On December 1, 2015 Corey Claflin formed a corporation called Coreys Car Crashes, Inc. to repair and replace damaged vehicles for businesses and individuals. The newly formed corporation uses the

Cash Accounts Receivable Prepaid Rent Office Supplies

Office Equipment Accounts Payable Notes Payable Unearned Repairs Fees

Capital Stock Dividends Repair Fees Earned Salaries Expense

following accounts:

During December the following transactions occurred:

Dec. 1 Issued 3,000 shares of capital stock to Corey Claflin and other investors in exchange for a total of $300,000 cash.

Dec. 1 Paid $30,000 to Falcon Realty for 6 months rent paid in advance.

Dec. 1 Purchased a Computer, Automobile Replacement Equipment & Furniture from

Charleys Computer Consultants for $32,000 (use the account Office Equipment). Paid $8,000 in cash with the balance due on a Note Payable (principal and interest due in 6 months).

Dec. 5 Purchased office supplies on Account from Office Depot for $2,500. Payment is due in 15 days. These supplies are expected to last for several months.

Dec. 7 Received $17,000 cash from Jolly Rogers Car Dealership in Exeter Township as advance payment for repair services to be provided.

Dec. 18 Paid employee salaries for the first two weeks of December, $7,000.

Dec. 18 Earned $12,000 in fees for car repairs & replacements completed in the first two weeks of December. $7,000 was received in cash and the remainder was billed to CCCs customers on Account (due in 10 days.)

Dec. 20 Paid the amount due to Office Depot on account from the Dec. 5^th purchase.

Dec. 28 Received amount due on account from the December 18^th billing to CCCs customers.

Dec. 30 Declared and paid a cash dividend of $.10 (10 cents) per share.

Instructions

Journalize the December transactions.

Post the December transactions to the appropriate ledger accounts.

Prepare an Unadjusted Trial Balance.