On December 1, Gary Walsh began an auto repair shop, Walsh'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: i (Click the icon to view the adjusting 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: Walsh contributed $64,000 cash to the business in exchange for shares of common stock. A More Info Date Accounts and Explanation Debit Credit Dec. 1 a. Office Supplies used during the month, $1,400. b. Depreciation for the month, $180. c. One month insurance has expired. d. Accrued Interest Expense, $60. Print Done A More Info Dec. 1 Walsh contributed $64,000 cash to the business in exchange for shares of common stock. 1 Purchased $10,800 of equipment paying cash. Paid $1,500 for a five-month insurance policy starting on December i More Info 9 10 Paid $15,000 cash to purchase land to be used in operations. Purchased office supplies on account, $2,900. Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Equipment; Accumulated Depreciation-Equipment, Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Common Stock, Retained Earnings: Dividends; Income Summary, Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. note payable to the bank in the name of the corporation. The note is due in five years. 22 Paid $2.200 for advertising expenses. 26 Paid $800 on account. 28 The business received a bill for utilities to be paid in January, $210. 31 Revenues earned during the month included $20,500 cash and $2,400 on account. Paid employees' salaries $4,100 and building rent $1,300. Record as a compound entry. 31 The business received $1,090 for auto screening services to be performed next month. 31 Paid cash dividends of $3,000 to stockholders. 31 Print Done Print Done