I need someone to help me correct this. It is finished by someone but its not correct. I just need help correcting it. The answers are on the instruction sheet on the excel.

Principles of Accounting I Comprehensive Problem 1. Journalize the following December transactions. Dec. 2 Received $180 as advance payments on storage rental Dec. 5 Paid accounts payable of $720 Dec. 6 Paid insurance premiums of $8,100 in advance Dec. 7 Deposited $8,700 from completed moving jobs. Dec. 10 Purchased $1,560 of moving supplies on credit Dec. 12 Acquired additional truck worth $56,000 by paying $6000 cash and signing a long-term note payable for the balance Dec. 14 Paid wages of $2,700 for the period Dec. 1-14 Dec. 17 Purchased $130 of office supplies on credit Dec. 21 Deposited $6,260 from completed moving jobs and $1,600 of storage revenue receipts Dec. 24 Paid $860 for repairs to truck for damages sustained in an accident. Dec. 28 Paid wages of $2,850 for the period Dec. 15-28. Dec. 30 Paid $900 to a magazine for advertisements that appeared in December Dec. 30 George Sanders (owner) withdrew $1,600 cash for personal use. Dec. 31 Deposited $4,700 from completed moving jobs and $800 of storage revenue receipts 2. Post the above December transactions. 3. Prepare a trial balance 4. Journalize the following adjusting entries: a. Unpaid wages were $610 as of December 31 b. The December 31 office supplies inventory was $180 c. The moving supplies inventory was $4,530 on December 31 d. The unexpired portion of the prepaid insurance was $9,475 as of Dec. 31 e. Depreciation for the year on the trucks was $50,350 f. Depreciation for the year on the building was $7,400 g. Unearned storage revenue balance at Dec. 31 was $650 h. Interest expense on the notes payable was $24,700 5. Post the adjusting entries 6. Prepare an adjusted trial balance 7. Prepare an income statement 8. Prepare a statement of owner's equity 9. Prepare a balance sheet 10. Journalize the closing entries 11. Post the closing entries 12. Prepare a post-closing trial balance CHECK FIGURES: Unadjusted trial balance Adjusted trial balance Net Income 798,935 881,995 30,050 Paramount Moving and Storage General Journal Date Account Titles and Explanation Post Ref Debit Credit December Journal Entries 2-Dec Cash 101 Unearned storage revenue 180 233 180 (advance payment on storage rental received) 5-Dec Accounts payable 201 Cash 101 720 720 (Paid accounts payable) 6-Dec Prepaid insurance 126 Cash 8100 101 8100 (Insurance Premium paid in advance) 7-Dec Cash 101 Moving revenue receipt 8700 401 8700 (Deposited from completed moving jobs) 10-Dec Moving supplies 126 Account payable 1560 201 1560 (Purchase of moving supplies on credit) 12-Dec Truck 153 56000 Cash 101 6000 Long term note payable 251 50000 (Purchsed truck for cash $6000 and long term note payable) 14-Dec Wages 506 Cash 2700 101 2700 (Wages paid) 17-Dec Office supplies 124 Account payable 130 201 130 (Purchased office supplies on credit) 21-Dec Cash 101 7860 Moving revenue receipt 401 6260 Storage revenue receipt 402 1600 (Deposited from completed moving jobs and storage revenue) 24-Dec Gas, Oil & Repair expenses Cash 569 860 101 860 (Paid for repairs to truck) 28-Dec Wages 506 Cash 2850 101 2850 (Wages paid) 30-Dec Advertising expenses 555 Cash 900 101 900 (Paid to magazine for advertisements) 30-Dec George Sanders, Withdrawal Cash 302 1600 101 1600 (Withdrew cash for personal use) 31-Dec Cash 101 5500 Moving revenue receipt 401 4700 Storage revenue receipt 402 800 (Deposited from completed moving jobs and storage revenue) Adjusting Entries 31-Dec Wages Wages Payable 506 610 210 610 (unpaid wages as of Dec 31) 31-Dec Depreciation Expenses Accumulated Depreciation- Building 506 7400 174 7400 (depreciation on building) 31-Dec Depreciation Expenses 506 50350 Paramount Moving and Storage General Journal Date Account Titles and Explanation Accumulated Depreciation - Truck Post Ref Debit Credit 154 50350 (depreciation on truck) 31-Dec Interest expenses 533 Interest payable 24700 203 24700 (interest due but not paid) 31-Dec