I need some help with this please,Thanks
DSWilson Company, which provides consulting services to major utilitycompanies, was formed on January 2nd of the current year. Transactions completed during the first year of operation are presented below.
January 2: Issued 600 comma 000600,000 shares of common stock for $ 10 comma 000 comma 000$10,000,000, which is the par value of the stock.
January 10 :Acquired equipment in exchange for $ 2 comma 000 comma 000$2,000,000 cash and a $ 6 comma 000 comma 000$6,000,000 note payable. The note is due in 10 years.
February 10: Paid $ 24 comma 000$24,000 for a business insurance policy covering the two-year period beginning on February 1.
February 22: Purchased $ 900 comma 000$900,000 of supplies on account.
March 1:Paid wages of $ 185 comma 600$185,600.
March 23: Billed $ 2 comma 730 comma 000$2,730,000 for services rendered on account.
April 1 :Paid $ 100 comma 000$100,000 of the amount due on the supplies purchased on February 22.
April 17: Collected $ 210 comma 000$210,000 of the outstanding accounts receivable.
May 1: Paid wages of $ 200 comma 400$200,400.
May 8: Received bill and paid $ 98 comma 200$98,200 for utilities.
May 24: Paid $ 42 comma 500$42,500 for sales commissions.
June 1: Made the first payment on the note issued on January 10. The payment consisted of $ 60 comma 000$60,000 of interest and $ 200 comma 000$200,000 to be applied against the principal of the note.
June 16: Billed customers for $ 560 comma 000$560,000 of services rendered.
June 30: Collected $ 300 comma 000$300,000 on accounts receivable.
July 10: Purchased $ 155 comma 000$155,000 of supplies on account.
Aug 25: Paid $ 160 comma 000$160,000 for administrative expenses.
Sept 23: Paid $ 30 comma 000$30,000 for warehouse repairs.
October 1: Paid wages of $ 90 comma 000$90,000.
Nov 20: Purchased supplies for $ 60 comma 000$60,000 with cash.
Dec 15 :Collected $ 125 comma 600$125,600 in advance for services to be provided in December and January of the following year.
Dec 30:Declared and paid a $ 50 comma 000$50,000 dividend to shareholders.
Requirement a. Journalize the transactions for the year. You should omit explanations. (Record debitsfirst, then credits. Exclude explanations from any journalentries.)
January2: Issued 600 comma 000
600,000 shares of common stock for $ 10 comma 000 comma 000
$10,000,000, which is the par value of the stock.
Requirement a. Journalize the transactions for the year. You should omit explanations (Record debits first, then credits Exclude explanations from any journal entries.) January 2: issued 600 comma 000600,000 shares of common stock for $ 10 comma 000 comma 000$10,000,000, which Is the par value of the stock Acccuc Rcf m l LLU January 10: Acquired equipment In exchange for $ 2 comma 000 comma 000$2, 000, 000 cash and a $ 6 comma 000 comma 000$6, 000 000 note payable. The note IS due In 10 years Account lRef _an uary 10 LLLLJ February 10: Paid $ 24 comma 0003524, 000 for a business insurance policy covering the two-year period l:beginning on F_ebruary 1. Account _ebruaty 10 LLLLJ February 22: Purchased $ 900 comma 000$900,000 of supplies on account. Account I Ref. _ebruary 22 LLLLL March 1: Paid wages of $ 185 comma 600$185, 600. \"Account [Keri gLLLl March 23. Billed $ 2 comma 730 comma 000$2,730,000 for services rendered on account. lAccount I Ref March 23 gLLLl April 1: Paid $ 100 comma 000$100, 000 of the amount due on the supplies purchased on February 22._J \"Account I Ref. April 1 LLLLU April 17: Collected $ 210 comma 000$210,0DO of the outstanding accounts receivable Account Ref An'l 1 7 ;_ LLJ May 1: Paid wages of $ 200 comma 400$200,400. \"Account lRef- ll LL\"; May 8: Received bill and paid $ 98 comma 200$98,200 for utilities Account lRef M_y 8 LLLLL May 24. Paid $ 42 comma 500$42,500 for sales commissions. Account [Ref May 24 LLLLJ June 1: Made the first payment on the note issued on January 