December 31st Adjusting Entries: 1 Supplies on hand at the end of December were $19,551 2 Purchased $10,540 worth of inventory with a $2,540 cash down payment 3 Total cash payments for December salaries were $16,210 4 At the end of the month, $779 in salaries were earned but not yet paid 5 Account for one more month of depreciation expense for both fixed assets note: assume no assets were purchased or disposed of during the year 6 The note payable is at 6.0% and matures in three years, account for one additional month's expense to be paid at maturity 7 Account for one more month of rent paid in cash 8 Account for one more month of insurance expense 9 Utilities for December were $2,242 paid in cash 10 Sales for December were $45,630 for merchandise that had cost $18,718; 40.0% of those sales were paid in cash and the balance were credit sales note: no recurring expenses changed during the year Requirements: 1 Prepare the adjusting entries and post only to affected ledgers 2 Apply adjustments and complete the worksheet 3 Prepare the financial statements (not including Cash Flow) 4 Prepare the closing entries 5 Prepare the post-closing trial balance