On December 1, Don Walton began an auto repair shop. Walton's Quality Automotive. The following transactions occurred during December (Click the icon to view the transactions.) - More Info Dec. 1 Dec. 1 Dec. 1 Dec. 9 Dec. 10 Dec. 19 Walton contributed $60,000 cash to the business in exchange for shares of common stock Purchased $13,500 of equipment paying cash. Paid $4,050 for a nine-month insurance policy starting on December 1. Paid $25,000 cash to purchase land to be used in operations. Purchased office supplies on account, $2,900. Borrowed $30,000 from the bank for business use. Walton signed a note payable to the bank in the name of the corporation. The note is due in five years. Paid $2,200 for advertising expenses. Paid $1,200 on account. The business received a bill for utilities to be paid in January, $350. Revenues earned during the month included $19,000 cash and $3,900 on account. Paid employees' salaries $3,900 and building rent $500. Record as a compound entry. The business received $1,090 for auto screening services to be performed next month. Paid cash dividends of $6,000 to stockholders. Dec. 22 Dec. 26 Dec. 28 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Balance Account Title Debit Credit Total Me 2021FA Prin of Financial Accounting (ACCT-2301-81200) On December 1, Don Walton began an auto repair shop, Walton's Quality Automotive. The fe occurred during December (Click the icon to view the transactions.) Balance Account Title Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Advertising Expense Cash Common Stock Depreciation Expense-Equipment Dividends Equipment Insurance Expense Interest Expense Interest Payable Land ons.) Balance Account Title Debit Credit Equipment Insurance Expense Interest Expense Interest Payable Land Notes Payable Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Supplies Expense Unearned Revenue Utilities Expense Utilities Payable On December 1, Don Walton began an auto repair shop. Walton's Quality Automotive. The following transactions occurred during December (Click the icon to view the transactions.) - More Info Dec. 1 Dec. 1 Dec. 1 Dec. 9 Dec. 10 Dec. 19 Walton contributed $60,000 cash to the business in exchange for shares of common stock Purchased $13,500 of equipment paying cash. Paid $4,050 for a nine-month insurance policy starting on December 1. Paid $25,000 cash to purchase land to be used in operations. Purchased office supplies on account, $2,900. Borrowed $30,000 from the bank for business use. Walton signed a note payable to the bank in the name of the corporation. The note is due in five years. Paid $2,200 for advertising expenses. Paid $1,200 on account. The business received a bill for utilities to be paid in January, $350. Revenues earned during the month included $19,000 cash and $3,900 on account. Paid employees' salaries $3,900 and building rent $500. Record as a compound entry. The business received $1,090 for auto screening services to be performed next month. Paid cash dividends of $6,000 to stockholders. Dec. 22 Dec. 26 Dec. 28 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Balance Account Title Debit Credit Total Me 2021FA Prin of Financial Accounting (ACCT-2301-81200) On December 1, Don Walton began an auto repair shop, Walton's Quality Automotive. The fe occurred during December (Click the icon to view the transactions.) Balance Account Title Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Advertising Expense Cash Common Stock Depreciation Expense-Equipment Dividends Equipment Insurance Expense Interest Expense Interest Payable Land ons.) Balance Account Title Debit Credit Equipment Insurance Expense Interest Expense Interest Payable Land Notes Payable Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Supplies Expense Unearned Revenue Utilities Expense Utilities Payable