Dec. 1 1 Wendson contributed $56,000 cash to the business in exchange for capital. 1 Purchased $10,800 of equipment paying cash. Paid $3,600 for a six-month insurance policy starting on December 1. 9 Paid $15,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $3,000. 19 Borrowed $25,000 from the bank for business use. Wendson signed a note payable to the bank in the name of the business. The note is due in five years. 22 Paid $2,100 for advertising expenses. 26 Paid $1,400 on account. 28 The business received a bill for utilities to be paid in January, $350. 31 Revenues earned during the month included $14,000 cash and $2,500 on account 31 Paid employees' salaries $4,000 and building rent $1,900. Record as a compound entry 31 The business received $1,160 for auto screening services to be performed next month. 31 Wendson withdrew cash of $5,000. Requirement 1. Prepare the journal entries, and post to the T-accounts. Begin by preparing the journal entries for the December transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec. 1: Wendson contributed $56,000 cash to the business in exchange for capital. Date Accounts and Explanation Debit Credit Dec. 1 Dec. 1: Purchased $10,800 of equipment paying cash. Date Accounts and Explanation Debit Credit Dec. 1 Dec. 1: Paid $3,600 for a six-month insurance policy starting on December 1. Date Accounts and Explanation Debit Credit Dec. 1 Dec. 9: Paid $15,000 cash to purchase land to be used in operations. Date Accounts and Explanation Debit Credit Dec. 9 Dec. 10: Purchased office supplies on account, $3,000 Date Accounts and Explanation Debit Credit Dec. 10 Dec. 19: Borrowed $25,000 from the bank for business use. Wendson signed a note payable to the bank in the name of the business. The note is due in five years. Date Accounts and Explanation Credit Debit Dec. 19 Dec. 22: Paid $2,100 for advertising expenses. Date Accounts and Explanation Debit Credit Dec. 22 Dec. 26: Paid $1,400 on account. Date Accounts and Explanation Debit Credit Dec. 26 Dec. 28: The business received a bill for utilities to be paid in January, $350. Date Accounts and Explanation Debit Credit Dec. 28 Dec. 31: Revenues earned during the month included $14,000 cash and $2,500 on account. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Dec. 31 Dec. 31: Paid employees' salaries $4,000 and building rent $1,900. Record as a compound entry. Date Accounts and Explanation Debit Credit Dec. 31 Dec. 31: The business received $1,160 for auto screening services to be performed next month. Date Accounts and Explanation Debit Credit Dec. 31 Dec. 31: Wendson withdrew cash of $5,000. Date Accounts and Explanation Debit Credit Dec. 31