January 2-Issued 600,000 shares of stock for $10,600,000. January 10-Acquired equipment in exchange for $2,500,000 cash and a $5,500,000 note payable. The note is due in ten years. February 1-Paid $10,800 for a business insurance policy covering the two-year period beginning on February 1. February 22-Purchased $950,000 of supplies on account March 1-Paid wages of $185,600 March 23-Billed $2,820,000 for services rendered on account April 1-Paid $110,000 of the amount due on the supplies purchased February 22. April 17-Collected $240,000 of the accounts receivable May 1-Paid wages of $200,400. May 8-Received and paid bill for $96,200 for utilities. May 24-Paid $42,500 for sales commissions. June 1-Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note. June 16-Billed customers for $550,000 of services rendered. June 30-Collected $310,000 on accounts receivable. July 10-Purchased $155,000 of supplies on account. August 25-Paid $160,000 for administrative expenses. September 23-Paid $30,000 for warehouse repairs. October 1-Paid general wages of $90,000. November 20-Purchased supplies for $60,000 cash. December 15-Collected $135,000 in advance for services to be provided in December and January. December 30-Declared and paid a $50,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows Assets 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities 201 Accounts payable 202 Uneamed service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders' Equity 301 Common stock 310 Retained earnings 320 Dividends Revenues 401 Service VIRE Expenses 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expe 506 expense 507 Supplies exp 510 Depreciation expense 120 Interexpe Other 601 summary REQUIRED thing the lemation provided above, complete the bowing steps in an siel workbook (Temp pr Jounale the transit the yar Pon the jet Prepare an ad T alles Eleves of the Deeuncher 31 the wing ali pyd by d 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other 601 Income summary REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided) Journalize the transactions for the year. Post the journal entries to a T account. Prepare an unadjusted trial balance as of December 31. Journalize and post adjusting entries to the T accounts based on the following additional information: . . Eleven months of the insurance policy expired by the end of the year. Depreciation for equipment is $410,000. The company provided $85,000 of services related to the advance collection of December 15. There are $530,000 of supplies on hand at the end of the year. An additional $180,000 of interest has accrued on the note by the end of the year. Wilson accrued wages of $210,000 at the end of the ear. Prepare an adjusted trial balance as of December 31. Prepare a single-step income statement and statement of retained earnings for the year ended December 31 and a classified balance sheet as of December 31. Journalize and post the closing entries Prepare a post-closing trial balance as of December 31. Submin your completed Excel workbook in Black Board under assignments by the due date 1 Trial Balance Worksheets 2 3 Cash 5 Accounts receivable 6 Supplies 7 Prepaid insurance 8 Equipment 9 Accumulated depreciation 10 Accounts payable 11 Unearned service revenue 12 Wages payable 13 Interest payable 14 Notes payable 15 Common stock 16 Retained earnings 17 Dividends 18 Service revenue 19 Wage expense 20 Utilities expense 21 Selling expenses 22 Administrative expenses 23 Repairs expense 24 Insurance expense 25 Interest expense 26 Supplies expense 27 Depreciation expense 28 29 Unadjusted trial balance Debit Credit D E F G H Adjusting Journal Entires Adjusted trial balance Closing Entires Debit Credit Debit Credit Debit Credit Closed Trial Balance Debit Credit