For questions 1-20, am i correct? Before i fill out the income statement i want to make sure that my T-accounts are correct. Thank you so much.

- o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U CA A A E Egle 23 Ad 47 0 B Sensitiv 2 Green Thumb Corporation General Journal (Control totals) 340,650 340,650 # Credit Debit 100,000 Date Transaction 1 12/2/2019 Cash Common Stock To record issuance of common stock. 100,000 2 14,000 12/3/2019 Cash Accounts Receivable Cash collected from outstanding accounts receivable. 14,000 3 26,000 12/3/2019 Equipment Cash To record purchase of truck. 26,000 4 12/3/2019 Cash 12,000 Service Revenue To record cash earned in exchange for services provided. 12,000 16,000 5 12/10/2019 Accounts Receivable Service Revenue To record service revenue 16,000 Instructions Trial Balance 11-30-19 General Journal T-Accounts Income Stmt Balance Sheet Stmt Retained Earnings 9 M 11:02 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U D A A 3 3 ali 123 ER [ 47 B Sensitivity a E F G H I J K L M N O P A B C D D 6 12/11/2019 Utilities Expense Cash To record utilities bill paid on December 11, 2019. 900 900 28 8,700 7 12/11/2019 Salaries Expense Cash To record employee wages expense. 8,700 8 12/11/2019 Dividends 500 Cash To record declared and payment of dividends to stockholders. 500 2,000 9 12/13/2019 Legal Expense Accounts Payable To record legal fees charges. 2,000 14,000 10 12/15/2019 Cash Accounts Receivable To record cash collected from customers. 14,000 3,000 11 12/15/2019 Cash Uneamed Service Revenue To record unearned service revenue. 3,000 12 12/15/2019 Cash Instructions 106,000 General Journal Trial Balance 11-30-19 T-Accounts Income Stmt Balance Sheet Stmt Retained Earnings 9 M 0 11:02 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U D A A 3 3 akp q 12: Et l 47 Sensitivity a A B 12 12/15/2019 Cash C D 106,000 Land Gain of sale on land 100,000 6,000 To record sale on land. 18,000 13 12/15/2019 Prepaid Insurance Cash To record a three year insurance policy. 18,000 58 1,000 60 61 14 12/20/2019 Legal Fees expense Cash To record cash payment towards legal fee expense. 1,000 Screenshot now Screenshot taken Show in folder 62 63 15 900 64 12/20/2019 Supplies Expense Cash To record supplies expense. 900 65 66 250 16 12/31/2019 Insurance Expense Prepaid Insurance To record insurance expense recorded. 250 69 17 12/31/2019 Depreciation Expense 7,000 Accum Depreciation Equipment To record depreciation expense. 7,000 M COPY TO CLIPBOARD Trial Balance 11-30-19 General Journal T-Accounts Income Stmt Balance Sheet 0 11:02 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U D A A 3 3 aa q 123 ER Al Al 47 B Sensitivity E F G H I J K L M N O 71 17 12/31/2019 Depreciation Expense 7,000 Accum Depreciation-Equipment To record depreciation expense. 7,000 75 1,500 76 18 12/31/2019 Unearned Service Revenue Service Revenue To record service revenue. 1,500 77 78 2,900 80 19 12/31/2019 Accounts Receivable Service Revenue To record service revenue. 2,900 Screenshot now Screenshot taken Show in folder 82 3,000 20 12/31/2019 Salaries Expense Salaries Payable To record accrues salaries. 3,000 85 86 87 3,000 1 1/2/2020 Salaries Payable Cash To record payment of salaries. 3,000 1 1 COPY TO CLIPBOARD Instructions Trial Balance 11-30-19 General Journal T-Accounts Income Stmt Balance Sheet 0 11:02 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B fx I U D A A 3 3 aa q 123 ER Al Al 47 B Sensitivity (B) "Post" journal entries 1-20 from the General Journal to the Excel spreadsheet of T-accounts in this file. All necessary T-accounts have B C D E F G H control total at the top of the general journal so that you can check after each entry to see if you are in balance. v 17 18 19 23 24 25 26 1. Issued an additional 50,000 shares of common stock on December 2. The stock was sold to Erica's parents for $100,000, which equals the par value of the stock. 2. Received cash payment of $14,000 for outstanding accounts receivable on December 3. 3. Purchased a new truck for $26,000 cash on December 3. 4. Provided services for cash of $12,000 on December 3. 5. Provided services on credit for $16,000 on December 10. 6. Received bill and paid utilities of $900 on December 11. 7. Paid employee salaries of $8,700 on December 11. 8. Declared and paid dividends to stockholders of $500 on December 11. 9. Incurred legal fees of $2,000 on December 13, but did not pay for these services. 10. Collected $14,000 from customers on December 15. 11. Collected $3000 on December 15th for plant maintenance services to be provided 12/15/19 to 1/15/20. 12. Sold land with cost of $100,000 for $106,000 cash on December 15. 13. Paid $18,000 for a three-year insurance policy on December 15 with coverage beginning on 12/15/19 14. Paid $1,000 on December 20 related to legal legal fees incurred on December 13. 15. Paid $900 for miscelaneous supplies on December 20. Supplies are expensed upon purchase. 27 30 31 32 33 34 35 36 Erica also provided you the following information that she thought may be helpful in preparing the year-end financial statements. 16. As of December 31, Green Thumb has not recorded any insurance expense for the new policy purchased in #13 above. 17. Green Thumb depreciates its equipment at a rate of $7.000 per year. No depreciation expense has been Instructions Trial Balance 11-30-19 General Journal T-Accounts Income Stmt + Balance Sheet Stmt Retained Earnings 0 11:03 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U D A A = 3 ale sq 223ER 21 AL 48 B Sensit (B) "Post" journal entries 1-20 from the General Journal to the Excel spreadsheet of T-accounts in this file. All necessary T-accounts have A B C D E F G H v. . 35 36 Erica also provided you the following information that she thought may be helpful in preparing the year-end financial statements. 16. As of December 31, Green Thumb has not recorded any insurance expense for the new policy purchased in #13 above. 17. Green Thumb depreciates its equipment at a rate of $7,000 per year. No depreciation expense has been recorded yet for 2019 18. For the service revenue collected on December 15th (#11 above), record the appropriate amount of revenue for 2019 19. Erica let you know that she provided $2,900 of services to a customer in December that had not yet been billed. 20. Green Thumb has incurred salaries of $3,000 at the end of the year. The next payroll date is 1/2/20. (Ignore payroll taxes and withholdings) Screenshot now Screenshot taken Show in folder 42 43 Note: Do not prepare the closing journal entries at this point! Closing journal entries should be prepared as part of step C below. (B) "Post" journal entries 1-20 from the General Journal to the Excel spreadsheet of T-accounts in this file. All necessary T-accounts have been provided. This should be completed through the use of Excel formulas rather than retyping the numbers in your T-accounts. Please also place the number of each transaction next to each journal entry (see transaction l' in the Excel T-Account sheet for an example) and be sure to create formulas so that each T accounts automatically calculates its ending balance see the Cash t-account for an example). TIP: Set up your spreadsheet to have debit and credit control totals so that you can check after each entry to see if you are in balance. PO 44 COPY TO CLIPBOARD Instructions Trial Balance 11-30-19 General Journal T-Accounts Income Stmt Balance Sheet OM 0 11:03