Insurance expenses 537 Prepaid insurance 6100 126 6100 (prepaid insurance expired) 31-Dec Office supplies expenses Office supplies 550 400 124 400 (office supplies worth $180 was in hand) 31-Dec Moving supplies expenses Moving supplies 552 5730 126 5730 (moving supplies worth $4530 was in hand) 31-Dec Unearned storage renevue Storage revenue 233 230 402 230 (unearned storage revenue balance was $650) Closing Entries 31-Dec Moving revenue 401 199260 Storage revenue 402 29380 Income Summary 901 228640 (Service Revenue closed to income Summary) 31-Dec Income Summary 901 172980 Wages expenses 506 47860 Advertising expenses 555 6800 Gas,Oil and Repair expenses 569 6760 General and administrative expenses 572 16880 Office supplies expenses 124 400 Moving supplies expenses 126 5730 Insurance expenses 537 6100 Interest expenses 533 24700 Depreciation expenses- Building 174 7400 Depreciation expenses- Trucks 154 50350 (Expenses closed to income summary account) 31-Dec Income Summary George Sanders, Withdrawal 31-Dec Income Summary George Sanders, Capital (Balance Profit transferred to capital) 901 28100 302 901 301 28100 27560 27560 Paramount Moving and Storage GENERAL LEDGER Cash Date 101 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 51,610 2-Dec Unearned storage revenue 180 6-Dec Prepaid insurance 51,790 8100 720 5-Dec Account payable 7-Dec Moving revenue receipt 43,690 42,970 8700 51,670 12-Dec Truck 6000 45,670 14-Dec Wages 2700 42,970 21-Dec Moving revenue receipt 6260 49,230 21-Dec Storage revenue receipt 1600 50,830 24-Dec Gas,Oil and repair expenses 860 2850 30-Dec George Sanders, withdrawal 31-Dec Moving revenue receipt 46,220 1600 30-Dec Advertising expenses 47,120 900 28-Dec Wages 49,970 44,620 4700 800 31-Dec Storage revenue receipt 49,320 50,120 Office Supplies Date 124 Explanation PR Debit Credit Nov. 30 BALANCE Debit 450 17-Dec Account payable 580 130 31-Dec Office supplies expenses 400 180 Moving Supplies Date Credit 126 Explanation PR Debit Credit Nov. 30 BALANCE 10-Dec Account payable 31-Dec Moving supplies expenses Debit 8,700 10,260 1560 5730 4,530 Credit Prepaid Insurance Date 126 Explanation PR Debit Credit Nov. 30 BALANCE Debit 7,475 6-Dec Cash 15,575 8100 31-Dec Insurance Expenses 6100 9,475 Trucks Date 153 Explanation PR Debit Credit Nov. 30 BALANCE Debit 406,000 56000 Accumulated Depreciation - Trucks Explanation 154 PR Debit Credit Debit Nov. 30 BALANCE 50350 250,350 Building 173 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 350,000 Accumulated Depreciation - Building Date Credit 200,000 31-Dec Depreciation expenses - Truck Date Credit 350,000 12-Dec Cash & long term note payable Date Credit Explanation 174 PR Debit Credit Nov. 30 BALANCE 31-Dec Depreciation expenses- Building Debit Credit 29,120 7400 36,520 Accounts Payable Date 201 Explanation PR Debit Credit Debit Nov. 30 BALANCE 2,350 5-Dec Cash 1,630 720 1560 17-Dec Office supplies 3,190 130 10-Dec Moving supplies 3,320 Interest Payable Date Credit 203 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 0 31-Dec Interest expenses 24700 24700 Wages Payable Date 210 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 0 31-Dec Wages 610 610 Unearned Storage Revenue Date Explanation 233 PR Debit Credit Debit Nov. 30 BALANCE 700 2-Dec Cash 880 180 31-Dec Storage revenue 230 650 Long-Term Notes Payable Date 251 Explanation PR Debit Credit Nov. 30 BALANCE 12-Dec Truck Credit Debit Credit 245,000 50000 295,000 George Sanders, Capital Date 301 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 42,205 31-Dec Income Summary 27560 69,765 George Sanders, Withdrawal Date Explanation 302 PR Debit Credit Nov. 30 BALANCE Debit Credit 26,500 30-Dec Cash 1600 Income Summary 28,100 28100 0 Moving Revenue Date 401 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 179,600 7-Dec Cash 8700 188,300 21-Dec Cash 6260 194,560 31-Dec Cash 4700 199,260 31-Dec Income Summary 199260 0 Storage Revenue Date 402 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 26,750 21-Dec Cash 1600 28,350 31-Dec Cash 800 29,150 31-Dec Unearned storage revenue 230 