IT IS REALLY EMERGENT SITUATION

DR CR Cash 60,000 Accounts Receivable 70,000 Cleaning Supplies 6,000 Merchandising Inventory, 250 boxes 100,000 Motor Vehicles 160,000 Office Equipment 120,000 Accumulated Depreciation 40,000 Bank Loans 120,000 Accounts Payable 90,000 Unearned Revenue 60,000 Capital 200,000 Service Fee Revenue 80,000 Sales Revenue 310,000 Cost of Sales 240,000 Wages Expense 80,000 Cleaning Supplies Expense 6,000 Depreciation Expense 12,000 Insurance Expense 36,000 Interest Expense 10,000 900,000 900,000 Transactions in December 2020 are as follows: 2-Dec paid 6 months insurance premium in advance, $6,000. 4-Dec $10,000 is collected from customers. 6-Dec purchased 100 boxes of mechandising inventory on credit at total cost of $45,000. 10-Dec $5,000 is paid to suppliers. 16-Dec sold 300 boxes of mechandising inventory on credit at $150,000. 20-Dec purchased cleaning supplies in cash, $2,500. 24-Dec sold 20 boxes of mechandising inventory on credit at $10,000. 30-Dec december wages paid, $5,000. Following information is also available: Company uses perpetual FIFO for inventory valuation. Unearned revenue corresponds to 3 months service fee collected in advance on October 31, 2020 An inventory of cleaning supplies shows $2,000 on hand. Estimated depreciation for december is 1,000. Accrued interest on bank loans amounts to $1,500. Requirements: Prepare journal entries for December transactions. Prepare adjusting journal entries for December end. Post those journals to T-accounts. Prepare Trial Balance as of December 31, 2020. Prepare Balance Sheet as of December 31, 2020 and Income Statement for 2020