Could really use some help on this

Comprehensive Accounting Problem Dan's Tire Store Instructions This assignment should be completed alone. This means you should not let other students copy your work nor should you copy the work of another student. If I believe that a student copied any part of the submitted material from another student, both students will receive no credit. Part One: General Instructions for completion of the accounting cycle through an adjusted trial balance. Skip a line between journal entries Each T-account needs to have a title Postings to T-accounts need a date next to the dollar amount Accounts listed in Trial Balance and T-accounts should be arranged in the following order: assets, liabilities, owner's equity, revenues, cost of goods sold and expenses. There is only one General Journal and one General Ledger (T-accounts), so don't worry about Subsidiary Ledgers or Special Journals for this assignment. T-accounts should have totals Part I Prepare journal entries to record each of the transactions on the next page. You do not need to write explanations below the journal entries. Create T-accounts for each account in the chart of accounts and post each of the journal entries to an existing T-account. Total the T-accounts Prepare an unadjusted trial balance 1. 2. 3. 4. Part II 1. Prepare adjusting journal entries. Besides the information provided for adjusting journal entries, review the transactions and review your unadjusted trial balance for any other adjusting journal entries you may need to prepare. Post the adjusting journal entries to the T-accounts you previously created. Total the T-accounts Prepare an adjusted trial balance Prepare the following financial statements, in good form 2. 3. 4. 5. o Multistep Income Statement (you do not need to distinguish between selling expense and general & administrative expenses) Statement of Owner's Equity Classified Balance Sheet o o 6. 7. Prepare closing entries Prepare a post closing trial balance Transactions Dan invested cash of $800,000 in the business. Purchased tire balancing equipment for $96,000. Purchased a wheel alignment rack for $450,000. Paid $7,500 to purchase 100 Firestone tires for passenger cars. Paid S15,000 to purchase 100 Goodyear truck tires. Paid $24,000 for 6 months rent paid in advance. Sold 40 truck tires for $200 each on account to SC County Sold 36 truck tires for $200 each and 20 car tires for $100 each to Leak Tire Store. Sold 68 car tires for $100 each to Joe Customer 7/2 7/2 7/3 7/3 7/3 7/4 7/5 7/6 7/15 Paid our employees wages. Employees worked 400 hours at $12.50 per hour. 7/16 SC County paid $8,000 on their account. 7/17 Joe Customer paid S6,800 on his account. 7/18 Leak Tire Store paid S9,200 on their account. 7/18 7/18 Purchased 76 Goodyear truck tires for $11,400 on account. 7/28 7/28 Paid $11400 on our account with Goodvear Purchased 88 Firestone tires for passenger cars for S6,600, on account. Paid S6,600, on our account with Firestone. Adjusting Entries 7/31 7/31 Accrue depreciation expense on the balancing equipment (S3,000). 7/31 Accrue depreciation expense on the alignment equipment (S10,000). 7/31 Accrue wage expenses for the second half of the month. Employees again worked Accrue rent expense for the month 400 hours at $12.50 per hour Chart of accounts Cash Accounts Receivable SC County Accounts Receivable Joe Customer Accounts Receivable Leak Tire Store Inventory car tires Inventory truck tires Prepaid Rent Equipment Tire Balancer Accumulated depreciation balancer Equipment - Alignment Rack Accumulated depreciation - alignment rack Accounts Payable Firestone Accounts Payable Goodyear Wages Payable Dan, Capital Sales Cost of Goods Sold Wage expense Rent expense Depreciation expense