29,380 31-Dec Income Summary 29380 0 Depreciation Expense - Building Date Explanation 506 PR Debit Credit Nov. 30 BALANCE 31-Dec Accumulated depreciation 31-Dec Income Summary Debit Credit 0 7400 7400 7400 0 Depreciation Expense - Trucks Date Explanation 506 PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Accumulated depreciation 50350 31-Dec Income Summary 50350 50350 0 Wages Expense Date 506 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 41,700 14-Dec Cash 2700 44,400 28-Dec Cash 2850 47,250 610 47,860 31-Dec Wages payable 31-Dec Income Summary 47860 0 Interest Expense Date 533 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Interest payable 24700 31-Dec Income Summary 24700 24700 0 Insurance Expense Date 537 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Prepaid insurance 6100 31-Dec Income Summary 6100 6100 0 Office Supplies Expense Date 550 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Office supplies 400 31-Dec Income Summary 400 400 0 Moving Supplies Expense Date 552 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Moving supplies 5730 31-Dec Income Summary 5730 5730 0 Advertising Expense Date 555 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 5,900 30-Dec Cash 900 31-Dec Income Summary 6800 6800 0 Gas, Oil and Repairs Expense Date Explanation 569 PR Debit Credit Nov. 30 BALANCE Debit Credit 5,900 24-Dec Cash 860 31-Dec Income Summary 6760 6760 0 General and Administrative Expenses Date Explanation 572 PR Debit Credit Nov. 30 BALANCE Debit 16,880 31-Dec Income Summary 16880 0 Income Summary Date Credit 901 Explanation PR Debit Credit Debit Credit 31-Dec Moving revenue 401 199260 199,260 31-Dec Storage revenue 402 29380 228,640 31-Dec Wages expenses 506 47860 180,780 31-Dec Advertising expenses 555 6800 173,980 31-Dec Gas,Oil and Repair expenses 569 6760 167,220 31-Dec General and administrative expenses 572 16880 150,340 31-Dec Office supplies expenses 124 400 149,940 31-Dec Moving supplies expenses 126 5730 144,210 31-Dec Insurance expenses 537 6100 138,110 31-Dec Interest expenses 533 24700 113,410 31-Dec Depreciation expenses- Building 174 7400 106,010 31-Dec Depreciation expenses- Trucks 154 50350 55,660 31-Dec George Sanders, Withdrawal 302 28100 27,560 31-Dec George Sanders, Capital 301 27560 0 Paramount Moving and Storage Unadjusted Trial Balance 31-Dec-15 Account Title Cash Debit Credit 50120 Office Supplies 580 Moving Supplies 10260 Prepaid Insurance 15575 Trucks 406000 Accumulated Depreciation - Trucks Building 200000 350000 Accumulated Depreciation - Building 29120 Account Payable 3320 Unearned storage revenue 880 Long term notes payable 295000 George, Sanders, Capital 42205 George, Sanders, Withdrawal 28100 Moving Revenue 199260 Storage revenue 29150 Wages expenses 47250 Advertising expenses 6800 Gas, Oil and Repair expenses 6760 General and administrative expenses Suspense (the difference between the total of Debit and Credit bala Total 16880 0 139390 938325 938325 Adjusted Trial Balance 31-Dec-15 Account Title Cash Debit Credit 50120 Office Supplies 180 Moving Supplies 4530 Prepaid Insurance 9475 Trucks 406000 Accumulated Depreciation - Trucks Building 250350 350000 Accumulated Depreciation - Building 36520 Account Payable 3320 Unearned storage revenue 650 Long term notes payable 295000 George Sanders, Capital 42205 George Sanders, Withdrawal 28100 Moving Revenue 199260 Storage revenue 29380 Wages expenses 47860 Advertising expenses 6800 Gas, Oil and Repair expenses 6760 General and administrative expenses 16880 Interest payable 24700 Office supplies expense 400 Moving supplies expense 5730 Insurance expenses 6100 Interest expenses 24700 Wages payable 610 Depreciation expenses- Building 7400 Depreciation expenses- Trucks 50350 Suspense 139390 Total 1021385 1021385 Paramount Moving and Storage Income Statement For the year ended December 31, 2015 Exlanation Details Amount Revenues Moving revenue 199260 Storage revenue 29380 Total revenue 228640 Expenses Wages expenses 47860 Advertising expenses 6800 Gas,Oil and Repair expenses 6760 General and administrative