1. Journalize, post to the ledger, and prepare the trial balance for the following transactions

Nov 1 Kit Kt deposited $25,000 in a bank account in the name of ABC Tech

Nov 5 ABC Tech paid $20,000 for the purchase of land as a future building site

Nov 10 ABC Tech purchased supplies on account for $1,350

Nov 18 ABC Tech received cash of $7,500 from customers for services provided

Nov 30 ABC Tech incurred the following expenses: wages $2,125; rent $800; utilities $450; and miscellaneous $275

Nov 30 ABC Tech paid creditors on account $950

Nov 30 Kit Kat determined that the cost of supplies on hand at November 30 was $550

Nov 30 Kit Kat withdrew $2,000 from ABC tech for personal use.

Dec 1 ABC Tech paid a premium of $2,400 for an insurance policy for liability, theft, and fire. The policy covers a one-year period.

Dec 1 ABC Tech paid rent for December $800. The company from which ABC Tech is renting its office space now requires the payment of rent on the first of each moth rather than at the end of the month.

Dec 1 ABC Tech received an offer from a local realter to rent the land purchased on November 5. The realtor plans to use the land as a parking lot for its employees and customers. ABC Tech agreed to rent the land to the realtor for three months with the rent payable in advance. ABC Tech received $360 for three months rent beginning December 1.

Dec 4 ABC Tech purchased office equipment on account from Executive Supply Co. for $1,800

Dec 6 ABC Tech paid $180 for a newspaper advertisement

Dec 11 ABC Tech paid creditors $400

Dec 13 ABC Tech paid a receptionist and a part-time assistant $950 for two weeks wages

Dec 16 ABC Tech received $3,100 from fees earned for the first half of December.

Dec 16 Fees earned on account totaled $1,750 for the first half of December

Dec 20 ABC Tech paid $900 to Executive Supply Co. on the $1,800 debt owed from the December 4 transactions

Dec 21 ABC Tech received $650 from customers in payment of their account

Dec 23 ABC Tech paid $1,450 for supplies

Dec 27 ABC Tech paid the receptionist and the part-time assistant $1,200 for two weeks wages.

Dec 31 ABC Tech paid its $310 telephone (utility) bill for the month.

Dec 31 ABC Tech received $2,870 from fees earned for the second half of December

Dec 31 Fees earned on account totaled $1,120 for the second half of December

Dec 31 Kit Kat withdrew $2,000 for personal use.

2. Prepare the adjusting Entries, update the general ledger and prepare the adjusted trial balance

(a). ABC Tech signed an agreement with Jonny Cakes on December 15 to answer computer questions and render assistance to Jonny Cakes employees. The services will be billed to Jonny Cakes on the 15^th of each month at a rate of $20 per hour. As of December 31, ABC Tech provided 25 hours of assistance to Jonny Cakes. The amount earned will be billed January 15.

(b). ABC Tech owes $250 of wages to employees for December 30 and 31

(c). ABC Tech earned December rent for the land see rental agreement based on December 1

(d). The balance in ABC Tech supplies accounts on December 31 is $2,000

(e). A debit balance of $2,400 in ABC Tech prepaid insurance account represents a December 1 prepayment of insurance for 12 months

(f). Office equipment depreciated by $50 in the month of December

3. Using the information from the Adjusted trial balance prepare the financial statements: Income statement, Statement of Owners Equity and Balance Sheet

4. After preparing the financial statements, journalize and post the closing entries and prepare the post-closing trial balance.