December business transactions

Dec. 1^st Collected $555 from Franklin from a previous engagement in Oct.

Dec. 2^nd Paid $1,432 on Gustos Inc. invoice from a previously recorded transaction with check #1301.

Dec 3^rd Paid December rent of $2,100 with check #1302.

Dec 4^th Completed additional work for Washington, sent invoice #Y77P for $1,310 due in 1 month.

Dec. 5^th Paid employee from work previously expensed in Nov. with payment due Dec. 5^th using check #1303.

Dec. 8^th - Purchased land on a note for $27,342 to be used for future construction of a new office building. Land and Notes payable will have account numbers of 150 and 240, respectively.

Dec. 9^th - Paid $1,475 to cover all utilities for the month of Dec using check #1304.

Dec. 10^th - Completed $444 worth of work for a repeat customer who pays cash immediately upon completion.

Dec. 11^th - Collected $777 from Washington from a previous engagement in Nov.

Dec. 12^th - Our employee earned two weeks of pay amounting to $1,532 , to be paid Dec. 23^rd. *employee took vacation from Dec. 15^th-Dec. 31^st. No pay will accrue*

Dec. 15^th - Leah Tyler, the owner, withdrew $3,088 for personal use using check #1305.

Dec. 16^th Completed a large job for Franklin for $11,111. Sent invoice #Y78P due Jan. 31^st.

Dec. 22^nd Franklin paid $2,227 to pay off some of his balance due.

Dec. 23^rd Paid our employee for the work expensed Dec. 12^th.

Dec 24^th-Dec. 31^st Owner took off the rest of the year.

Adjustments (due with Part 1)

1. The equipment was used for the third year.

2. Prepaid insurance was adjusted for Oct-Dec usage.

3. Unearned revenue was updated to show 3 months of work completed.

4. A final count of supplies showed $321 remaining.

Part 1 instructions

1. Open the Excel attachment named Student fill-in template.

2. Transfer the opening trial balance amounts to the T-Accts.

3. Journal and post to the T-Accts the December and adjusting transactions.

4. Total each T-Acct and provide the equation total at the top in the highlighted cells.

Check Figure The cash T-Acct final balance should be $28,876