expenses 16880 Office supplies expenses 400 Moving supplies expenses 5730 Insurance expenses 6100 Interest expenses 24700 Depreciation expenses- Building 7400 Depreciation expenses- Trucks 50350 Total expenses 172980 NET INCOME 55660 Note:- The net income as derived above may not be tallied with the original net income because of suspense balance Paramount Moving and Storage Statement of Owner's Equity For the year ended December 31, 2015 42205 George Sanders, Capital, January 1, 2015 Add: Cash Introduced Net Income Nil 55660 55660 97865 Less: Withdrawal 28100 George Sanders, Capital, December 31, 2015 69765 Paramount Moving and Storage Balance Sheet As of December 31, 2015 Assets Cash 50120 Office Supplies 180 Moving Supplies 4530 Prepaid Insurance 9475 Trucks 406000 Less: Accumulated Depreciation 250350 Buiding 350000 Less: Accumulated Depreciation 36520 Total Assets 155650 313480 533435 Liablities & Owners Equity Liabilities Account Payable Unearned storage revenue Long term notes payable Interest payable Wages Payable Suspense Total Liablities 3320 650 295000 24700 610 139390 463670 Owner's Equity George Sanders, Capital, December 31, 2015 Total Liablities & Owners Equity Total Liabilities and Owner's Equity 69765 533435 Paramount Moving and Storage Post Closing Trial Balance 31-Dec-15 Account No. Account Names 901 Cash 124 Office Supplies 126 Moving Supplies 126 Prepaid Insurance 153 Trucks 173 Buiding 201 Account Payable 233 Unearned storage revenue 251 Long term notes payable 203 Interest payable 210 Wages Payable 154 Accumulated Depreciation Truck 174 Accumulated Depreciation Building Suspense 301 George Sanders, Capital, December 31, 2015 Total Debit Credit 50120 180 4530 9475 406000 350000 3320 650 295000 24700 610 250350 36520 139390 69765 820305 820305 Principles of Accounting I Comprehensive Problem 1. Journalize the following December transactions. Dec. 2 Received $180 as advance payments on storage rental Dec. 5 Paid accounts payable of $720 Dec. 6 Paid insurance premiums of $8,100 in advance Dec. 7 Deposited $8,700 from completed moving jobs. Dec. 10 Purchased $1,560 of moving supplies on credit Dec. 12 Acquired additional truck worth $56,000 by paying $6000 cash and signing a long-term note payable for the balance Dec. 14 Paid wages of $2,700 for the period Dec. 1-14 Dec. 17 Purchased $130 of office supplies on credit Dec. 21 Deposited $6,260 from completed moving jobs and $1,600 of storage revenue receipts Dec. 24 Paid $860 for repairs to truck for damages sustained in an accident. Dec. 28 Paid wages of $2,850 for the period Dec. 15-28. Dec. 30 Paid $900 to a magazine for advertisements that appeared in December Dec. 30 George Sanders (owner) withdrew $1,600 cash for personal use. Dec. 31 Deposited $4,700 from completed moving jobs and $800 of storage revenue receipts 2. Post the above December transactions. 3. Prepare a trial balance 4. Journalize the following adjusting entries: a. Unpaid wages were $610 as of December 31 b. The December 31 office supplies inventory was $180 c. The moving supplies inventory was $4,530 on December 31 d. The unexpired portion of the prepaid insurance was $9,475 as of Dec. 31 e. Depreciation for the year on the trucks was $50,350 f. Depreciation for the year on the building was $7,400 g. Unearned storage revenue balance at Dec. 31 was $650 h. Interest expense on the notes payable was $24,700 5. Post the adjusting entries 6. Prepare an adjusted trial balance 7. Prepare an income statement 8. Prepare a statement of owner's equity 9. Prepare a balance sheet 10. Journalize the closing entries 11. Post the closing entries 12. Prepare a post-closing trial balance CHECK FIGURES: Unadjusted trial balance Adjusted trial balance Net Income 798,935 881,995 30,050 Paramount Moving and Storage General Journal Date Account Titles and Explanation Post Ref Ledger Debit Credit December Journal Entries 2-Dec Cash 101 Balance Sheet Unearned storage revenue 180 233 Balance Sheet 180 (advance payment on storage rental received) 5-Dec Accounts payable 201 Balance Sheet Cash 101 Balance