Matthew$$s Automotive, Inc. provides automobile repair services. The company began operations on December $1,2023,$ and engaged in the following transactions during the month of December.

Dec. $1)$ Issued $1,000$ shares of capital stock to Matthew in exchange for $$90,000$ cash.

Dec. $1)$ Paid $$24,000$ as advance rent for the use of a building for the $6-$month period from December $1,2023,$ through May $31,2024.$

Dec. $3)$ Purchased equipment from Mike$$s Machines at a cost of $$30,000.$ Made a $$15,000$ cash down payment and issued a $90-$day, non$-$interest$-$bearing note payable for the remaining balance.

Dec. $3)$ Purchased an insurance policy covering the month of December at a cost of $$475$ cash.

Dec. $4)$ Purchased various shop supplies from Accelerated Auto Parts. The cost was $$1,900,$ payable within $30$ days. The shop supplies are expected to last several months.

Dec. $5)$ Performed automobile repair services for a customer in exchange for $$8,500$ cash.

Dec. $12)$ Purchased television advertising from WSB to be aired in December. The cost was $$825$ cash.

Dec. $15)$ Entered into a contract to provide ongoing maintenance services to a customer, Linda$$s Lifts, for the $30-$day period from December $15,2023,$ through January $15,2024.$ Linda$$s paid the entire amount owed of $$10,000$ in advance, on December $15.$

Dec. $17)$ Billed Charlie$$s Cab Co$.$ $$14,250$ for automobile repair services performed during December. The entire amount is due within $60$ days.

Dec. $18)$ Paid employees$$ wages earned during the first half of December of $$13,200.$

Dec. $23)$ Declared and paid a cash dividend of $$4,000$ to the company$$s stockholders.

Dec. $28)$ Paid $$1,000$ of the outstanding accounts payable to Accelerated Auto Parts from the December $4$ purchase.

Dec. $30)$ Collected $$7,500$ of the amount billed to Charlie$$s Cab Co$.$ on December $17.$

Dec. $31)$ Paid for utilities used in December of $$2,600.$

Additional Information:

$-$ The equipment purchased on December $3$ has an estimated useful life of ten years with no salvage value. Matthew$$s depreciates equipment monthly using the straight$-$line method.

$-$ As of the end of month, automobile repair services performed, but not yet billed or collected, amount to $$13,300.$

$-$ As of the end of the month, employees$$ wages earned, but not yet recorded or paid, amount to $$11,400.$

$-$ As of the end of the month, income taxes expense accrued, but not yet paid, amounts to $$2,100.$

$-$ As of the end of the month, shop supplies on hand amount to $$800.$

Questions & Tasks:

$1.$ Prepare the journal entry to record each of the dated transactions above. Post each journal entry to the appropriate general ledger accounts in T$-$account format.

$2.$ Prepare a trial balance as of December $31,2023.$

$3.$ Using necessary information from the dated transactions, as well as the additional information provided, prepare the adjusting journal entries needed on December $31,2023.$ Post each adjusting journal entry to the appropriate general ledger accounts in T$-$account format. You should continue to use any accounts that were created in Task $1.$ It is recommended that you use a different color of ink to differentiate the journal entries prepared during different steps of the accounting cycle.

$4.$ Prepare an adjusted trial balance as of December $31,2023.$

$5.$ Prepare the income statement and statement of retained earnings for the year ended December $31,2023.$ Also, prepare a balance sheet dated December $31,2023.$

$6.$ Prepare the necessary year$-$end closing journal entries. Post each closing journal entry to the

appropriate general ledger accounts in T$-$account format. You should continue to use any accounts that were created in Tasks $1$ and $3.$

$7.$ Prepare an after$-$closing trial balance as of December $31,2023.$