On December 1, Jim Smith began an auto repair shop, Smith Quality Automotive. The following transactions occurred during December: Dec 1 Smith contributed $75,000 cash to the business in exchange for capital. Dec 1 Purchased $14,000 of equipment paying cash. Dec 1 Paid $2,100 for a six-month insurance policy starting on December 1. Dec 9 Paid $21,000 cash to purchase land to be used in operations. Dec 10 Purchased office supplies on account, $2,600. Dec 19 Borrowed $30,000 from the bank for business use. Smith signed a note payable to the bank in the name of the business. The note is due in five years. Dec 22 Paid $1,200 for advertising expenses. Dec 26 Paid $800 on account. Dec 28 The business received a bill for utilities to be paid in January, $320. Dec 31 Revenues earned during the month included $17,000 cash and $3,800 on account. Record as a compound entry. Dec 31 Paid employees' salaries $3,700 and building rent $1,300. Record as a compound entry. Dec 31 The business received $1,260 for auto screening services to be performed next month. Dec 31 Smith withdrew cash of $6,000. 1.prepare journal entry 2.post journal entry in T account 3.enter info from T account into Unadjusted Trial Balance