Need help with the last parts! explanations would be nice

1) Post the information from the journal entries into the general ledger and calculate balances.

2) Complete a Trial Balance from the information in the General Ledger

3) Record the following adjusting entries in the General Ledger

Part 7 Adjusted Trial Balance (LO3-3) Complete an Adjusted Trial Balance using the information from the General Leger. Debits should equal credits if you have done the prior steps correctly.

Part 8 Prepare the end of month Income Statement (LO3-4).

Part 9 Prepare the end of month Retained Earnings Statement (LO3-4).

Part 10 Prepare the end of month Balance Sheet (LO3-4).

Part 11 Closing Entries Record closing entries in the General Journal and post them to the General Ledger

Part 12 Prepare a Post-Closing Trial Balance.

Price for Services Provided Customers are charged $91 per hour for services rendered Sales Price of Retail Product Customers are charged $65 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $30 per unit Trans. Date Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 3 Dec. 3 Description Borrow $128,250 from the local bank and signed a five-year installment note with payments of $2,600 at the end of each month beginning December 31. The annual interest rate is 8%. Current portion of the note payable at year end after December payment = $21,875 Purchase a vehicle necessary for business operations for $7,400 cash. The vehicle has a six-year life with a residual value of $200 Issue 15,000 shares of no-par value common stock for $5 per share to obtain the funds necessary to start your business. Paid $18,000 for one year of insurance in advance. Purchased a building for $50.000. Paid $2.000 in back taxes: $2.000 in realty fees. It has a 25-year useful life with residual value of $6,000. Purchase supplies on account, $5,000. Purchase 300 units of inventory with terms 2/10 net 30. Provide 28 hours of services to customers for cash (calculate using your hourly service rate) no terms specified. Sell 150 units of inventory on account. (Perpetual method = 2 entries) Company pays invoice for inventory purchased on December 3rd within discount terms. (perpetual method) Sell 50 units of inventory to a customer on account with a sales discount of 4/10, n/30. (Perpetual method=2 entries) The customer who purchased product on December 15th pays the amount due (within discount period). Receive cash in advance for 27 hours of services to be completed in the Dec. 6 Dec. 10 Dec. 12 Dec. 15 Dec. 20 13 Dec. 23 future. Dec. 25 Dec. 31 Purchase an additional 250 units of inventory for cash. Sell 200 units of inventory to a customer who signs a 6-month promissory note at 12% interest for the balance due. This note originated end of month so no interest would be accrued. (perpetual method = 2 entries) Pay employee salaries, $5,000. Dec. 31 Dec. 31 18 Dec. 31 Pay cash dividends to shareholders of $0.05 per share. Vehicle did not meet expectations sold back to dealership for $7,000. (Record depreciation at date of sale and then record sale). Record the $2,600 installment payment on the $128,250 installment note borrowed on December 1st. The annual interest rate is 8%. 19 Dec. 31 Trans- action Date Account Debit Credit Dec. 1 Cash 12850 12850 Dec 1 7400 7400 Notes Payable Vehicle Cash Cash Common Stock Prepaid Insurance 3 Dec 1 75000 75000 Dec 1 18000 Cash 18000 Dec 1 54000 54000 Building Cash Supplies Accounts Payable Dec 3 5000 5000 Dec 3 9000 Inventory Accounts Payable Cash 9000 | Dec. 6 2548 2548 9 Dec. 10 9750 9750 Dec. 10 4500 4500 Service Revenue Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Accounts Payable Inventory Cash Accounts Receivable Sales Revenue 10 Dec 12 9000 180 8820 11 Dec. 15 3250 3250 Dec. 15 Cost of Goods Sold 1500 Inventory 1500 Trans- action Date Account Credit 12 Dec. 20 Cash Debit 3120 130 Sales Discount Accounts Receivable Cash 3250 13 Dec. 23 2457 Deferred Revenue 2457 14 Dec. 25 7500 7500 15 Dec 31 13000 13000 Dec. 31 Inventory Cash Notes Receivable Sales Revenue Cost of Goods Sold Inventory Salaries Expense Cash Dividends 6000 6000 16 Dec. 31 5000 5000 17 Dec. 31 750 Cash 750 18 Dec. 31 100 Depreciation Expense Accumulated Depreciation Cash 100 Dec. 31 7000 100 Accumulated Depreciation 300 7400 19 Dec. 31 Loss Vehicle Notes Payable Interest Expense Cash 1745 855 2600 Adj-1 Dec. 31 The company has $1,200 of supplies left at the end of the month. Adj-2 Dec. 31 Adj-3 | Dec. 31 Adj-4 Dec. 31 Adj-5 Dec. 31 Record the portion of the Prepaid Insurance used in December. Record one month of depreciation for the building purchased on December 1st. Employees earned $1,000 in salaries the last week in December that will be paid on January 10th of next year. Record the receipt of a December $500 Freight bill to send product to customer to be paid on January 6". The company is being sued for $2.000. The company believes is it probable that they will lose and will pay the $2,000 three