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In 2020,Patrick King created Pandemic Professional, Inc.. During 2020, the following transactions were completed: 1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in

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In 2020,Patrick King created Pandemic Professional, Inc.. During 2020, the following transactions were completed: 1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in exchang for common stock. 2. 3/1/2020 Paid $70,200 for advertising to be provided for the next 12 months. 3. 3/15/2020 Purchased 35,000 in Office Supplies from Jiffy Office on Account 4. 4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signe a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. 5. 5/1/2020 Paid $43,200 for a business liability insurance policy for a 2-yearter 6. 5/1/2020 Purchased additional Office Supplies from Jiffy Office on Account totaling $45,000 7. 5/15/2020 Paid 75% of the total amount owed to Jiffy Office. 8. 6/1/2020 Paid retainer for legal services for 12 months for $69,180 9. 7/1/2020 Paid $36,000 for two year office rental. 10.9/1/2020 Purchased Equipment for $160,000 with cash. 11. 10/1/2020 Received a $945,000, 5-year loan from M&T Bank with a 4.25% interest rate. Interest is payable semi-annually (3/31 and 9/30) 12. 11/1/2020 Received $170,000 in advance for services to be provided in the futu The following are full year transactions - use date of "2020" 13. Declared and Paid a $115,000 dividend 14. Earned $3,150,000 for services provided in 2020: a $2,475,000 was received by customers in cash b. $675,000 was billed to customers 15. Paid salaries for employees of $2,100,000 16. Paid Utilities of $103,750 17. Received $525,000 in cash for customers from transactions already billed Step One: Journalize the above transactions (17 points) Step Two: Post to the ledger (T-Accounts) (2 points) Step Three: Prepare an unadjusted trial balance. (3 Points) Step Four: After preparing the unadjusted trial balance, review the entries to deter what accounts need to be adjusted and prepare the adjusting journal entries. Addit information is below: A physical count of office supplies noted a balance of $35,270 A review of the unearned account noted that 30% of the revenue was earned After reviewing the A/R aging, management estimated that 10% of the Accou receivable balance would not be collected. Building has a useful life of 20 years and a salvage value of $25,000 Equipment has a useful life of 5 years and a salvage value of 5,000. Employee's salaries for the last week of December and not yet paid total $40, Services provided but not yet billed totaled $85,000 Utilities Expense incurred but not recorded totaled $7,250 . . Step Five: Post all adjusting entries to T-Accounts (2 points) Step Six: Prepare an adjusted Trial balance. (3 Points) Step Seven: Prepare an Income Statement, Statement of Retained Earnings and Balan Sheet for the 2020 year. (13 points) Step Eight: Prepare All Closing Entries (4 Points) Step Eight: Prepare All Closing Entries (4 points) Step Nine: Post all Closing Entries to T-Accounts (1 Points) Step Ten: Prepare a Post-Closing Trial Balance (3 Points) In 2020,Patrick King created Pandemic Professional, Inc.. During 2020, the following transactions were completed: 1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in exchang for common stock. 2. 3/1/2020 Paid $70,200 for advertising to be provided for the next 12 months. 3. 3/15/2020 Purchased 35,000 in Office Supplies from Jiffy Office on Account 4. 4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signe a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. 5. 5/1/2020 Paid $43,200 for a business liability insurance policy for a 2-yearter 6. 5/1/2020 Purchased additional Office Supplies from Jiffy Office on Account totaling $45,000 7. 5/15/2020 Paid 75% of the total amount owed to Jiffy Office. 8. 6/1/2020 Paid retainer for legal services for 12 months for $69,180 9. 7/1/2020 Paid $36,000 for two year office rental. 10.9/1/2020 Purchased Equipment for $160,000 with cash. 11. 10/1/2020 Received a $945,000, 5-year loan from M&T Bank with a 4.25% interest rate. Interest is payable semi-annually (3/31 and 9/30) 12. 11/1/2020 Received $170,000 in advance for services to be provided in the futu The following are full year transactions - use date of "2020" 13. Declared and Paid a $115,000 dividend 14. Earned $3,150,000 for services provided in 2020: a $2,475,000 was received by customers in cash b. $675,000 was billed to customers 15. Paid salaries for employees of $2,100,000 16. Paid Utilities of $103,750 17. Received $525,000 in cash for customers from transactions already billed Step One: Journalize the above transactions (17 points) Step Two: Post to the ledger (T-Accounts) (2 points) Step Three: Prepare an unadjusted trial balance. (3 Points) Step Four: After preparing the unadjusted trial balance, review the entries to deter what accounts need to be adjusted and prepare the adjusting journal entries. Addit information is below: A physical count of office supplies noted a balance of $35,270 A review of the unearned account noted that 30% of the revenue was earned After reviewing the A/R aging, management estimated that 10% of the Accou receivable balance would not be collected. Building has a useful life of 20 years and a salvage value of $25,000 Equipment has a useful life of 5 years and a salvage value of 5,000. Employee's salaries for the last week of December and not yet paid total $40, Services provided but not yet billed totaled $85,000 Utilities Expense incurred but not recorded totaled $7,250 . . Step Five: Post all adjusting entries to T-Accounts (2 points) Step Six: Prepare an adjusted Trial balance. (3 Points) Step Seven: Prepare an Income Statement, Statement of Retained Earnings and Balan Sheet for the 2020 year. (13 points) Step Eight: Prepare All Closing Entries (4 Points) Step Eight: Prepare All Closing Entries (4 points) Step Nine: Post all Closing Entries to T-Accounts (1 Points) Step Ten: Prepare a Post-Closing Trial Balance (3 Points)

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