Sheet 720 720 (Paid accounts payable) 6-Dec Prepaid insurance 126 Balance Sheet Cash 8,100 101 Balance Sheet 8,100 (Insurance Premium paid in advance) 7-Dec Cash 101 Balance Sheet Moving revenue receipt 8,700 401 Income Statement 8,700 (Deposited from completed moving jobs) 10-Dec Moving supplies 126 Balance Sheet Account payable 1,560 201 Balance Sheet 1,560 (Purchase of moving supplies on credit) 12-Dec Truck 153 Balance Sheet 56,000 Cash 101 Balance Sheet 6,000 Long term note payable 251 Balance Sheet 50,000 (Purchsed truck for cash $6000 and long term note payable) 14-Dec Wages 506 Income Statement Cash 2,700 101 Balance Sheet 2,700 (Wages paid) 17-Dec Office supplies 124 Balance Sheet Account payable 130 201 Balance Sheet 130 (Purchased office supplies on credit) 21-Dec Cash 101 Balance Sheet 7,860 Moving revenue receipt 401 Income Statement 6,260 Storage revenue receipt 402 Income Statement 1,600 (Deposited from completed moving jobs and storage revenue) 24-Dec Gas, Oil & Repair expenses Cash 569 Income Statement 860 101 Balance Sheet 860 (Paid for repairs to truck) 28-Dec Wages 506 Income Statement Cash 2,850 101 Balance Sheet 2,850 (Wages paid) 30-Dec Advertising expenses 555 Income Statement Cash 900 101 Balance Sheet 900 (Paid to magazine for advertisements) 30-Dec George Sanders, Withdrawal Cash 302 Owner's equity 1,600 101 Balance Sheet 1,600 (Withdrew cash for personal use) 31-Dec Cash 101 Balance Sheet 5,500 Moving revenue receipt 401 Income Statement 4,700 Storage revenue receipt 402 Income Statement 800 (Deposited from completed moving jobs and storage revenue) Adjusting Entries 31-Dec Wages Wages Payable 506 Income Statement 610 210 Balance Sheet 610 (unpaid wages as of Dec 31) 31-Dec Depreciation Expenses Accumulated Depreciation- Building 506 Income Statement 7,400 174 Balance Sheet 7,400 (depreciation on building) 31-Dec Depreciation Expenses 506 Income Statement 50,350 Paramount Moving and Storage General Journal Date Account Titles and Explanation Accumulated Depreciation - Truck Post Ref Ledger Debit Credit 154 Balance Sheet 50,350 (depreciation on truck) 31-Dec Interest expenses 533 Income Statement Interest payable 24,700 203 Balance Sheet 24,700 (interest due but not paid) 31-Dec Insurance expenses 537 Income Statement Prepaid insurance 6,100 126 Balance Sheet 6,100 (prepaid insurance expired) 31-Dec Office supplies expenses Office supplies 550 Income Statement 400 124 Balance Sheet 400 (office supplies worth $180 was in hand) 31-Dec Moving supplies expenses Moving supplies 552 Income Statement 5,730 126 Balance Sheet 5,730 (moving supplies worth $4530 was in hand) 31-Dec Unearned storage renevue Storage revenue 233 Balance Sheet 230 402 Income Statement 230 (unearned storage revenue balance was $650) 31-Dec Tax expense 552 Income Statement Taxation payable - 126 Balance Sheet - (moving supplies worth $4530 was in hand) Closing Entries 31-Dec Moving revenue 401 199,260 Storage revenue 402 29,380 Income Statement 901 228,640 (Service Revenue closed to income Summary) 31-Dec Income Statement 901 172,980 Wages expenses 506 47,860 Advertising expenses 555 6,800 Gas,Oil and Repair expenses 569 6,760 General and administrative expenses 572 16,880 Office supplies expenses 124 400 Moving supplies expenses 126 5,730 Insurance expenses 537 6,100 Interest expenses 533 24,700 Depreciation expenses- Building 174 7,400 Depreciation expenses- Trucks 154 50,350 (Expenses closed to income summary account) 31-Dec Income Statement George Sanders, Withdrawal 31-Dec Income Statement George Sanders, Capital (Balance Profit transferred to capital) 901 28,100 302 901 301 28,100 27,560 27,560 Paramount Moving and Storage GENERAL LEDGER Cash Date 101 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 51,610 2-Dec Unearned storage revenue 180 5-Dec Account payable 51,790 720 8,100 6-Dec Prepaid insurance 7-Dec Moving revenue receipt 51,070 42,970 8,700 51,670 12-Dec Truck 6,000 45,670 14-Dec Wages 2,700 42,970 21-Dec Moving revenue receipt 6,260 49,230 21-Dec Storage revenue receipt 1,600 50,830 24-Dec Gas,Oil and