10. The payment consisted of $ 60 comma 000$60, 000 of interest and $ 200 comma 000$200,000 to be applied against the principal of the note. ELLU June 16. Billed customers for $ 560 comma 000$560,000 of services rendered. LLLTJ June 30: Collected $ 300 comma 000$300,000 on accounts receivable. iAccount laELle July 10: Purchased $ 155 comma 000$155,000 of supplies on account. Account Ref August 25: Paid $ 160 comma 000$160, 000 for administrative expenses. Account fELLl September 23. Paid $ 30 comma 000$30 000 for warehouse repairs. Account _eptember 23 gELLl October 1. Paid wages of $ 90 comma 000$90, 000. Account ch November 20: Purchased supplies for $ 60 comma 0003560, 000 with cash. Account [:1 Ref N_vember 20 December 15: Collected $ 125 comma 600$125,600 in advance for services to be provided in December and January of the following year. Account I Ref D_cember 15 gLLJ December 30: Declared and paid a $ 50 comma 000$50 000 dividend to shareholders. Account I Ref _ecember 30 Requirement b. Post the transactions to t-accounts. Use the journal entry dates as posting references to post each entry to the relevant accounts then compute the ending balance of each account. Label the ending balances with Bal. (For accounts with a $0 baiance, select \"88! H and enter \"0\" on the normal balance side of the taccount.) Review the journal entries prepared in Requirement a. LOADING... Cash 101 ' Accounts Receivable 102 m mg Supplies 103 Prepaid Insurance 104 Accumulated DepreciationEquipment Equipment 110 112 (\\ [\\ Accounts Payable 201 Unearned Service Revenue 202 1\\ l l Wages Payable 203 Interest Payable 210 I ! Notes Payable 220 Common Stock 301 ; Retained Elimings 310 Dividenlds 320 M; ; Service Relvenue 401 Wage Exilense 501 L L Utilities Eipense 502 Selling Exiense 503 P P Administrative Expense 504 Repairs Expense 505 m a l 1 Insurance Expense 506 Supplies Expense 507 hTmhM l \fTotal Requirement d. Journalize and additional information LOADING... post adjusting entries to t-accounts based on the following l:irst, journalize the adjusting entries. (Record debits rst then credits. Excl journal entries ) i. Eleven months of the Insurance policy expired by the end of the year. Account _ecember 31 ads explanations from any \"E ii Depreciation for the equipment' 15 $ 400 comma 000$400, 000. Account \":lltef _ecember 31 iii. The company provided a portion of the services company recognized $ 70 comma 000$70 000 as service revenue earned. \"A ccount Ref December 31 related to the advance collection of December 15. The iv. There are - $ 500 comma 000$500,000 of supplies on hand at the end of the year. \"Account > I Ref December 31 v. An additional $ 170 comma 000$170,000 of interest has accrued on the note by the end of the year Account D_cember 31 VI. WilsonWilson accrued wages in the amount of $ 200 comma 000$200, 000. Account _ecember 31 gELJ Now post the adjusting entries to the taccounts. The unadjusted balances from the unadjusted trial balance prepared in Requirement 0 have been entered for you on the rst row of each taccount. Use the adjusting entry numerals (i. through vi. ) as posting references to post each adjusting journal entry (AJE) to the relevant accounts, then compute the adjusted ending balance of each account. Label the adjusted ending balances with Adj. Bal. (For accounts with a $0 adjusted balance select \"Adj. Ba/ " and enter "0" on the normal balance side of the taccount.) Review the unadjusted trial balance prepared in Requirement c. LOADlNG.. Review the adjusting journal entries. LOADING... Cash 101 Accounts Receivable 102 a Unadj. Unadj. Bal. 7,334,900 Bal. 2,780,000 Income Summary 601 M Requirement e. Prepare an adjusted trial balance as of December 31. (Exclude any accounts with a zero balance from the trial balance.) Review the taccounts you prepared in Requirement d. LOADING... DS Wilson Company Adjusted Trial Balance At December 31st