On December 1, Bob Waldo began un auto repair shop. Waldo's Quality Automotive. The following transactions occurred during December Dec Waldo contributed 570.000 cash to the business in exchange for capital. 1 1 1 9 10 19 22 26 Purchased $12,000 of equipment paying cash Paid $1.750 for a five-month insurance policy starting on December Paid $20,000 cash to purchase land to be used in operations Purchased office supplies on account, 52,800, Borrowed 515,000 from the bank for business use Waldo signed a note payable to the bank in the snime of the business. The note is due in five yean. Paid S1,300 for advertising expenses Paid $900 on account The business received a bill for utilities to be paid in January, $280, Revenues earned during the month included 516,000 cash and $3,600 on account, Paid employees salaries 53,800 and building reat SL 200. Record as a compound entry The business received $1.440 for auto screening services to be performed next month. Waldo withdrew cash of $5,500 28 31 31 31 31 The business uses the following accounts: Cash: Accounts Receivable: Office Supplies: Prepaid Insurance Land; Equipment, Accumulated Depreciation Equipment, Accounts Payable; Utilities Payable Interest Payable: Uueared Revenue; Notes Payable: Waldo, Capital: Waldo, Withdrawals: Income Summary: Service Revenue: Salaries Expense; Rent Expense: Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense Interest Expense, and Depreciation Expense- Equipment Adjustment data: a. Office Supplies used during the month. $1,800. b. Depreciation for the month, $200 c. One month insurance has expired. d. Accrued Interest Expense, 575, Requirements 1. Prepare the journal entries, and post to the T-accounts, 2. Prepare an unndjusted trial balance. 3. Complete the worksheet for the month ended December 31, 2018 (optional) 4. Prepare the adjusting entries, and post to the T-accounts 5. Prepare an adjusted trial balance. 6. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form 7. Journalize the closing entries (required) and post to the T-accounts (optional). 8. Prepare a post-closing trial balance