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. a. Office Supplies used during the month, $1,400. b. Depreciation for the month, $180. c. One month insurance has expired. d. Accrued Interest Expense, $100. Requirement 5. Complete the worksheet for the month ended December 31, 2016. Wendson's Quality Automotive Worksheet (Partial) December 31, 2016 Adjusted Income Trial Balance Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depr.Equip. Land Accounts Payable Utilities Payable Interest Payable Unearned Revenue Notes Payable Wendson, Capital Wendson, Withdrawals Service Revenue Salaries Expense Rent Expense Utilities Expense Advertising Expense Supplies Expense Insurance Expense Interest Expense Depr. Expense-Equip. Net income or loss