repair expenses 860 2,850 30-Dec George Sanders, withdrawal 31-Dec Moving revenue receipt 46,220 1,600 30-Dec Advertising expenses 47,120 900 28-Dec Wages 49,970 44,620 4,700 800 31-Dec Storage revenue receipt 49,320 50,120 22,240 23,730 50,120 Office Supplies Date 124 Explanation PR Debit Credit Nov. 30 BALANCE Debit 450 17-Dec Account payable 580 130 31-Dec Office supplies expenses 400 180 Moving Supplies Date Credit 126 Explanation PR Debit Credit Nov. 30 BALANCE 10-Dec Account payable 31-Dec Moving supplies expenses Debit 8,700 10,260 1,560 5,730 4,530 Credit Prepaid Insurance Date 126 Explanation PR Debit Credit Nov. 30 BALANCE Debit 7,475 6-Dec Cash 15,575 8,100 31-Dec Insurance Expenses 6,100 9,475 Trucks Date 153 Explanation PR Debit Credit Nov. 30 BALANCE Debit 406,000 56,000 Accumulated Depreciation - Trucks Explanation 154 PR Debit Credit Debit Nov. 30 BALANCE 50,350 250,350 Building 173 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 350,000 Accumulated Depreciation - Building Date Credit 200,000 31-Dec Depreciation expenses - Truck Date Credit 350,000 12-Dec Cash & long term note payable Date Credit Explanation 174 PR Debit Credit Nov. 30 BALANCE 31-Dec Depreciation expenses- Building Debit Credit 29,120 7,400 36,520 Accounts Payable Date 201 Explanation PR Debit Credit Debit Nov. 30 BALANCE 2,350 5-Dec Cash 1,630 720 1,560 17-Dec Office supplies 3,190 130 10-Dec Moving supplies 3,320 Interest Payable Date Credit 203 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 0 31-Dec Interest expenses 24,700 24700 Wages Payable Date 210 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 0 31-Dec Wages 610 610 Unearned Storage Revenue Date Explanation 233 PR Debit Credit Debit Nov. 30 BALANCE 700 2-Dec Cash 880 180 31-Dec Storage revenue 230 650 Long-Term Notes Payable Date 251 Explanation PR Debit Credit Nov. 30 BALANCE 12-Dec Truck Credit Debit Credit 245,000 50,000 295,000 George Sanders, Capital Date 301 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 42,205 31-Dec Income Statement 27,560 69,765 George Sanders, Withdrawal Date Explanation 302 PR Debit Credit Nov. 30 BALANCE Debit Credit 26,500 30-Dec Cash 1,600 Income Statement 28,100 28,100 0 Moving Revenue Date 401 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 179,600 7-Dec Cash 8,700 188,300 21-Dec Cash 6,260 194,560 31-Dec Cash 4,700 199,260 31-Dec Income Statement 199,260 0 Storage Revenue Date 402 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 26,750 21-Dec Cash 1,600 28,350 31-Dec Cash 800 29,150 31-Dec Unearned storage revenue 230 29,380 31-Dec Income Statement 29,380 0 Depreciation Expense - Building Date Explanation 506 PR Debit Credit Nov. 30 BALANCE 31-Dec Accumulated depreciation 31-Dec Income Statement Debit Credit 0 7,400 7400 7,400 0 Depreciation Expense - Trucks Date Explanation 506 PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Accumulated depreciation 50,350 31-Dec Income Statement 50350 50,350 0 Wages Expense Date 506 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 41,700 14-Dec Cash 2,700 44,400 28-Dec Cash 2,850 47,250 610 47,860 31-Dec Wages payable 31-Dec Income Statement 47,860 0 Interest Expense Date 533 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Interest payable 24,700 31-Dec Income Statement 24700 24,700 0 Insurance Expense Date 537 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Prepaid insurance 6,100 31-Dec Income Statement 6100 6,100 0 Office Supplies Expense Date 550 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Office supplies 400 31-Dec Income Statement 400 400 0 Moving Supplies Expense Date 552 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 31-Dec Moving supplies 5,730 31-Dec Income Statement 5730 5,730 0 Advertising Expense Date 555 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 5,900 30-Dec Cash 900 31-Dec Income Statement 6800 6,800 0 Gas, Oil and Repairs Expense Date Explanation 569 PR Debit Credit Nov. 30 BALANCE Debit Credit 5,900 24-Dec Cash 860 31-Dec Income Statement 6760 6,760 0 General and Administrative Expenses Date Explanation 