Account Debit Credi M\" Total Requirement f. Prepare a singlestep income statement and statement of stockholders' equity for the current year and a classified balance sheet as of the end of the year. Begin by preparing DS WilsonDS Wilson Company's single-step income statement for the current year. (if a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Review the adjusted trial balance prepared in Requirement e. LOADiNG... DS Wilson Company Statement of Net Income For the Year Ended December 31 Revenues ' Net Income Complete DS WilsonDS Wilson Company's statement of stockholders' equity for the current year. (Enter a \" " for any beginning or ending balances in the statement. if a box is not used in thestatement, leave the box empty; do not enter a zero. Use a minus sign or parentheses to show a decrease in any of the accounts.) Review the adjusted trial balance prepared in Requirement e. LOADING... DS Wilson Company Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Equity Balance, January 1 Balance, December 31 Complete DS WilsonDS Wilson Company's classied balance sheet as of the end of the year. (Use a minus sign or parentheses to show a decrease in any of the accounts.) Review the adjusted trial balance prepared in Requirement e. LOADING... Review the statement of shareholders' equity prepared above. LOADING... DS Wilson Company Balance Sheet As of December 31 M Assets Current Assets: Total Current Assets Noncurrent Assets: Total Noncurrent Assets Liabilities and Stockholders' Equity Current Liabilities: Total Current Liabilities Noncurrent Liabilities: Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Requirement 9. Journalize and post closing entries. (Record debits first, then credits. Exclude explanations from any journal entries ) First, journalize the necessary closing journal entries (CJE). Review the statement of net Income prepared In Requirement f. CJE 1: Close revenues for the period. \"Account D_cember 31 CJE 2. Close expenses for the period. Account D_cember 31 :l "xggQ CJE 3: Close income summary. iAccount Re)? December 31 CJE 4: Close dividends. "Account Ref. December 31 Now, post the closing entries to the taccounts to obtain the post-closing balances. The adjusted balances from the adjusted trial balance prepared in Requirement e have been entered for you on the first row of ending balances with End. Bal. (For accounts with a $0 ending balance, select "End. Bal." and enter "0" on the normai balance side of inst-account.) Review the adjusted trial balance prepared in Requirement e. LOADlNG... Review the closing journal entries prepared above LOADING... Cash 101 Accounts Receivable 102 R Adj. Bal. 7,334,900 Adj. Bal. 2,780,000 Supplies 103 Prepaid Insurance 104 K Adj. Bal. 500,000 Adj. Bal. 13,000 Accumulated DepreciationEquipment Equipment 110 112 H M Adj. Bal. 8,000,000I 400,000 Adj. Bal. Accounts Payable 201 Unearned Service Revenue 202 H 955,000 Adj. Bal. I 55,600 Adj. Bal. Wages Payable 203 Interest Payable 210 . a I 200,000 Adj. Bal. I 170,000 Adj. Bal. Notes Payable 220 Common Stock 301 a H I 5,800,000 Adj. Bal. I10,000,000 Adj. Bal. Retained Earnings 310 Dividends 320 R I 0 Adj. Bal. Adj. Bal. 50,000I Service Revenue 401 Wage Expense 501 H I 3,360,000 Adj. Bal. Adj. Bal. 676,000I l l Utilities Expense 502 Selling Expense 503 H M Adj. Bal. 98,200 Adj. Bal. 42,500 Administrative Expense 504 Repairs Expense 505 m m Adj. Bal. 160,000! Adj. Bal. 30,0001 1 l Insurance Expense 506 . Supplies Expense 507 H Adj. Bal. 11,000! Adj. Bal. 615,000 Depreciation ExpenseEquipment 510 Interest Expense 520 a E Adj. Bal. 400,000 Adj. Bal. 230,000 Income Summary 601 M Requirement h. Prepare a postclosing trial balance as of December 31. (Exclude any accounts with a zero balance from the trial balance.) Review the taccounts prepared in Requirement 9. LOADING... DS Wilson Company Post-Closing Trial Balance At December 31st Account Debit Credit M
