i need help with ques 4-9
On December 1, Year 1, Tom and Mary formed a corporation name One-stop bicycle rental and repair shop. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Fix-it-right, another bicycle repair shop that was going out of business. The newly formed company One-stop performs adjusting entries monthly. Closing entries are performed annually on December 31. During December of the first year of the operations, the corporation entered into the following transactions. Dec. 1: Tom and Mary invested $300,000 cash in exchange for 30,000 shares of One-stop's capital stock. Dec. 1: Purchased for $180,000 all of the equipment formerly owner by Fix-it-right. Paid $50,000 cash and issued a 1-year note payable for the remaining $130,000. The note, plus all 12 months of accrued interest are due November 30, Year 2. Dec. 1: Paid $9000 to Roseland Management as three months' advance rent on the building formerly occupied by Fix-it-right. Dec 4: Purchased office supplies on account from Work Depot for $1500. Payment is due in 30 days. (These supplies are expected to last for several months, thus use an asset account). Dec 8: Received $5000 cash advance payment on bicycle rental from Westside Park (as unearned revenue). Dec. 12: Paid salaries of $6200 for the first two weeks in December. Dec. 15: Excluding Westside Park's transaction, bicycle rental and repair revenue eared during the first day of December amounts to $25,000, of which $15,000 was received in cash. Dec. 23: Collected $6000 of the accounts receivable recorded on December 15. Dec. 26: Rented 20 bicycles to Eastside Park at a price of $400 per day to be paid when the bicycles are returned. Eastside park expects to keep the bicycles for about two to three weeks. Dec. 26: Paid biweekly salaries of $6200. Dec. 28: Declared a dividend of 10 cents per share, payable on January 15, Year 2. Dec. 29: Purchased a 12-month public liability insurance policy for $12,000. The policy goes into effect on January 1, Year 2. Dec. 31: Received a bill from Universal Utilities for the month of Dec, $800. Payment is due in 30 days. Dec. 31: Bicycle rental and repair revenue earned during the second half of December amounts to Dec. 31: Bicycle rental and repair revenue earned during the second half of December amounts to $30,000, of which $20,000 was received in cash. Data for Adjusting Entries in Year 1: a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest on the notes payable to Fit- it-right is 5%. c. The rental equipment is being depreciated by the straight-line method over a period of five years. No salvage value at the end of equipment's useful life. d. Office supplies on hand at December 31 are estimated at $700. e. During December, the company earned $3000 of the rental fees paid in advance by Westside Park on December 8. f. As of December 31, six days' rent on the bicycles rented to Eastside park on December 26 has been earned. g. Salaries earned by employees since the last payroll date (December 26) amounted to $2600 at month-end. Instruction: 1. Journalize the December transactions. Do not record adjusting entries at this point. 2. Post the December transactions to the appropriate ledge accounts. 3. Prepare an unadjusted trial balance. 4. Prepare the necessary adjusting entries on x ACCT101 Project.docx f. As of December 31, six days' rent on the bicycles rented to Eastside park on December 26 has been earned. g. Salaries earned by employees since the last payroll date (December 26) amounted to $2600 at month-end. Instruction: 1. Journalize the December transactions. Do not record adjusting entries at this point. 2. Post the December transactions to the appropriate ledge accounts. 3. Prepare an unadjusted trial balance. 4. Prepare the necessary adjusting entries on December 31. 5. Post the December adjusting entries to the appropriate ledge accounts. 6. Prepare an adjusted trial balance. 7. Prepare an income statement and statement of retained earnings for the year ended December 31, and a balance sheet as of December 31, Year 1. 8. Prepare closing entries and post them to ledger accounts. 9. Prepare an after-closing trial balance as of December 31, Year 1. x ACCT101 Project.docx f. As of December 31, six days' rent on the bicycles rented to Eastside park on December 26 has been earned. g. Salaries earned by employees since the last payroll date (December 26) amounted to $2600 at month-end. Instruction: 1. Journalize the December transactions. Do not record adjusting entries at this point. 2. Post the December transactions to the appropriate ledge accounts. 3. Prepare an unadjusted trial balance. 4. Prepare the necessary adjusting entries on December 31. 5. Post the December adjusting entries to the appropriate ledge accounts. 6. 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