572 PR Debit Credit Nov. 30 BALANCE Debit 16,880 31-Dec Income Statement 16,880 0 Income Summary Date Credit 901 Explanation PR Debit Credit Debit Credit 31-Dec Moving revenue 401 199,260 199,260 31-Dec Storage revenue 402 29,380 228,640 31-Dec Wages expenses 506 47,860 180,780 31-Dec Advertising expenses 555 6,800 173,980 31-Dec Gas,Oil and Repair expenses 569 6,760 167,220 31-Dec General and administrative expenses 572 16,880 150,340 31-Dec Office supplies expenses 124 400 149,940 31-Dec Moving supplies expenses 126 5,730 144,210 31-Dec Insurance expenses 537 6,100 138,110 31-Dec Interest expenses 533 24,700 113,410 31-Dec Depreciation expenses- Building 174 7,400 106,010 31-Dec Depreciation expenses- Trucks 154 50,350 55,660 31-Dec George Sanders, Withdrawal 302 28,100 27,560 31-Dec George Sanders, Capital 301 27,560 0 Paramount Moving and Storage Trial Balance 31-Dec-15 Opening Balances Account Title Cash Dr Unadjusted Trial Balance Cr Debit Credit 51,610 50,120 450 580 Moving Supplies 8,700 10,260 Prepaid Insurance 7,475 15,575 350,000 406,000 Office Supplies Trucks Accumulated Depreciation - Trucks Building 200,000 350,000 Accumulated Depreciation - Building 200,000 350,000 29,120 2,350 3,320 700 880 245,000 295,000 42,205 Account Payable 29,120 42,205 Wages Payable Unearned storage revenue Long term notes payable Interest Payable Taxation payable George Sanders, Capital George Sanders, Withdrawal 26,500 28,100 Moving Revenue 179,600 199,260 Storage revenue 26,750 29,150 Wages expenses 41,700 47,250 Advertising expenses 5,900 6,800 Gas, Oil and Repair expenses 5,900 6,760 16,880 16,880 General and administrative expenses Office Supplies expenses Moving Supplies expenses Insurance expenses Depreciation expenses - Trucks Depreciation expenses - Buildings Interest expense Tax expense Retained Earnings?? 139,390 Total 865,115 865,115 938,325 139,390 938,325 Paramount Moving and Storage Income Statement For the year ended December 31, 2015 $ $ Revenue Moving revenue 199,260 Storage revenue 29,380 Total revenue 228,640 Distribution, administration and other expenses Wages expenses 47,860 Advertising expenses 6,800 Gas,Oil and Repair expenses 6,760 General and administrative expenses Office supplies expenses 16,880 400 Moving supplies expenses 5,730 Insurance expenses 6,100 Depreciation expenses- Building Depreciation expenses- Trucks 7,400 50,350 -148,280 Finance costs Interest on Long term notes payable Tax expense Profit for the year -24,700 55,660 Paramount Moving and Storage Statement of Owner's Equity For the year ended December 31, 2015 Capital Balance at January 1, 2015 42,205 Retained Earnings 139,390 Profit for the year 55,660 Less: Drawings -28,100 Balance at December 31, 2015 42,205 166,950 Principles of Accounting I Comprehensive Problem 1. Journalize the following December transactions. Dec. 2 Received $180 as advance payments on storage rental Dec. 5 Paid accounts payable of $720 Dec. 6 Paid insurance premiums of $8,100 in advance Dec. 7 Deposited $8,700 from completed moving jobs. Dec. 10 Purchased $1,560 of moving supplies on credit Dec. 12 Acquired additional truck worth $56,000 by paying $6000 cash and signing a long-term note payable for the balance Dec. 14 Paid wages of $2,700 for the period Dec. 1-14 Dec. 17 Purchased $130 of office supplies on credit Dec. 21 Deposited $6,260 from completed moving jobs and $1,600 of storage revenue receipts Dec. 24 Paid $860 for repairs to truck for damages sustained in an accident. Dec. 28 Paid wages of $2,850 for the period Dec. 15-28. Dec. 30 Paid $900 to a magazine for advertisements that appeared in December Dec. 30 George Sanders (owner) withdrew $1,600 cash for personal use. Dec. 31 Deposited $4,700 from completed moving jobs and $800 of storage revenue receipts 2. Post the above December transactions. 