,000 equipment renatl fees earned COMPREHENSIVE PROBLEM1 MAMA AND PAPA's GARDENDING CENTER, INC. General Journal usting Entries 012 Dec 31 Rent Expense 5,000 Prepaid Rent 5,000 31 Intrest Expense 1,500 Intrest Payable 1,500 ava 31 Depreciation Expense 2,500 Accumulated Depreciation- Rental Equipment 2,500 31 llOffice Supplies Expense 600 Office Supplies 600 31 Unearned Renatl Fees 2,650 Rental Fees Earned 2,650 31 IAccount Receivable 1,800 Backhoe Rental Revenue 1,800 31 Salaries and Wage Expense 3,250 Salaries and Wage Payable 3,250 6,420 31 lIncome Tax Expense 6,420 Income Tax Pavable a. Perform the following steps of the accounting cycle for the month of December Journalize the December transactions. Do not record adjusting entries 1.|at this point. 2.Post the December transactions to the appropriate ledger accounts. Prepare the unadjusted trial balances columns of a 10-column 3.worksheet for the year ended December 31. 4. Prepare the necessary adjusting entries for December. Post the December adjusting entries to the appropriate ledger 5. accounts. 6.Complete the 10-column worksheet for the year ended December 31st. d. Prepare closing entries and post to ledger accounts COMPREHENSIVE PROBLEM 1 MAMA AND PAPA's GARDENDING CENTER, INC. ation re ce 400,000 400,000 Dec counts Receiva xp ion re ce rep ent ce ate nexpired Insurance ate xplanation ce ce Supplies xp ion ce COMPREHENSIVE PROBLEM 1 MAMA AND PAPA's GARDENDING CENTER, INC. en a. quipmen Balance ate xplanation cumulated Depreciation: Ren quipmen ate Balance xplanation otes Paya Balance xplanation re counts Payab ate xplanation re ance nterest Paya ate Balance xplanation COMPREHENSIVE PROBLEM1 MAMA AND PAPA's GARDENDING CENTER, INC. es Paya xp re ce vidends Pay xplanation ate ce nearned Rent ees ce xp re ncome Taxes Pay xp re ce ap Oc ce xp re Dec1 400,000 400,000 COMPREHENSIVE PROBLEM 1 MAMA AND PAPA's GARDENDING CENTER, INC. a. &d Retained Earnings Date Explanation Balance Dividends Date Explanation Balance Income Summary Date xplanation Balance Rental Fees Earned Date Explanation Balance Debit Salaies Expense Explanation Debit Credit Balance Date COMPREHENSIVE PROBLEM 1 MAMA AND PAPA's GARDENDING CENTER, INC. a. aintenance Expense ate xplanation redit alance tilities Expense ate xplanation redit alance ent Expense ate xplanation redit alance ice Supplies Expense ate xplanation redit alance COMPREHENSIVE PROBLEM 1 MAMA AND PAPA's GARDENDING CENTER, INC. Depreciation Expense Balance Debit 1 Credit Date Explanation Interest Expense Credit Date Explanation Balance Debit Income Taxes Expense Explanatiorn Debi JL Credit Balance Date