years from now. By the end of the month, 10 hours of the services that were paid for in advance were provided to customers. Using the percentage-of-receivables method, record the adjustment of uncollectible accounts. It is estimated that 4% of ending accounts receivable will be uncollectible. Income taxes for the year are $520 and will be paid in January. Dec. 31 Adj-6 Adj-7 Dec. 31 Adj-8 Dec. 31 Adj-9 Dec. 31 Price for Services Provided Customers are charged $91 per hour for services rendered Sales Price of Retail Product Customers are charged $65 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $30 per unit Trans. Date Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 3 Dec. 3 Description Borrow $128,250 from the local bank and signed a five-year installment note with payments of $2,600 at the end of each month beginning December 31. The annual interest rate is 8%. Current portion of the note payable at year end after December payment = $21,875 Purchase a vehicle necessary for business operations for $7,400 cash. The vehicle has a six-year life with a residual value of $200 Issue 15,000 shares of no-par value common stock for $5 per share to obtain the funds necessary to start your business. Paid $18,000 for one year of insurance in advance. Purchased a building for $50.000. Paid $2.000 in back taxes: $2.000 in realty fees. It has a 25-year useful life with residual value of $6,000. Purchase supplies on account, $5,000. Purchase 300 units of inventory with terms 2/10 net 30. Provide 28 hours of services to customers for cash (calculate using your hourly service rate) no terms specified. Sell 150 units of inventory on account. (Perpetual method = 2 entries) Company pays invoice for inventory purchased on December 3rd within discount terms. (perpetual method) Sell 50 units of inventory to a customer on account with a sales discount of 4/10, n/30. (Perpetual method=2 entries) The customer who purchased product on December 15th pays the amount due (within discount period). Receive cash in advance for 27 hours of services to be completed in the Dec. 6 Dec. 10 Dec. 12 Dec. 15 Dec. 20 13 Dec. 23 future. Dec. 25 Dec. 31 Purchase an additional 250 units of inventory for cash. Sell 200 units of inventory to a customer who signs a 6-month promissory note at 12% interest for the balance due. This note originated end of month so no interest would be accrued. (perpetual method = 2 entries) Pay employee salaries, $5,000. Dec. 31 Dec. 31 18 Dec. 31 Pay cash dividends to shareholders of $0.05 per share. Vehicle did not meet expectations sold back to dealership for $7,000. (Record depreciation at date of sale and then record sale). Record the $2,600 installment payment on the $128,250 installment note borrowed on December 1st. The annual interest rate is 8%. 19 Dec. 31 Trans- action Date Account Debit Credit Dec. 1 Cash 12850 12850 Dec 1 7400 7400 Notes Payable Vehicle Cash Cash Common Stock Prepaid Insurance 3 Dec 1 75000 75000 Dec 1 18000 Cash 18000 Dec 1 54000 54000 Building Cash Supplies Accounts Payable Dec 3 5000 5000 Dec 3 9000 Inventory Accounts Payable Cash 9000 | Dec. 6 2548 2548 9 Dec. 10 9750 9750 Dec. 10 4500 4500 Service Revenue Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Accounts Payable Inventory Cash Accounts Receivable Sales Revenue 10 Dec 12 9000 180 8820 11 Dec. 15 3250 3250 Dec. 15 Cost of Goods Sold 1500 Inventory 1500 Trans- action Date Account Credit 12 Dec. 20 Cash Debit 3120 130 Sales Discount Accounts Receivable Cash 3250 13 Dec. 23 2457 Deferred Revenue 2457 14 Dec. 25 7500 7500 15 Dec 31 13000 13000 Dec. 31 Inventory Cash Notes Receivable Sales Revenue Cost of Goods Sold Inventory Salaries Expense Cash Dividends 6000 6000 16 Dec. 31 5000 5000 17 Dec. 31 750 Cash 750 18 Dec. 31 100 Depreciation Expense Accumulated Depreciation Cash 100 Dec. 31 7000 100 Accumulated Depreciation 300 7400 19 Dec. 31 Loss Vehicle Notes Payable Interest Expense Cash 1745 855 2600 Adj-1 Dec. 31 The company has $1,200 of supplies left at the end of the month. Adj-2 Dec. 31 Adj-3 | Dec. 31 Adj-4 Dec. 31 Adj-5 Dec. 31 Record the portion of the Prepaid Insurance used in December. Record one month of depreciation for the building purchased on December 1st. Employees earned $1,000 in salaries the last week in December that will be paid on January 10th of next year. Record the receipt of a December $500 Freight bill to send product to customer to be paid on January 6". The company is being sued for $2.000. The company believes is it probable that they will lose and will pay the $2,000 three years from now. By the end of the month, 10 hours of the services that were paid for in advance were provided to customers. Using the percentage-of-receivables method, record the adjustment of uncollectible accounts. It is estimated that 4% of ending accounts receivable will be uncollectible. Income taxes for the year are $520 and will be paid in January. Dec. 31 Adj-6 Adj-7 Dec. 31 Adj-8 Dec. 31 Adj-9 Dec. 31