3. Prepare a trial balance 4. Journalize the following adjusting entries: a. Unpaid wages were $610 as of December 31 b. The December 31 office supplies inventory was $180 c. The moving supplies inventory was $4,530 on December 31 d. The unexpired portion of the prepaid insurance was $9,475 as of Dec. 31 e. Depreciation for the year on the trucks was $50,350 f. Depreciation for the year on the building was $7,400 g. Unearned storage revenue balance at Dec. 31 was $650 h. Interest expense on the notes payable was $24,700 5. Post the adjusting entries 6. Prepare an adjusted trial balance 7. Prepare an income statement 8. Prepare a statement of owner's equity 9. Prepare a balance sheet 10. Journalize the closing entries 11. Post the closing entries 12. Prepare a post-closing trial balance CHECK FIGURES: Unadjusted trial balance Adjusted trial balance Net Income 798,935 881,995 30,050 Paramount Moving and Storage General Journal Date Account Titles and Explanation December Journal Entries Adjusting Entries Closing Entries Post Ref Debit Credit Paramount Moving and Storage General Journal Date Account Titles and Explanation Post Ref Debit Credit Paramount Moving and Storage GENERAL LEDGER Cash Date 101 Explanation PR Debit Credit Nov. 30 BALANCE Debit 51,610 Office Supplies Date 124 Explanation PR Debit Credit Nov. 30 BALANCE Debit Nov. 30 BALANCE Credit 450 Moving Supplies Date Credit 126 Explanation PR Debit Credit Debit 8,700 Credit Prepaid Insurance Date 126 Explanation PR Debit Credit Nov. 30 BALANCE Debit 7,475 Trucks Date 153 Explanation PR Debit Credit Nov. 30 BALANCE Debit Explanation 154 PR Debit Credit Debit Nov. 30 BALANCE 173 Explanation PR Debit Credit Nov. 30 BALANCE Debit Nov. 30 BALANCE Credit 185,000 Accumulated Depreciation - Building Date Credit 200,000 Building Date Credit 350,000 Accumulated Depreciation - Trucks Date Credit Explanation 174 PR Debit Credit Debit Credit 29,120 Accounts Payable Date 201 Explanation PR Debit Credit Debit Nov. 30 BALANCE 2,350 Interest Payable Date Credit 203 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 0 Wages Payable Date 210 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 0 Unearned Storage Revenue Date Explanation 233 PR Debit Credit Debit Credit Nov. 30 BALANCE 700 Long-Term Notes Payable 251 Date Nov. 30 BALANCE Explanation PR Debit Credit Debit Credit 245,000 George Sanders, Capital Date 301 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 42,205 George Sanders, Withdrawal Date Explanation 302 PR Debit Credit Nov. 30 BALANCE Debit Credit 26,500 Moving Revenue Date 401 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 179,600 Storage Revenue Date 402 Explanation PR Debit Credit Debit Credit Nov. 30 BALANCE 26,750 Depreciation Expense - Building Date Nov. 30 BALANCE Explanation 506 PR Debit Credit Debit Credit 0 Depreciation Expense - Trucks Date Explanation 506 PR Debit Credit Debit Nov. 30 BALANCE Credit 0 Wages Expense Date 506 Explanation PR Debit Credit Nov. 30 BALANCE Debit Credit 41,700 Interest Expense Date 533 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 Insurance Expense Date 537 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 Office Supplies Expense Date 550 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 Moving Supplies Expense Date 552 Explanation PR Debit Credit Debit Nov. 30 BALANCE Credit 0 Advertising Expense Date 555 Explanation PR Debit Credit Nov. 30 BALANCE Debit 5,900 Gas, Oil and Repairs Expense Date Explanation 569 PR Debit Credit Nov. 30 BALANCE Debit Explanation 572 PR Debit Credit Nov. 30 BALANCE Debit Credit 16,880 Income Summary Date Credit 31,510 General and Administrative Expenses Date Credit 901 Explanation PR Debit Credit Debit Credit Paramount Moving and Storage Unadjusted Trial Balance 31-Dec-15 Paramount Moving and Storage Adjusted Trial Balance 31-Dec-15 Paramount Moving and Storage Income Statement For the year ended December 31, 2015 Paramount Moving and Storage Statement of Owner's Equity For the year ended December 31, 2015 George Sanders, Capital, January 1, 2015 George Sanders, Capital, December 31, 2015 Paramount Moving and Storage Balance Sheet As of December 31, 2015 Assets Total Assets Liabilities Total Liabilities Owner's Equity Total Liabilities and Owner's Equity Paramount Moving and Storage Post Closing Trial Balance 31-Dec-15