On December 1, Don Waverly began an auto repair shop, Waverly's Quality Automotive. The following transactions occurred during December: (Click the icon to view the transactions.) The business uses the following accounts: (Click the icon to view the accounts.) Adjustment data: (Click the icon to view the adjustment data.) "" Read the requirements. Requirement 1. Prepare the journal entries, and post to the T-accounts. Begin by preparing the journal entries for the December transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec. 1: Waverly contributed $66,000 cash to the business in exchange for capital. Date Accounts and Explanation Debit Credit Dec. 1 I More Info Dec. 1 Dec. 1 Dec. 1 Dec. 9 Dec. 10 Dec. 19 Dec. 22 Waverly contributed $66,000 cash to the business in exchange for capital. Purchased $14,400 of equipment paying cash. Paid $1,950 for a three-month insurance policy starting on December 1. Paid $24,000 cash to purchase land to be used in operations. Purchased office supplies on account, $2,300. Borrowed $30,000 from the bank for business use. Waverly signed a note payable to the bank in the name of the corporation. The note is due in five years. Paid $1,000 for advertising expenses. Paid $800 on account. The business received a bill for utilities to be paid in January, $350. Revenues earned during the month included $15,500 cash and $2,600 on account. Paid employees' salaries $3,700 and building rent $800. Record as a compound entry. The business received $1,400 for auto screening services to be performed next month. Waverly withdrew cash of $3,500. Dec. 26 Dec. 28 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Print Done More Info Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Equipment; Accumulated Depreciation Equipment; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Waverly, Capital; Waverly, Withdrawals; Income Summary; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense Equipment. Print Done More Info Office Supplies used during the month, $1,100. b. Depreciation for the month, $240. c. One month insurance has expired. d. Accrued Interest Expense, $100. Print Done Nedu lile ..... counts Requirements ons. (1 mangel 1. Prepare the journal entries, and post to the T-accounts. 2. Prepare an unadjusted trial balance. 3. Prepare the adjusting entries, and post to the T-accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. 6. Prepare the closing entries, and post to the T-accounts. 7. Prepare a post-closing trial balance. Print Done